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Tokenization could make collateral easier to move and manage, but Nasdaq has not shown that it will free $35 billion. In a March 2026 announcement, Nasdaq said a recent company report estimated that more than $35 billion in collateral is tied up in corrective and non-interest-bearing measures. The announcement presents tokenized collateral as a possible way to improve efficiency—not as a guaranteed release of that amount.
What Nasdaq’s $35 billion figure means
Nasdaq’s March 23, 2026 announcement attributes two figures to a recent Nasdaq report: 25% of collateral is tied up in corrective and non-interest-bearing measures, representing more than $35 billion in excess or non-remunerated collateral. The announcement does not provide the underlying report’s sample, methodology, research date, or definitions of those measures. Treat the figures as Nasdaq’s estimate, not an independently established industry-wide total.
“Trapped capital” here refers to collateral or liquidity held within clearing and collateral processes, or in arrangements Nasdaq describes as corrective or non-interest-bearing. It does not mean the money is physically inaccessible. Nasdaq’s announcement does not fully define those categories, either.
The $35 billion figure is not a forecast of savings, a realized result, or a quantified estimate from CEO Adena Friedman. Nasdaq says tokenization may help improve efficiency; the announcement does not establish how much collateral could ultimately be put to better use. Nasdaq’s announcement contains the company’s estimate and description of the initiative.
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What Adena Friedman said about trapped capital
In a separate report about a November 2025 discussion with Ripple President Monica Long at the Swell conference in New York, Friedman said: “There’s just so much capital trapped, whether it’s in clearinghouses or clearing brokers.” She added that doing this right could make more capital available to the system. That report supports the attribution of the remark, but it does not say Friedman put a $35 billion value on it. Yahoo Finance’s report describes the discussion.
How tokenized collateral could help
Nasdaq describes tokenized collateral as a digital representation of traditional financial assets on distributed ledger technology. Its intended benefit is that securities, cash equivalents, and other high-quality assets could move in real time across platforms and jurisdictions.
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More mobile collateral could help institutions use assets across workflows instead of leaving them tied up in separate processes. Nasdaq and Talos say their initiative is intended to connect digital-asset infrastructure with existing risk-management and collateral systems, addressing a challenge Nasdaq executive Roland Chai describes as managing exposure across markets without a single view of risk and assets. These are the rationale and intended capability behind the project, not proof that assets are already freely mobile across markets or that the efficiency gains have been achieved.
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What Nasdaq and Talos announced
On March 23, 2026, Nasdaq and Talos announced a partnership to connect Talos digital-asset infrastructure with Nasdaq Calypso and Trade Surveillance for managing tokenized collateral. The announcement describes an institutional initiative; it does not report a quantified amount of capital released or demonstrate realized savings.
Talos CEO and co-founder Anton Katz called the evolution toward tokenized collateral a natural progression for institutional capital markets. That statement, like Nasdaq’s description of the opportunity, is a company perspective rather than an independent evaluation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains unproven
- How Nasdaq calculated the 25% and more-than-$35-billion estimates, and which institutions or collateral types they cover.
- Precisely what Nasdaq means by “corrective” and “non-interest-bearing” measures.
- How much collateral the announced integration can make more mobile or productive in practice.
- Whether the initiative will release capital at all, and on what timeline.
For now, the announcement supports a plausible efficiency opportunity: better collateral mobility and more integrated risk and margin workflows may help institutions manage assets more effectively. It does not establish that tokenization will unlock the full estimate—or any specified amount.
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