NYSE Launches 24/7 Tokenized Stock Trading: Which Crypto Businesses Will Directly Benefit or Suffer?

Odaily星球日报Published on 2026-01-20Last updated on 2026-01-20

Abstract

The New York Stock Exchange (NYSE) has announced plans to launch a tokenized securities trading and on-chain settlement platform supporting 24/7 trading of U.S. stocks and ETFs, fractional shares, stablecoin-based settlements, and instant settlement. This move is expected to have significant implications for the crypto industry. Potential beneficiaries include compliant U.S. stablecoins like USDC, which could be chosen for settlements, boosting their adoption. Leveraged stock-to-crypto trading platforms (e.g., Hyperliquid) may benefit from improved hedging opportunities due to aligned 24/7 trading hours. Perpetual swap and basis trading protocols (e.g., Ethena) could gain new, high-quality assets for arbitrage strategies. Selected infrastructure providers, such as blockchains and oracles, may also see growth, though traditional finance connections will be crucial. Conversely, existing crypto-native stock tokenization platforms face direct competition from the NYSE's superior regulatory backing and promise of equal dividends and governance rights. Spot stock-to-crypto trading platforms are particularly vulnerable and may need to pivot to offshore markets or derivatives to survive. Overall, while the NYSE's entry threatens some crypto-native businesses, it highlights the growing value of crypto's unique strengths: stablecoin infrastructure, leveraged trading, and on-chain financial engineering. Competition will intensify, but new opportunities will emerge.

Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

Last night, a blockbuster news directly ignited the cryptocurrency market — NYSE officially announced the launch of a tokenized securities trading and on-chain settlement platform supporting 24/7 trading.

  • Odaily Note: For details, please refer to "NYSE Plans to Launch 24/7 Tokenized Stock Trading, 'Competitors' Are Stunned".

In short, NYSE's on-chain stock tokenization solution mainly includes the following three aspects:

  • This is a tokenized securities trading and on-chain settlement platform, planning to support 24/7 trading of U.S. stocks and ETF funds, fractional share trading, stablecoin-based fund settlement, instant settlement, and will combine NYSE's existing matching engine with a blockchain settlement system.
  • According to NYSE's plan, tokenized stocks will have the same dividends and governance rights as traditional securities.
  • NYSE's parent company ICE is also collaborating with banking giants like BNY Mellon and Citigroup to explore tokenized deposits and clearing infrastructure to support cross-time zone, round-the-clock fund and margin management.

Although many key design details of this platform are still unknown, based on the currently available information, we can preliminarily speculate on the market impact of this change — especially after NYSE, as a正规军 (regular army), enters the field, which crypto businesses will directly benefit or suffer.

Beneficial Business Speculations

Speculation 1: U.S. Compliant Stablecoins (e.g., USDC)

NYSE explicitly mentioned in the announcement that it would introduce "stablecoin-based fund settlement." This will directly introduce a top-tier new application scenario for stablecoins, promoting the adoption growth of stablecoins in the stock market — the world's largest and most mainstream asset trading market by volume — and stimulating the issuance and trading demand for stablecoins.

However, it is important to note that, as a compliant platform, NYSE will inevitably only choose U.S. compliant stablecoins under the GENIUS regulatory framework. Although it is temporarily uncertain which stablecoin NYSE will adopt, Circle, currently the leader in the U.S. compliant system, is most likely to be selected.

Speculation 2: Tokenized Stock Contract Trading Platforms (e.g., Hyperliquid)

This speculation is based on the premise that NYSE's tokenized stock trading platform will not support leveraged trading — at least it is not mentioned in the current announcement.

The demand for leverage in the market always exists. If NYSE does not provide leverage services, some with higher risk appetite will still choose to trade on tokenized stock contract platforms that support leverage.

Previously, a major problem faced by such platforms was that while they naturally support 24/7 trading, the stock market still follows traditional trading hours, resulting in mismatched hedging windows, which objectively limited market makers' entry and liquidity accumulation — once NYSE's tokenized stock trading platform supports 24/7 trading, this problem will be solved.

Speculation 3: Basis Trading Protocols (e.g., Ethena)

Tokenized stocks, as a new asset class, will expand the choice of underlying assets for basis trading protocols like Ethena.

