Nasdaq is collaborating with cryptocurrency exchange Kraken to advance a stock tokenization initiative, according to WSJ. The plan involves issuing tokenized securities that correspond directly to listed stocks and ETFs, granting holders governance rights similar to traditional stocks, including voting and dividend rights. Kraken will serve as the distribution partner, offering these tokenized stocks to European and global customers. The framework is expected to launch as early as 2027, pending approval from the U.S. Securities and Exchange Commission.