Interview | DeFi vs Nasdaq: Who will win the contest for real-world asset tokenization?

According to Bijie.com, Fairmint CEO and co-founder Joris Delanoue talked to crypto.news about the impact of Nasdaq's promotion of tokenized equity. This silent filing by Nasdaq with the U.S. Securities and Exchange Commission (SEC) could be one of the most important milestones for tokenized equity. The exchange applied for a license to issue tokenized shares, which could reshape the way securities are traded. To explore the impact of the move, crypto.news spoke with Joris Delanoue, CEO and co-founder of Fairmint, a platform that allows companies to issue tokenized equity. He explained what the document means for equity tokenization and whether DeFi can compete with Nasdaq. crypto.news: What is the significance of Nasdaq's file submitted to the SEC? Joris Delanoue: Nasdaq’s recent filing is a critical moment in the development of the stock market, which shows that the future of equity ownership will be increasingly digital, programmable and efficient. While it may not prompt all exchanges to follow suit immediately, Nasdaq’s leadership may inspire other exchanges to explore tokenized securities. The move reflects a major step towards modernization and heralds a broader trend towards digital securities. CN: Can DeFi companies compete with Nasdaq’s tokenized equity? JD: DeFi companies can offer compelling alternatives, but the difference is the tokenization approach. Platforms that offer tokenized stocks like Robinhood or Kraken often represent ownership claims rather than real ownership of stocks held by intermediaries. True tokenization involves embedding ownership and rights directly into smart contracts, and the securities themselves are native to the chain. Fairmint’s model is an example of this approach, as it has issued more than $1.00 billion in equity directly on-chain. CN: Will the Nasdaq filed improve access to tokenized stocks worldwide? JD: If Nasdaq is based on standardized and regulatory-first infrastructure, it will enhance global access by enabling tokenized assets to be distributed seamlessly on decentralized platforms, exchanges and DeFi protocols. This could increase global investors’ access to Nasdaq stocks, creating a more open and efficient financial system. As tokenized equity gains popularity, they can provide more liquidity and wider participation for global investors, especially when infrastructure is mature.