Key takeaways

Adena Friedman, the Nasdaq chief executive and Nasdaq CEO, said at TOKEN2049 in Singapore that tokenization has significant potential to release tens of billions of dollars in capital tied up as collateral, and that this could present a huge opportunity for crypto. The discussion connects institutional interest, the GENIUS Act’s stablecoin framework, retail demand for fully 24/7 markets, and tokenized financial assets. CNBC shared the interview on October 11, 2026, and the broader material shows tokenized stocks grew 473% this year to a $3.75 billion market cap, with Ondo leading issuers at $980 million.

What happened

At the recent TOKEN2049 conference in Singapore, Friedman told CNBC that tokenization represents financial assets, including stocks and bonds, as digital tokens that can be transferred using blockchain technology. She said Treasurys, equities and money market funds, along with the flow of money, could make collateral “very fluid” and allow banks and financial institutions to move collateral more efficiently across the global financial system.

Her remarks were shared by CNBC (@CNBC) on October 11, 2026. In the same CNBC interview, Friedman linked growth in institutional interest over the past year to the passage of the GENIUS Act in the U.S., which established a regulatory framework for stablecoins. She also said institutional interest is meeting demand from retail investors who have long desired the ability to trade around the clock and move toward fully 24/7 markets, adding that the retail ecosystem “has been about 10 years ahead.”

Market context

The figures reported alongside the interview show that tokenized stocks have grown 473% this year to a $3.75 billion market cap. Ondo leads issuers with $980 million market cap. That makes the tokenized stocks segment measurable in the material, although the material does not break down how that market cap changed or what caused the growth.

The institutional narrative is tied to regulatory clarity. The GENIUS Act is mentioned as a U.S. stablecoin framework, and Friedman says growth in institutional interest over the past year contributed in part to its passage. That suggests a link between regulatory clarity and institutional interest. The material does not quantify the exact effect.

Arjun Sethi, co-CEO of cryptocurrency exchange Kraken, added that companies outside the U.S. are showing interest in tokenization and access to American capital markets. He said tokenization could help expand access to capital markets for companies around the world. His comments broaden the topic from collateral movement inside the global financial system to cross-border market access, but they remain stated interest rather than a measured result.

Why it matters

For readers following crypto and financial infrastructure, the central idea is that tokenization may change how trapped capital becomes available for use. If assets used as collateral can be represented and transferred as tokens, banks and financial institutions may not need to lock up as much capital. Friedman said this could free tens of billions of dollars and create a huge opportunity for crypto.

The fully 24/7 market angle is another key point. Retail investors have long desired the ability to trade around the clock, and Friedman said the retail ecosystem has been about 10 years ahead. If tokenized stocks, Treasurys, equities and money market funds become more fluid, pressure for continuous trading may grow.

But the material also highlights a risk: the move toward 24/7 trading might require major changes to financial infrastructure. Friedman said AI is expected to play a growing role in real-time risk management. That matters because continuous collateral movement and continuous trading would require risk controls that can operate continuously.

What to watch

The first signal to watch is whether the capital freed by tokenized collateral can be measured. The material gives a $3.75 billion market cap for tokenized stocks and $980 million for Ondo, but it does not provide a number for the tens of billions of trapped capital that tokenization could release.

The second is how the GENIUS Act framework interacts with tokenized financial assets. The source connects institutional interest over the past year to the passage of the U.S. stablecoin regulatory framework, but it does not say how that framework will affect Treasurys, equities, money market funds or the broader collateral system.

The third is cross-border access. Kraken co-CEO Arjun Sethi says companies outside the U.S. are interested in tokenization and access to American capital markets. The material does not provide timelines, volumes or named examples.

The final issue is infrastructure. Tokenization could make collateral “very fluid,” and fully 24/7 markets could meet retail demand. At the same time, financial infrastructure may need major changes, with AI playing a growing role in real-time risk management. The practical outcome depends on whether those risk controls can support continuous movement of tokenized assets and capital.