The biggest difficulty such protocols faced before was — the market lacked top-tier assets with sufficient liquidity and solid consensus. For example, Ethena, having only BTC, ETH, and SOL, already felt like it was hitting a bottleneck. NYSE's entry is expected to introduce more top-tier assets into the cryptocurrency market. Coupled with derivative trading services based on these assets, it will unlock more arbitrage opportunities.

Speculation 4: Selected Infrastructure (e.g., Public Chains, Oracles, etc.)

Introducing stocks onto the chain in tokenized form for trading will inevitably rely on infrastructure such as public chains (underlying networks) and oracles (price feed services). But who gets a piece of this pie highly depends on whose services NYSE chooses.

In this regard, compared to the first-mover advantage in the native cryptocurrency market, resource capabilities面向 (oriented towards) the traditional financial world may be more important.

Adversely Affected Business Speculations

Speculation 1: Tokenized Stock Issuance Platforms

Most native tokenized stock issuance platforms in the current cryptocurrency industry use a mapping mechanism, which always carries certain security risks and profit distribution issues.

NYSE's entry will not only directly bring tokenized stocks with more solid backing but has also明确 (explicitly) stated that "tokenized stocks will have the same dividends and governance rights as traditional securities". The latter will directly deliver a降维打击 (dimensionality reduction strike) to some native tokenized stock issuance platforms in the industry.

Speculation 2: Tokenized Stock Spot Trading Platforms

There's not much to say about this; it's about directly competing with the正规军 (regular army) in the core scenario.

However, such tokenized stock spot trading platforms are not without ways to break through. Feasible solutions include but are not limited to: promoting offshore strategies, extending services to groups not covered by NYSE's tokenized stock platform; introducing contract trading services......

The Change Has Come, Opportunities Remain

Overall, NYSE's launch of a 24/7 tokenized stock trading and on-chain settlement platform will indeed directly impact some native cryptocurrency businesses, but this does not mean that the event constitutes a systemic negative for the cryptocurrency industry as a whole. The key is to distinguish between "what is being replaced" and "what remains."

From a business perspective, NYSE is clearly trying to bring the "tokenized stock trading"蛋糕 (cake) back inside the traditional financial system. This undoubtedly means competition is intensifying, and some narratives will be severely compressed. But at the same time, the capabilities that the cryptocurrency industry is truly good at and that are difficult for traditional finance to fully replicate in the short term will be further amplified — including the stablecoin system required for round-the-clock settlement, contract trading centered around high volatility and leverage demand, and on-chain financial engineering capabilities represented by basis trading and structured strategies.

The arrival of change is a既定事实 (fait accompli). Competition will indeed intensify, but opportunities also exist.

Related Questions

QWhat is the main announcement made by the New York Stock Exchange (NYSE) regarding trading?

AThe NYSE announced the launch of a tokenized securities trading and on-chain settlement platform that will enable 7*24 hour trading of U.S. stocks and ETFs, fractional share trading, stablecoin-based fund settlement, and instant settlement.

QWhich type of cryptocurrency is expected to benefit directly from the NYSE's new platform, and why?

AU.S. compliant stablecoins, such as USDC, are expected to benefit because the NYSE's platform will use stablecoins for fund settlement, introducing a major new use case and increasing demand for their issuance and trading.

QWhat is one potential negative impact on existing crypto-native businesses mentioned in the article?

AExisting crypto-native stock tokenization platforms are expected to face significant negative impact, as the NYSE's entry provides tokenized stocks with stronger backing and equivalent dividends and governance rights to traditional securities.

QHow could the new NYSE platform potentially help protocols like Ethena?

AThe platform could help protocols like Ethena by introducing more top-tier assets (tokenized stocks) into the crypto market, which would unlock more arbitrage opportunities when combined with derivative trading services on these assets.

QWhat is a suggested strategy for existing crypto stock spot trading platforms to survive the competition from the NYSE?

AA suggested strategy is to pursue an offshore approach, offering services to user groups not covered by the NYSE's platform, and to introduce derivative trading services like futures and options.

