代币化抵押品：纳斯达克自身数据揭示的储蓄真相

Nasdaq executives: Tokenizing collateral could release trillions of dollars

Nasdaq CEO Adena Friedman said moving treasury bonds, stocks, money market funds and cash onto interoperable digital tracks could release trillions of dollars currently locked up in the financial system. However, this statement requires careful evaluation based on industry data and regulatory perspectives.

Its own survey reveals day-to-day settlement difficulties

Nasdaq's own survey shows that most financial institutions face settlement problems every day and hold additional collateral to cover potential risks. In February 2025, Nasdaq partnered with research firm ValueExchange to release the results of a survey of 203 market participants. Banks, custodians, asset management companies and clearing houses report that in response to unreliable deliveries, they often submit assets in advance and hold collateral in excess of actual needs. Specific data shows:

• 70% of companies face settlement matching or delivery issues every day;
• 35% of businesses submitted more than half of their collateral the night before;
• On average, companies hold a significant proportion of excess collateral as a safety buffer;
• 52% of companies expect to manage real-time tokenized collateral by the end of 2026.

Model estimate: Release US$4.8 billion in idle funds

According to the study, about a quarter of the collateral in use did not generate revenue for the owner. For a Tier 1 institution with assets of more than $100 billion, Nasdaq estimates that there is $36.8 billion in excess or unpaid collateral, and models estimate that tokenization may activate $4.8 billion of this, increasing the annual interest income by approximately $346 million. This is equivalent to 13% of idle funds. It is worth noting that this data was provided by a company that sells collateral technology, and no bank has yet reported such gains.

Why submit collateral in advance? How tokenization changes the rules

Collateral is a pool of assets pledged by a company to cover the risk of a counterparty default. Under the traditional model, these assets are moved through custodians and settlement systems subject to deadlines and business hours. Concerns about delayed delivery, companies often send assets the night before and retain additional reserves. On the shared ledger, when the same treasury bond or fund share exists as a token, the pledge and its release can be executed within minutes of any hour, thereby reducing the reserve.

In a May report jointly released with consulting firm Finadium, DTCC, a major U.S. clearing and settlement utility, pointed out that the intraday repurchase mechanism (i.e., security-backed loans rather than overnight loans) is expected to halve the intraday financing costs of large dealers. Money market funds are making the fastest progress in this area because fund shares continue to generate gains during the pledge period. For example, JPMorgan Chase announced the launch of tokenized funds on its Kinexys platform in May, and BlackRock added the European institutional share category in August. Although the US$311 billion mentioned by BlackRock at the time of its release was the size of its underlying fund series, the actual amount of tokenized has not been disclosed.

ISDA data: A 1% efficiency improvement means US$15.6 billion.

The derivatives industry trade organization ISDA reported in April that as of the end of 2025, the largest market participants had collected US$1.56 trillion in margins for non-clearing derivatives, a record high, an increase of 9.3% from the previous year, and an additional US$423.5 billion in initial margins were placed in major clearing houses. A 1% efficiency improvement for the first set of data would bring in approximately $15.6 billion, which suggests that Friedman's "trillions of dollars" could be achieved with a very small percentage improvement.

However, this arithmetic is only exemplary. Most margins exist because of regulatory requirements designed to absorb counterparty default risk, and tokenization has not changed these requirements. The Federal Reserve's guidelines share the same view, which grants tokenized securities the same capital treatment treatment as traditional equivalents only if they meet the legal test for financial collateral.

The double-edged sword effect of instant settlement

The International Monetary Fund (IMF) pointed out in May that delays in tokenization elimination also have specific functions, because settlement delays provide companies with time to carry out cross-cutting transactions and arrange financing. Instant settlements can result in companies having to keep liquid assets available 24/7, which partially offsets the benefits of capital savings, and automatic collateral calls can force companies to sell assets within minutes during a sell-off period. The Financial Stability Board (FSB) also pointed out that leverage risk is increased because assets are moved through code making it easier to re-mortgage (using collateral received from one party to secure transactions with another party).

Practical obstacles and cost considerations

Nasdaq's own survey provides practical objections. Companies spent an average of $2 million on digital asset projects in 2025 and paid about 2 basis points (0.02%) for each chain connected, while old systems still need to run in parallel with new systems. For smaller institutions, these costs can absorb up to one-third of expected benefits.

Interests and compliance restrictions

Friedman's employer holds SEC pilot qualifications and a $100 million investment in Payward, the parent company of cryptocurrency exchange Kraken, to build a tokenized equity infrastructure. Both projects, as well as the longer equity transaction times, rely on the real-time collateral management system she proposed in Singapore. At the same time, Friedman also set his own limits in the interview, pointing out that exchanges are more likely to extend trading hours than banks and clearing houses, and some assets lack the liquidity to be traded around the clock.

Three key nodes before mid-2027

Real-time trading has been implemented. Vanguard and Wellington Management completed the first tokenized collateral transactions in August, using shares of money market funds based on Nasdaq technology to operate on the Canton network. Next key evidence includes the amount of collateral mobilized in this way, any reported decline in the 7% buffer, and the number of clearinghouse accepting tokenized assets during a week of market stress. Here are three important deadlines:

• Fourth quarter of 2026: DTCC's Collateral AppChain (a shared ledger for collateral providers and custodians) is expected to go online;
• End of December 2026: Survey shows that 52% of companies will run real-time predicted expiration of tokenized collateral;
• Second quarter of 2027: The tokenized equity infrastructure jointly built by Nasdaq and Payward is expected to be launched.

Canton是一个为机构设计的许可网络，这对加密投资者具有重要意义，因为银行可以像在以太坊上一样方便地在私有账本上运行代币化抵押品。因此，该市场的增长并不转化为ETH或其他代币成比例的购买需求。