Nasdaq – Making the Case for Tokenized Collateral, 2026

This report discusses the benefits and industry steps required to realize the advantages of tokenizing collateral, particularly in financial markets.

It highlights the potential to mobilize 25% of all margin through tokenized collateral, addresses operational frictions causing a collateral crisis, and outlines the economic benefits and a realistic path to adoption by 2026. The report also identifies beneficiaries and transaction types that will gain from tokenization, focusing primarily on domestic trades in the U.S.