Related Reads

Wall Street's Most Famous 'Cassandra' Now Has His Sights Set on Nvidia

Michael Burry, the famed "Big Short" investor, has once again captured Wall Street's attention with a series of short positions against major tech and semiconductor stocks, most notably Nvidia. In late June and July, through his "Cassandra Unchained" newsletter, Burry disclosed short bets against Nvidia, Tesla, Applied Materials, Caterpillar, the SOXX semiconductor ETF, and later, Micron Technology. His core thesis revolves around potential distortions in the AI infrastructure boom, specifically questioning whether extended depreciation schedules (e.g., 6 years vs. a realistic 2-3 years for AI chips) by cloud giants like Microsoft and Google artificially inflate profits. He also raises concerns about possible "off-balance-sheet circular financing," where chip demand might be propped up by vendor-backed funding to clients. Nvidia's stock experienced volatility following these disclosures, briefly dipping but largely holding near Burry's reported entry points, leaving his positions roughly flat or slightly underwater as of late July. This move is part of a pattern for Burry, whose track record since his legendary 2008 bet is mixed. He has faced notable losses, such as on Tesla in 2021, while scoring on broader market turns like the 2020 pandemic crash. His methodology focuses intensely on free cash flow and scrutinizing original financial documents to spot overvaluation and structural risks, but it often struggles with timing the market. The article contrasts Burry's stance with other prominent investors. Steve Eisman, another "Big Short" figure, is not shorting Nvidia, citing strong fundamentals but expressing nervousness about sustainability. Jim Chanos agrees with the broad "accounting mismatch" concern—comparing it to the dot-com bubble—but targets financial leverage in private equity firms rather than the chip stocks themselves. While Nvidia's short interest remains relatively low at 1.3-1.4% of float, the massive stock size means absolute short losses have been significant, exceeding $5 billion earlier this year. The piece concludes that for ordinary investors, the key takeaway is not replicating specific short bets but learning from the critical frameworks these investors use: questioning rosy accounting, identifying structural vulnerabilities, and maintaining skepticism during market euphoria, even if pinpointing the exact catalyst for a downturn remains elusive.

marsbit7m ago

Wall Street's Most Famous 'Cassandra' Now Has His Sights Set on Nvidia

marsbit7m ago

Weekly Selection丨Epic Stock Market Volatility, Changxin Tech's IPO Reshapes Storage Landscape, Saylor Aims to Re-Anchor STRC Around September 8th

PANews Weekly Digest: Market Turmoil, Tech Breakthroughs, and Crypto Developments. The week saw significant volatility across global markets. South Korea's KOSPI index experienced extreme turbulence, including multiple trading halts, largely driven by sharp declines in AI hardware stocks like SK Hynix. In contrast, China's Changxin Xinqiao (CXC) achieved a landmark IPO with a market cap surpassing 4 trillion yuan, marking a major success for the domestic DRAM industry after a decade of losses. In the crypto and Web3 space, several key narratives emerged. AI is driving demand for new infrastructure, with projects like AI agent wallets and programmable payments gaining traction, attracting interest from firms like Coinbase. The Bitcoin mining sector is pivoting, with companies like MARA focusing on energy management as electricity becomes a core AI-era asset. Meanwhile, the RWA (Real World Assets) sector faces a "utilization puzzle," with hundreds of billions in on-chain assets remaining dormant. Notable market movements included a historic single-day surge of over 17% for the KOSPI index and a significant migration of $16.5 billion in staked ETH within the Lido ecosystem. Michael Saylor announced a target to re-peg the STRC stablecoin around September 8th. Other highlights include discussions on Ethereum's ambitious 2030 roadmap for scaling and privacy, analysis showing high protocol revenues not always translating to token price gains, and warnings from Citi about potential extreme commodity price shocks by late 2026.

marsbit12m ago

Weekly Selection丨Epic Stock Market Volatility, Changxin Tech's IPO Reshapes Storage Landscape, Saylor Aims to Re-Anchor STRC Around September 8th

marsbit12m ago

When the Market Begins to Question AI Capex: A Full Analysis of Q2 Earnings Reports from Five Tech Giants

