Nasdaq has successfully piloted tokenized collateral trades on Canton Network, transmitting tokenized money market funds as collateral through its Calypso platform alongside two of the world's leading asset managers, the company disclosed during its second quarter 2026 earnings call.
CEO Adena Friedman described the pilot as a proof of concept demonstrating how Calypso, already used by hundreds of firms globally for collateral management, could evolve into a collateral network capable of moving assets in tokenized form. "The guys were there that day, and they basically came out of the room going victory," Friedman said. "The money moved." The company said future monetization would come through a new Calypso module, effectively an upsell allowing clients to manage collateral movement in addition to collateral management.
The Canton pilot sits within a broader Nasdaq push into tokenization. Friedman noted the company is working with DTCC on post-trade settlement of tokenized shares, and separately with Kraken on a new model for tokenized equity issuance with instantaneous settlement, which Nasdaq expects to launch in early 2027.
The disclosure came alongside a set of record financial results. Nasdaq reported net revenue of $1.5 billion for the quarter, up 15% year on year, with solutions revenue of $1.2 billion, up 17%. Non-GAAP earnings per share reached $1.07, the first time the company has exceeded $1.00 in quarterly EPS. Index assets under management surpassed $1 trillion for the first time following record net inflows of $51 billion in the quarter. The company also facilitated the SpaceX IPO on June 12, raising $86 billion in what it described as the largest initial public offering in history.
Financial Technology revenue grew 15% to $539 million, with double-digit growth across all three sub-segments. Verafin, Nasdaq's anti-financial crime platform, delivered 22% revenue growth and now serves 2,800 financial institutions collectively tracking more than $13 trillion in assets. Enterprise data licenses grew 34% year on year, driven by demand from digital asset platforms and artificial intelligence use cases.
Nasdaq also confirmed it remains on track to launch 23/5 trading on December 6, 2026, as part of its broader push toward always-on market infrastructure.
