Wall Street's move onto blockchain could give cryptocurrency investors outside the United States greater access to publicly traded companies, mostly in the United States. Nasdaq announced a $100 million strategic investment agreement with Kraken parent Payward on September 10, 2026, alongside expanded collaboration on tokenized equities. Ondo Finance reported $1 billion in tokenized-stock total value locked in under eight months, with $18 billion in cumulative trading volume, in May. Casper Association President Michael Steuer said tokenized equities could increase competition for speculative cryptocurrencies but are unlikely to replace Bitcoin or Ethereum. Steuer said investor benefits depend on legal structures, participating institutions and liquidity, while the World Federation of Exchanges warned that some stock tokens lack equivalent ownership rights or protections.