Wall Street giants Nasdaq and Intercontinental Exchange (ICE) are partnering with cryptocurrency exchanges to tokenize traditional stocks, aiming to migrate the $126 trillion stock market onto the blockchain. Nasdaq is collaborating with Kraken's parent company to establish a framework enabling listed companies to issue tokenized stocks before 2027, while Intercontinental Exchange has invested in OKX to launch tokenized stocks and futures. This trend, driven by recent clarity on relevant regulations from the U.S. Securities and Exchange Commission (SEC), signals a future "exchange of all things" where all assets will be settled on-chain. However, this has created a complex "frenemy" relationship between traditional platforms and crypto-native platforms, as both vie for dominance in the emerging tokenized asset market.