Tokenized Share Listings Predicted Within Two Years
Investors could see major exchanges list tokenized assets as regulators work on a framework for digital commodity oversight.
Updated on Oct. 12, 2026 in Investing
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The New York Stock Exchange and Nasdaq are projected to offer tokenized shares by October 2028. This shift in market structure comes as the Commodity Futures Trading Commission refines its oversight of emerging digital commodities.
Why it matters
The development signals a move toward modernized trading infrastructure, though current cash liquidity constraints require continued reliance on net settlement practices. These changes are expected to eventually influence how retail investors access and trade digital assets.
Full, real-time blockchain settlement would require $15 trillion in daily cash, a figure far exceeding current liquidity management strategies. Consequently, markets continue to rely on net settlement to offset obligations until tokenized deposit systems mature.
The players
Caroline Pham
The current chief legal and administrative officer at MoonPay and a former CFTC official.
Commodity Futures Trading Commission
The federal agency that provides oversight for commodity futures and options markets.
New York Stock Exchange
A major global equity exchange that acts as a central marketplace for public securities.
Nasdaq
A global stock exchange known for its high concentration of technology company listings.
The details
Real-time, atomically settled blockchain transactions currently face significant hurdles because the daily cash requirements for such volume reach $15 trillion. To manage this, the industry relies on net settlement, a process where counterparties exchange only the residual difference of their obligations. As the CFTC develops rulemakings like Regulation CAM and Regulation CTX, the goal is to create a regulatory framework capable of handling new commodities like AI compute markets.
Timeline
2010: The Dodd-Frank provision governing retail commodity transactions was passed.
2025: The CFTC launched the Crypto Sprint initiative.
September 2026: The Clarity Act failed in the U.S. legislature.
October 2026: Caroline Pham discussed market projections at Token2049.
October 2028: Major exchanges are projected to begin listing tokenized shares.
Money Landscape
The potential shift toward tokenized assets marks an extension of the framework established under the Commodity Exchange Act. While regulators continue to evaluate the digital sector, the industry is transitioning from legacy net settlement toward systems designed for future atomic settlement.
These shifts in exchange technology are currently institutional, meaning retail investors should wait for formal product offerings before making changes to their portfolios. Consult a qualified financial professional to understand how new asset types might fit into your long-term strategy.
The takeaway
The move toward tokenized shares represents a long-term evolution in market infrastructure that will take years to fully realize. For now, monitor updates on regulatory developments such as proposed CFTC rulemakings for insights into how digital commodity access may change.
Further reading
Learn more about evolving market standards in our Investing section.
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