El auge del comercio de acciones en la cadena de bloques: Alineación regulatoria y transformación de la infraestructura del mercado en 2025

The financial markets are undergoing a seismic shift as blockchain technology redefines the infrastructure for stock trading. In 2025, the convergence of regulatory innovation and technological advancement has positioned on-chain stock trading as a cornerstone of modern finance. From Nasdaq's tokenized securities proposal to the EU's Markets in Crypto-Assets (MiCA) regulation and the U.S. GENIUS Act, the alignment of regulatory frameworks with blockchain-based systems is unlocking unprecedented efficiency, transparency, and accessibility. This analysis explores how these developments are reshaping market infrastructure and why investors should pay close attention to this transformative trend.

Regulatory Breakthroughs: A New Era for Tokenized Securities

The integration of blockchain into stock trading has been catalyzed by forward-thinking regulatory initiatives. In September 2025, Nasdaq submitted a proposal to the Securities and Exchange Commission (SEC) to enable the trading and settlement of tokenized securities on its platform. This move aims to leverage blockchain's capabilities-such as real-time settlement, immutable audit trails, and fractional ownership-while adhering to existing securities laws. By aligning with the SEC's evolving priorities, Nasdaq's proposal signals a pivotal step toward mainstream adoption of on-chain trading.

Parallel progress has been made in the European Union, where MiCA, enacted in early 2025, has established a harmonized regulatory framework for crypto-assets, including asset-reference tokens (ARTs) and e-money tokens (EMTs). MiCA's emphasis on transparency, investor protection, and anti-money laundering (AML) compliance has created a fertile ground for tokenized assets. For instance, EURC has surged to 41% of the euro stablecoin market capitalization under MiCA's compliance requirements, displacing non-compliant alternatives. This regulatory clarity has not only stabilized the market but also attracted institutional players seeking to tokenize real-world assets like real estate and equities.

In the U.S., the GENIUS Act has further solidified the legal foundation for stablecoins and tokenized securities. By mandating 1:1 reserves for stablecoin issuers and exempting them from securities classification, the act has addressed long-standing uncertainties under SEC oversight. This clarity has spurred innovation, with major financial institutions scaling stablecoin-based settlement systems. The act's emphasis on consumer protection and financial stability has also encouraged traditional banks to explore tokenization, as evidenced by the SEC's no-action letter allowing the Depository Trust Company (DTC) to pilot tokenization on supported blockchains.

Market Infrastructure Transformation: Efficiency and Accessibility Redefined

The regulatory alignment of 2025 has directly enabled the operationalization of on-chain stock trading platforms, offering transformative benefits. These platforms eliminate intermediaries by automating settlement through smart contracts, reducing counterparty risk and transaction costs. For example, tokenized securities can settle in seconds rather than days, a critical advantage for high-frequency trading and cross-border transactions.

Fractional ownership is another game-changer. By tokenizing shares, platforms allow investors to purchase fractions of stocks, democratizing access to markets previously dominated by institutional players. This innovation is particularly impactful in emerging markets, where liquidity constraints have historically limited participation.

Moreover, the integration of DeFi protocols with on-chain trading has unlocked novel use cases. For instance, EURCV has gained traction through lending protocols and yield-generating strategies, demonstrating how tokenized assets can create passive income streams. Such developments highlight the potential for on-chain platforms to merge traditional finance with decentralized finance (DeFi), fostering a hybrid ecosystem that balances innovation with regulatory rigor.

Investor Protection and Enforcement: A Shift in Priorities

While innovation is accelerating, regulators remain focused on safeguarding market integrity. The SEC's 2025 enforcement strategy, described as a "back to basics" approach, prioritizes traditional securities fraud theories over retroactive penalties for crypto-native activities. This shift reflects a pragmatic recognition that blockchain's transparency can inherently reduce fraud, provided platforms adhere to compliance standards. For investors, this means a more predictable environment where enforcement targets misconduct rather than stifling innovation.

The GENIUS Act further reinforces investor confidence by requiring stablecoin issuers to implement robust AML programs and disclose reserves monthly. These measures mitigate risks such as fraud and systemic instability, ensuring that tokenized assets remain a trusted component of institutional portfolios.

The Road Ahead: Opportunities and Challenges

Despite the progress, challenges persist. The transition period for the GENIUS Act, which allows compliance until January 2027, creates uncertainty for platforms still adapting to its requirements. Similarly, MiCA's stringent compliance standards may deter smaller players, consolidating the market around well-capitalized institutions. However, these hurdles are likely temporary, as the long-term benefits of on-chain trading-such as reduced settlement risk, enhanced liquidity, and global accessibility-outweigh the initial friction.

For investors, the key takeaway is clear: on-chain stock trading is no longer a speculative experiment but a regulated, institutional-grade asset class. With tokenized money market funds and commodities already managing $8 billion and $3.5 billion in assets under management (AUM) by December 2025, the infrastructure is maturing rapidly. Early adopters who align with MiCA- and GENIUS Act-compliant platforms are poised to capitalize on this transformation.

Conclusion

The alignment of regulatory frameworks with blockchain technology in 2025 marks a turning point for financial markets. Nasdaq's tokenized securities proposal, MiCA's harmonized rules, and the GENIUS Act's stablecoin clarity have collectively created a foundation for on-chain stock trading to thrive. As these platforms mature, they promise to redefine efficiency, accessibility, and trust in global finance. For investors, the message is unequivocal: the future of stock trading is on-chain-and it's here.