NYSE Plans to Launch 7*24 Stock Tokenized Trading, Leaving "Competitors" Stunned
- Core Viewpoint: The New York Stock Exchange (NYSE) plans to launch a tokenized securities and on-chain settlement platform supporting 7*24 trading. This move is seen as a major step by traditional financial giants to deeply embrace blockchain technology, respond to competition, and vie for the future financial market. It brings both recognition effects and potential competitive pressure to the crypto market.
- Key Elements:
- NYSE plans to build a platform integrating its existing matching engine with a blockchain settlement system, supporting round-the-clock trading of U.S. stocks and ETFs, fractional share trading, and instant settlement based on stablecoins.
- This move partly stems from responding to a similar application filed by Nasdaq last year. However, the NYSE's plan is perceived by the outside world as a more complete "on-chain solution" rather than merely an application.
- If approved, the platform would break the decades-long fixed trading hours model of the NYSE, signaling mainstream finance's high recognition of features like the crypto market's 24/7 trading.
- Industry opinions are divided: supporters believe this is a necessary evolution of financial infrastructure that will blur the lines between traditional and crypto assets; opponents worry it primarily benefits exchanges and increases the difficulty for ordinary investors to compete.
- Analysis points out that the platform mainly serves compliant institutions. Crypto-native projects still hold differentiated advantages in areas like KYC-free access, global liquidity, and high-leverage demand. Furthermore, the SEC approval process may provide a time window for the crypto space.
Original | Odaily (@OdailyChina)
Author | Wenser (@wenser 2010)
Before "Flash Crash Monday" even concluded, the crypto market was hit with another bombshell just moments ago—according to multiple media sources, the New York Stock Exchange (NYSE) plans to launch a tokenized securities trading and on-chain settlement platform supporting 7*24 hour trading. Following its $2 billion investment in Polymarket last year, the ICE Group is once again leveraging its stock exchange to join the century-defining wave of cryptocurrency transformation. Notably, as early as September last year, its "rival" Nasdaq had already submitted an application to the SEC for tokenized stock trading. This move by the NYSE is also interpreted by the outside world as a response to competition among stock exchanges.
Odaily will briefly summarize relevant market perspectives on this event in this article and explore its potential implications.
The NYSE Can't Sit Still Anymore: A More Aggressive "On-Chain Tokenized Stock Solution" Than Nasdaq
Since Trump took office, the U.S. cryptocurrency regulatory environment has undergone a significant shift. Consequently, crypto IPOs, stablecoins, PayFi, and DeFi have swept away the policy gloom of the Biden administration era and are developing vigorously. According to statistics, stablecoin trading volume reached $33 trillion last year, a sharp increase of 72% year-on-year. Behind this lies the substantial revenue and profits earned by stablecoin issuers Tether and Circle, and more importantly, it represents massive liquidity that can be directed towards the stock and securities markets.
Furthermore, unlike Nasdaq's submission of a tokenized stock trading application to the SEC in September last year, nearly half a year later, the NYSE's moves related to "tokenized stock trading" are not merely regulatory applications but a comprehensive "on-chain solution." Recommended reading: "The Self-Revolution of U.S. Stock Exchanges: Nasdaq Applies for Tokenized Stock Trading, Targeting a Trillion-Dollar Market".
Specifically, the NYSE's "On-Chain Tokenized Stock Solution" includes the following three aspects:
- It is a tokenized securities trading and on-chain settlement platform, planning to support 7×24 hour trading of U.S. stocks and ETF funds, fractional share trading, stablecoin-based fund settlement, and instant delivery. It will integrate NYSE's existing matching engine with a blockchain settlement system.
- According to NYSE's plan, tokenized stocks will have equal dividend and governance rights as traditional securities.
- NYSE's parent company, ICE, is simultaneously collaborating with banking giants like BNY Mellon and Citigroup to explore tokenized deposits and clearing infrastructure to support cross-timezone, round-the-clock fund and margin management.
In comparison, if Nasdaq's tokenized stock application seems like a case of "new bottle, old wine" made in response to policy, then the NYSE's plan resembles a "new retail trading platform" that integrates all links from "brewing-packaging-distribution-recycling."
Most importantly, the NYSE's "tokenized stock" trading platform supports 7*24 hour trading. This was originally one of the advantages distinguishing various cryptocurrencies from securities and stocks. Now, this advantage becomes a joke in the face of the massive asset offerings and capital liquidity possessed by the NYSE, one of the world's largest stock exchanges.
Influenced by this, there are some pessimistic views in the crypto market: "The RWA sector in the crypto market and its increasingly tightening liquidity will face its most formidable 'father.' Compared to the NYSE with annual trading volumes exceeding hundreds of trillions of dollars, crypto RWA projects can almost be said to be non-existent."
