The New York Stock Exchange has announced plans to develop a platform for trading and on-chain settlement of tokenized securities. The move would allow 24/7 trading of U.S.-listed equities and ETFs, subject to regulatory approval.
In a statement released on 19 January, the NYSE said the platform would support fractional share trading, orders sized in dollar amounts, and stablecoin-based funding, while enabling near-instant settlement using tokenized capital.
24/7 trading and tokenized settlement
According to the exchange, the new digital platform is designed to enable continuous trading. This breaks from traditional market hours that have historically governed U.S. equities markets.
The NYSE said this would allow investors to trade tokenized securities around the clock. Also, settlement will take place on-chain rather than through conventional clearing cycles.
The infrastructure will combine the NYSE’s Pillar matching engine with blockchain-based post-trade systems.
The exchange said the platform will support multiple blockchains, like Solana and Ethereum, for settlement and custody, enabling flexibility as digital market infrastructure evolves.
Tokenized shares remain fully fungible
The NYSE said tokenized shares traded on the platform would be fungible with traditionally issued securities. This means they would represent the same underlying asset.
Tokenized shareholders would continue to receive dividends and governance rights, including voting, in line with existing shareholder protections.
Access to the platform would be provided through qualified broker-dealers, with distribution designed to remain non-discriminatory and aligned with established market-structure principles.
Part of a broader ICE digital strategy
The initiative forms part of a wider digital strategy by Intercontinental Exchange, the NYSE’s parent company.
Intercontinental Exchange [ICE] said it is preparing its clearing infrastructure to support continuous trading. Also, it is exploring the use of tokenized collateral to meet margin and funding requirements outside traditional banking hours.
ICE added that it is working with banks, including BNY and Citi, to support tokenized deposits across its clearinghouses.
The goal is to allow clearing members to manage liquidity and funding across different time zones and jurisdictions without being constrained by standard settlement windows.
Regulatory approval still required
“For more than two centuries, the NYSE has transformed the way markets operate,” said Lynn Martin, President of NYSE Group, adding that the exchange aims to lead the industry toward “fully on-chain solutions” while maintaining existing regulatory standards and investor protections.
ICE executives said the project reflects a long-term shift toward operating market infrastructure on-chain, spanning trading, settlement, custody, and capital formation.
The NYSE has not disclosed a launch timeline, and the platform remains subject to regulatory approval.
If approved, it would mark one of the most significant steps yet by a major U.S. exchange toward integrating blockchain technology directly into traditional securities markets.
Final Thoughts
- The NYSE’s move signals that tokenization is shifting from pilot projects to core market infrastructure, rather than remaining a niche digital asset experiment.
- By keeping tokenized shares fully fungible with traditional securities, the exchange is prioritising continuity in market structure and investor protections.
