As part of the pilot project, the Depository Trust Company (DTC) will handle the clearing and settlement of tokenized transactions. Tokenized shares will be traded alongside traditional ones, in the same order book and at similar prices. They will also possess identical rights, ticker symbols, and CUSIP numbers (an identification number). The SEC stated that this structure meets investor protection standards. They also emphasized that the timelines for supervision, data provision, and settlements remain unchanged.
In early March, Nasdaq announced a partnership with the Stuttgart Stock Exchange and Kraken to develop tokenized stocks. According to rwa.xyz, the capitalization of tokenized stocks is $1.1 billion.