In late July 2026, five major US tech giants—Alphabet, Intel, Microsoft, Meta, and Apple—released their Q2 earnings reports. While all companies exceeded revenue and profit expectations, driven by strong AI-related business growth, investor reactions diverged sharply due to concerns over escalating AI capital expenditures (capex) and their impact on free cash flow. Alphabet reported strong revenue growth and a surging cloud business, but its stock fell after announcing a doubled year-on-year capex and negative quarterly free cash flow for the first time. Intel posted its strongest revenue growth in over 15 years, but its stock experienced volatile trading after significantly raising its full-year capex guidance. Microsoft saw its stock surge after beating estimates and, crucially, lowering its capex forecast while projecting positive free cash flow. Meta faced the most severe sell-off as its profits declined despite revenue beats, with free cash flow plunging over 90% and its capex guidance raised. Apple reported record June-quarter results, but its stock plummeted after providing Q4 revenue guidance that fell short of expectations, citing supply chain constraints and forex headwinds. The overall takeaway is that the market's focus has shifted from validating AI demand to scrutinizing the timeline for returns on massive AI investments. Companies demonstrating a clearer path to managing capex and preserving free cash flow, like Microsoft, were rewarded, while those signaling continued aggressive spending faced investor skepticism.

Odaily星球日报21m ago

When the Market Begins to Question AI Capex: A Full Analysis of Q2 Earnings Reports from Five Tech Giants

Odaily星球日报21m ago

a16z: From Companies to DAOs, DUNA May Become the Next Generation Organizational Form

This article, "From Companies to DAOs: How DUNA Could Become the Next Organizational Form," traces the 500-year evolution of business collaboration. It begins with medieval structures like the *commenda* and Florentine *compagnia*, which exposed partners to personal risk. The modern corporation, exemplified by the Dutch East India Company (VOC), was a revolutionary leap, enabling large-scale, capital-intensive ventures by offering limited liability and reducing coordination costs. However, corporations introduced new challenges like principal-agent problems and bureaucratic overhead. The piece argues that software and internet-native protocols are now reducing these traditional overheads. Decentralized Autonomous Organizations (DAOs) emerged as a new model for coordination without centralized management. Yet, DAOs face a significant legal vacuum: they lack legal recognition, leaving members exposed to unlimited personal liability, and their tokens are vulnerable to being classified as securities under unclear regulations (e.g., the Howey Test). This has forced projects into suboptimal workarounds like offshore foundations. The article identifies the Decentralized Unincorporated Nonprofit Association (DUNA) as a potential solution. Recently legalized in states like Wyoming, the DUNA provides a legal wrapper for decentralized networks. It grants key protections—legal personality, limited liability, and perpetual existence—to a group without imposing a traditional hierarchical management structure. This allows token-holder communities to govern, hold assets, and contract as a single legal entity, aligning with their decentralized nature. While DUNA doesn't solve all governance challenges or magically resolve securities law questions, it represents a crucial step. It fills the legal recognition gap, offering a native legal form for internet-scale, decentralized collaboration and extending the separation of personal risk from organizational venture into a new domain.

marsbit1h ago

a16z: From Companies to DAOs, DUNA May Become the Next Generation Organizational Form

marsbit1h ago

2026 Mid-Year Report On-Chain RWA: Tokenized Stock Market Cap Doubles in a Year, But 90% of Rights Are Hollow Shells

The 2026 Mid-Year Report on On-Chain RWA highlights a significant growth in tokenized stock market capitalization, which nearly doubled from $951 million in March to $1.89 billion by July. However, the report reveals a fundamental contradiction in this "layer 2.5" ecosystem: products with the strongest legal foundation (like regulated U.S. infrastructure) lack liquidity and distribution, while freely tradable offshored wrapper products often lack substantive ownership rights. The increase is driven largely by a few products (SECZ, FGRS, STRCx) and platforms (Ondo, xStocks, Securitize collectively hold over 85% share). While distributed value across networks like Ethereum, Solana, and BNB Chain has grown, the market remains fragmented. Products referencing the same underlying asset (e.g., Apple stock) are distinct legal liabilities with different intermediaries and jurisdictional rules, offering varying degrees of legal claim. The report cautions that headline numbers are misleading, as they reflect changes in distributed token value—driven by issuance, conversions, and price movements—not pure investor inflows. True "canonical shares" with legal ownership, wide wallet distribution, institutional liquidity, and independent on-chain price discovery do not yet exist at scale. Tokenized treasuries show stronger product-market fit, and ETFs may be easier to scale than single stocks. The core takeaway is a trade-off: legal certainty versus liquidity and composability.

marsbit1h ago

2026 Mid-Year Report On-Chain RWA: Tokenized Stock Market Cap Doubles in a Year, But 90% of Rights Are Hollow Shells

marsbit1h ago

Trading

Spot
活动图片

Hot Categoriesright-arrow

Hot Tagsright-arrow