Nasdaq and Talos Join Forces To Unlock $35B in Trapped Collateral

. The companies said the integration is intended to bring institutional-grade compliance standards to digital asset markets.

Crypto News

Nasdaq will integrate its Calypso risk and collateral management platform, along with its trade surveillance system, into the institutional trading infrastructure of digital asset firm Talos, the companies announced on Monday.

The partnership targets a specific bottleneck in institutional tokenization. Nasdaq's internal research estimates that roughly $35 billion in collateral is currently tied up in corrective and non-interest-bearing measures, capital that could be deployed more efficiently through tokenized collateral management. The combined workflow is designed to give institutional clients a single environment for managing tokenized collateral across both

and traditional asset markets.

Talos clients will gain access to Nasdaq's trade surveillance tools, enabling them to run real-time alerts for market manipulation tactics including wash trading, spoofing, and layering across the venues they access. The companies said the integration is intended to bring institutional-grade compliance standards to digital asset markets.

The partnership addresses longstanding gaps in market surveillance infrastructure across digital asset venues. Blockchain analytics firm Chainalysis reported in January 2025 that suspected wash trading and pump-and-dump activity continued to account for material volumes across decentralized finance pools, and that illicit crypto volumes reached nearly $51 billion in 2024. The Nasdaq-Talos integration aims to give institutional participants tools to monitor and flag such activity in real time.