The Block & Bond Brief — March 22, 2026

Your daily edge on tokenized securities and real-world assets — Sunday, March 22, 2026

📌 TOP STORY

The SEC approved Nasdaq's proposal to list and trade certain stocks as blockchain tokens, a landmark regulatory green light that marks the most significant structural step yet toward on-chain equity markets in the United States. The approval — confirmed Friday — allows Nasdaq to move forward with tokenised share trading under existing securities rules, without the need for new legislation. It signals the SEC under the current administration is prepared to accommodate blockchain-native securities structures within the existing exchange framework, rather than waiting for Congress. Analysts note this could catalyse a broader rethink of settlement infrastructure across U.S. equity markets. (via Finextra · CoinDesk)

🏦 COMPANY MOVES

• Northern Trust Asset Management — Launched a tokenised money market share class, making it one of the first major U.S. custodians to bring a registered fund vehicle directly on-chain. The move follows similar plays by BlackRock (BUIDL) and Franklin Templeton (FOBXX) and reflects growing institutional appetite for yield-bearing tokenised instruments. (via Finextra)
• Standard Chartered — Named Naveen Mallela, former co-head of JPMorgan's Kinexys blockchain division, as its new Global Head of Payments. The appointment signals Standard Chartered's intent to accelerate its blockchain payments strategy and is a notable talent transfer from one of the most active institutional DLT programs in the world. (via Finextra)
• Bank of Canada — Completed a first-of-its-kind experiment issuing Canada's inaugural tokenised government bond using distributed ledger technology, with settlement in wholesale central bank deposits — a form of wholesale CBDC. The experiment, conducted with major Canadian financial institutions, demonstrated atomic delivery-versus-payment at the wholesale level. (via Finextra)

⚖️ REGULATORY WATCH

ECB "Appia" initiative: The Eurosystem unveiled a long-term roadmap called Appia for building a European tokenised wholesale financial ecosystem settled in central bank money. The initiative is designed to give European institutions a sovereign, interoperable infrastructure for tokenised securities over the coming years — a direct response to the momentum building around private-sector platforms. (via Finextra)

U.S. Senate CBDC ban: The U.S. Senate passed legislation banning the Federal Reserve from issuing a CBDC until at least 2030, embedded in a bipartisan housing bill. While the move forecloses near-term retail CBDC development in the U.S., it does not restrict private stablecoins or wholesale tokenised deposit frameworks — and some analysts argue it may indirectly accelerate adoption of bank-issued tokenised deposits as the de facto on-chain dollar. (via Finextra)

CFTC on digital asset collateral: CFTC staff published new guidance clarifying how registered derivatives firms can use digital assets — including tokenised securities — as collateral for derivatives positions. The FAQ-style guidance is the clearest signal yet that U.S. derivatives regulators are ready to engage with on-chain assets at the institutional level. (via The Block)

Stablecoin bill progress: Congressional negotiators reached an "agreement in principle" on stablecoin yield — a key sticking point in the sweeping crypto legislative package — potentially clearing a path for the first comprehensive U.S. stablecoin framework. A resolved stablecoin bill would have significant knock-on effects for tokenised money market products. (via The Block)

📊 MARKET SNAPSHOT

Data via DeFiLlama · 3/22/2026, 5:00 AM ET

🔍 WORTH WATCHING

On-chain equities beyond Nasdaq: The Nasdaq SEC approval isn't the only sign that equity tokenisation is gaining traction. Coinbase this week launched perpetual futures on tokenised representations of major tech stocks — a parallel development that shows both regulated exchanges and offshore venues are racing to capture the on-chain equity opportunity from different angles. The key question for institutions: as tokenised equities proliferate across venues, how will custody, clearing, and regulatory compliance frameworks adapt to a multi-venue, multi-chain environment? The BIS and IOSCO are expected to publish a joint consultation on cross-border tokenised securities later this year — one to watch.

📚 SOURCES

• Nasdaq gains SEC approval for trading tokenised securities — Finextra, 20 March 2026
• Nasdaq winning SEC approval to move stocks onchain shows how Wall Street is taking charge of crypto tech — CoinDesk, 19 March 2026
• Eurosystem unveils roadmap for tokenised wholesale financial markets — Finextra, 11 March 2026
• US Senate passes bill banning issuance of CBDCs — Finextra, 13 March 2026
• Bank of Canada completes DLT-based bond issuance experiment — Finextra, 9 March 2026
• Standard Chartered appoints former Kinexys co-head as global payments chief — Finextra, 4 March 2026
• Northern Trust Asset Management launches tokenised money market share class — Finextra, 2 March 2026
• CFTC staff details how crypto firms can use digital assets as derivatives collateral in new FAQ — The Block, 21 March 2026
• Lawmakers reach breakthrough with 'agreement in principle' over stablecoin yield in sweeping crypto bill — The Block, 20 March 2026

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