Nasdaq CEO Adena Friedman says tokenization can free billions in trapped capital

Nasdaq CEO Adena Friedman thinks Wall Street has a cash problem. The problem isn’t a shortage. The cash is parked in the wrong places. Speaking to CNBC, Friedman argued that tokenization could free up billions in trapped capital and make assets more liquid. Where the money is stuck At Ripple’s Swell conference on November 4, 2025, she said there is “just so much capital trapped” in how markets currently operate. The capital she means sits inside clearinghouses and traditional brokerage systems. In markets, that deposit takes the form of collateral and funds held while trades settle. Settlement is the back-office step where cash and securities actually change hands. Until that step finishes, money sits idle, tied up in the process instead of working elsewhere. Friedman’s case is that digital assets offer a way out. Tokenized securities could, in her framing, make collateral easier to move and speed up payments. Faster settlement means less money parked in limbo at any given moment. Nasdaq is putting paperwork behind the talk In September 2025, Nasdaq filed a proposal with the SEC to enable trading and tokenized settlement of equities and ETFs on its main markets. That’s not a side v...