What Do Crypto Practitioners Think: Mixed Impacts, The Past is Past, The Present is Now
In 1792, 24 securities brokers signed the Buttonwood Agreement under a buttonwood tree outside 68 Wall Street in New York, marking the birth of the predecessor to the NYSE. At that time, limited by fewer investment options and limited market activity, stock trading hours were more flexible, without strict continuous trading sessions. Brokers primarily conducted trades through auctions or informal methods.
On March 8, 1817, the organization formally changed its name to the New York Stock & Exchange Board by drafting a constitution.
In May 1887, the NYSE standardized stock trading hours to "Monday to Friday: 10:00 AM to 3:00 PM; Saturday: 10:00 AM to 12:00 PM."
In 1952, Saturday trading was officially abolished.
In 1985, stock market opening time was moved forward to 9:30 AM, and closing extended to 4:00 PM, forming the current 9:30–16:00 session, which has lasted for about 41 years.
If the NYSE's application for 7*24 hour tokenized stock trading is approved, it would mean that this decades-long, even centuries-long "limited-time trading model" is about to become history. From this perspective, the crypto market has gained high recognition from mainstream finance through this.
Proponents' View: The Train of the Era is Roaring In
BTC OG and BankToTheFuture founder Simon Dixon posted, "Nothing can stop this (era's) train. Tokens are IOUs for actual assets held by custodians, supplementing claims on the DTCC. All-day trading is achievable without tokens. This is the surveillance state upgrade. You will own nothing and you will be happy." The accompanying image showed BlackRock CEO Larry Fink and Coinbase CEO Brian Armstrong embracing.
Indian crypto KOL Open4profit posted, "(This will) enable the market to react immediately to global news; AI and algorithms will play a greater role in pricing and risk management; this is a major change for the stock market, keep a close eye on liquidity changes."
Redstone DeFi co-founder Marcin saw a "startup opportunity." He said: "This is a good start and aligns perfectly with what we are about to do."
Wintermute OTC business head Jake O also highly praised the matter: "Traditional infrastructure can extend trading hours but cannot solve T+1/2 friction or eliminate rent-seeking that adds cost and delay. Ironically, crypto solved this years ago: 24/7 trading, instant settlement, global access, no gatekeepers or (traditional bank) 'data fees.' Convergence is inevitable: equity trading on-chain, settlement atomized, the line between 'crypto' assets and 'traditional' assets will completely disappear. Welcome to the 21st century..."
Of course, some see it as an opportunity, while others see it as a threat.
Opponents' View: Exchanges Reap the Benefits, the Suffering Falls on the New Generation
Unlike the industry view that the NYSE's move will stimulate crypto market development and promote cryptocurrency adoption, some industry insiders also see potential problems.
Investment firm L1D partner LouisT posted: "The entire global financial system is moving on-chain, but somehow they don't seem to be bidding for our 'bear drug-like' tokens." In other words, traditional financial markets are not buying into the so-called RWA assets of cryptocurrencies.
MoonRock Capital founder expressed concern for the living conditions of the younger generation: "Not great news for boomers, your life just got harder." This likely refers to the fact that compared to previous generations with significant population growth, the baby boomer generation faces a more complex investment environment and a round-the-clock "liquidity gaming stage."
BingX advisor Nebraskangooner also raised his doubts: "Why make the stock market trade 24 hours? No one wants this except the exchanges. The only benefit is no after-hours trading interference, so stop-loss and take-profit points can truly function. Wonder what this will do to post-earnings price action?" This view focuses more on information impact and exchange profitability.
Summary: A Gap Remains Between Traditional Finance and Crypto-Native Groups, Opportunities for Users and Entrepreneurs Still Exist
Finally, the author would like to briefly share personal views based on the above information:
First, based on current information, the NYSE's related application may be approved as early as the end of 2026, with the main regulatory body still being the U.S. SEC. For crypto platforms, this is a significant time gap.
Second, the primary target audience for the NYSE's tokenized stock trading and on-chain settlement platform will most likely still be conventional investment institutions and compliant investors. For crypto-native groups and even global investors, what they need is not just functional fulfillment, but also achieving "KYC-free registration and trading, global asset liquidity allocation, and higher-risk leverage" through tokenized stocks and RWA platforms. This might be the advantage of crypto RWA projects.
Finally, the core purpose of NYSE, Nasdaq, and others promoting stock tokenization remains trading volume and fees. Similar to how CEXs continuously list new token projects now, in the short term, they may still need to learn from CEXs, DEXs, and even on-chain Perp DEXs. This is also the basis for existing mature platforms to potentially counterattack. At that time, it's not impossible for U.S. stock exchanges like NYSE and Nasdaq to fall from grace. The key still lies in where the liquidity is, where the attention is, and where the user base is.
