Today in crypto, Nasdaq has filed for a rule change with the US Securities and Exchange Commission (SEC) that would allow regulated exchanges in the US to trade tokenized stocks, data shows that $5 billion worth of stablecoins were added to…
Today in crypto, Nasdaq has filed for a rule change with the US Securities and Exchange Commission (SEC) that would allow regulated exchanges in the US to trade tokenized stocks, data shows that $5 billion worth of stablecoins were added to the Ethereum network last week, and El Salvador celebrates its Bitcoin anniversary.
Nasdaq asks SEC for rule change to trade tokenized stocks
Nasdaq, the world’s second-largest stock exchange by market capitalization, is seeking regulatory approval from the US securities regulator to list tokenized stocks.
Nasdaq filed a request Monday with the SEC asking for a rule change that would allow the company to list tokenized stocks.
The exchange operator specifically asked to amend certain rules, including the definition of a security, to trade tokenized stocks under the same execution and documentation rules as traditional securities, provided the tokenized versions are deemed equivalent.
According to a report by Bloomberg, Nasdaq’s request with the SEC would go beyond a technical rule change as it relates to the foundations of how stocks are issued and settled.
One of the changes sought by Nasdaq is that tokenized assets should be clearly labeled to ensure that all participants, including those responsible for clearing and settlement, like the Depository Trust Company, properly process these trades.
“A security may be traded in the Nasdaq Market Center in either traditional form (a digital representation of ownership and rights, but without utilizing distributed ledger (‘blockchain’ technology)) or tokenized form (a digital representation of ownership and rights which utilizes blockchain technology,” the company stated in the filing.
Ethereum added $5 billion of stablecoins last week
Ethereum added around $5 billion in new stablecoins over the past week, pushing the total supply of stablecoins on the network to an all-time high.
The stablecoin supply on Ethereum has more than doubled since January 2024 and has reached an all-time high of $165 billion, reported Token Terminal on Sunday.
Figures vary slightly depending on the data provider, as RWA.xyz reports a total of $158.5 billion in Ethereum-based stablecoins, which is also an all-time high, giving the network a commanding market share of 57%.
Ethereum has been the network of choice for stablecoins. Its next closest competitor, Tron, has a market share of 27% and Solana, in third place, has less than 4%.
El Salvador celebrates four-year Bitcoin anniversary
El Salvador’s Bitcoin Office, the country’s national Bitcoin (BTC) agency, celebrated its Bitcoin anniversary on Sunday, marking four years since the Central American country made Bitcoin legal tender and adopted other pro-BTC regulations in September 2021.
The Bitcoin Office highlighted the fact that El Salvador was the first country in the world to establish a Bitcoin strategic reserve, which currently holds over 6,313 BTC, valued at over $702 million, and its various BTC and artificial intelligence public education initiatives.
However, the country has since repealed its Bitcoin legal tender law and scaled back government involvement in the Bitcoin sector, prompting questions about the success of El Salvador’s Bitcoin experiment.
