Adena Friedman, CEO of Nasdaq, stated at the TOKEN 2049 conference in Singapore that tokenizing government bonds, stocks, money market funds, and capital can enhance collateral liquidity and unlock billions of dollars in trapped capital within the global financial system. Over the past year, institutional interest in tokenization has significantly increased, partly due to the U.S. GENIUS Act establishing a regulatory framework for stablecoins. She noted that institutional interest is converging with retail demand for round-the-clock trading, with the retail ecosystem about a decade ahead. However, transitioning to a fully 24/7 market is a monumental task for the financial industry, requiring continuous real-time risk and collateral management. She also emphasized that AI is crucial for 24/7 trading, and Nasdaq has launched digital agents on its risk management platform, initially providing recommendations, with the potential for banks to take more direct actions in the future. Kraken co-CEO Arjun Sethi mentioned that companies outside the U.S. are also keen on tokenization and entering the U.S. capital markets, including a company with approximately $25 million in revenue and larger international firms. Friedman cautioned that not all assets have the liquidity necessary to support a 24/7 trading environment.