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Nasdaq says more than $35 billion in collateral is tied up in corrective or non-interest-bearing measures, and argues that tokenized collateral could help institutions use that capital more efficiently. That is an estimate of collateral, not a promise that tokenization will release $35 billion. Nasdaq CEO Adena Friedman has separately described capital as trapped in clearinghouses and clearing brokers; the reported remarks do not attach that dollar figure to her.
What Nasdaq means by “trapped capital”
In clearing and collateral processes, firms post assets to support trades and manage risk. Some collateral may be held in arrangements that do not earn interest or may need to be adjusted to correct a shortfall or meet requirements. Calling this capital “trapped” refers to how it is committed or inefficiently used—not to money being physically inaccessible to its owner.
Nasdaq’s March 23, 2026 announcement says a recent company report estimated that 25% of collateral is tied up in “corrective and non-interest-bearing measures,” amounting to more than $35 billion in excess or non-remunerated collateral. The announcement does not provide the report’s sample, methodology, research date, or definitions of those categories, so the estimate should be treated as Nasdaq’s attributed figure rather than a universal measure of market-wide savings. Nasdaq’s announcement
What Friedman said—and what she did not quantify
In a November 2025 discussion with Ripple President Monica Long at the Swell conference in New York, Nasdaq CEO Adena Friedman was quoted as saying, “There’s just so much capital trapped, whether it’s in clearinghouses or clearing brokers.” She said that addressing the issue properly could make more capital available to the system, according to Yahoo Finance’s report.
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That statement and Nasdaq’s later $35 billion estimate are related, but they are not the same claim: the report of Friedman’s remarks does not say she assigned a $35 billion value to trapped capital. Nor does Nasdaq’s announcement say the full estimated amount can be freed by tokenization.
How tokenized collateral could help
Nasdaq describes tokenized collateral as a digital representation of traditional financial assets on distributed ledger technology. In principle, digital representations could allow securities, cash equivalents, and other high-quality assets to move between platforms and jurisdictions more quickly. Better mobility, combined with risk and margin processes that can account for assets across markets, could reduce the need to hold excess collateral in one place while another process has a shortfall.
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Nasdaq’s proposed mechanism is operational integration, not simply putting an asset on a blockchain. On March 23, 2026, Nasdaq and digital-asset infrastructure provider Talos announced a partnership to connect Talos services with Nasdaq Calypso and Trade Surveillance for managing tokenized collateral. Nasdaq says the work is intended to address barriers to using digital assets within existing risk-management and collateral workflows. The announcement describes an initiative and intended capability; it does not document a realized release of capital or demonstrate that all assets are already mobile in production.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement establishes—and what remains uncertain
- Nasdaq’s estimate: 25% of collateral, representing more than $35 billion in excess or non-remunerated collateral, is attributed to a recent Nasdaq report in the company’s 2026 announcement.
- Friedman’s separate point: She was reported as describing capital held in clearinghouses and clearing brokers, without quantifying it as $35 billion.
- The proposed opportunity: More mobile collateral and integrated risk, margin, and asset workflows could improve capital efficiency.
- Not established: The underlying estimate’s methodology and definitions, the amount tokenization could actually release, and any realized savings from the announced partnership.
Nasdaq executive Roland Chai framed a core challenge as managing exposure across markets with a single risk and asset view. Talos CEO and co-founder Anton Katz described tokenized collateral as a natural progression for institutional capital markets. These are statements from the companies involved, not independent assessments of the project’s results.
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