Nandini Sukumar, chief executive of the World Federation of Exchanges, said all of the organisation’s 300+ members, which include exchanges and clearinghouses, are at least thinking about tokenization.

Sukumar spoke on a panel at the annual Financial Markets Quality (FMQ) Conference on 25 September 2525 at the Georgetown Psaros Center for Financial Markets and Policy in Washington D.C. She said “every single one of our members” is thinking about tokenization in some way

This is reflected in a newsletter from Jean-Marie Mognetti, chief executive of digital asset manager Coinshares International, who said in a newsletter that the convergence between digital assets and traditional finance is “more than cosmetic.”

“We are entering a new chapter,” he added. “One where valuations reflect substance, tokens behave like shares, and regulation provides a clearer runway for innovation.”

He claimed this evolution has the potential to lay the groundwork for a more resilient and interconnected digital asset market as capital is consolidating, rules are clearer, and sustainable structures are emerging to power the next stage of growth.

Frank La Salla, president and chief executive at Depository Trust & Clearing Corporation, the U.S. financial market infrastructure, said on the panel that new technology and financial markets have always had an incredibly symbiotic relationship.

La Salla said tokenization is moving very quickly and the conversation revolves around how to use blockchain, stablecoins, and maybe crypto,  to make a “really good financial services ecosystem even better” for the benefit of end investors.

For example, there may be a need for dollar liquidity. In Asia on Monday morning, but the bank payment rails are closed on a Sunday night in the U.S. However, the use of a blockchain allows instantaneous transfer of cash and securities on-chain 24/7.

La Salla said: “That is a game changer, and that’s just one example.”

Tal Cohen, president at Nasdaq, said on the panel that the firm had made a regulatory filing to be allowed to trade tokenized stocks because it wants to be able to shape and influence the debate around market structure to make sure it is optimized for both issuers and investors, and modernize markets in a way that preserves market quality and investor protections.

“The world is changing around us and platforms are emerging and growing around us,” said Cohen. “We have this unique opportunity to modernize and advance our markets.”

Cohen highlighted the in equities most of the market is already dematerialized. However, Nasdaq recognizes that tokenization can bring benefits such as mobility, liquidity and increased accessibility.