Nasdaq and Talos Partner to Advance Tokenised Collateral After SEC Approval

Nasdaq will integrate Talos's digital asset infrastructure into its Calypso and Trade Surveillance platforms, aiming to bring tokenised collateral into mainstream institutional workflows. The announcement follows the U.S. Securities and Exchange Commission's approval of Nasdaq's proposal to pilot trading in tokenized equities and securities.

The plan, submitted in September, would allow certain widely traded stocks to be bought and sold either in traditional form or as blockchain-based tokens on the same platform. The pilot will involve the Depository Trust Company, which provides post-trade infrastructure for U.S. markets.

The collaboration seeks to address long-standing challenges in connecting digital assets with traditional collateral and risk management systems. Under the agreement, institutions will be able to manage both on- and off-chain collateral in a single environment.

The integration is expected to provide a more consistent view of exposure across asset types and extend connectivity to custodians and trading venues across traditional and digital markets. Roland Chai, executive vice president at Nasdaq, said: "This partnership builds on a series of strategic initiatives designed to converge on- and off-chain market ecosystems, while preserving the liquidity, transparency and integrity of regulated markets."

The collaboration also targets fragmentation in collateral and risk workflows, providing a unified framework for scaling tokenisation strategies. Anton Katz, co-founder and CEO of Talos, said: "The evolution toward tokenised collateral is a natural progression for institutional capital markets. Firms can connect workflows for execution, risk, collateral and compliance to reduce operational friction."

As part of the partnership, Talos clients will gain access to Nasdaq's Trade Surveillance platform, extending institutional-grade monitoring to digital asset trading activity.