On January 19, according to official news, the New York Stock Exchange, a subsidiary of the ICE Group, announced today that it is developing a platform for trading tokenized securities and on-chain settlement, and will seek regulatory approval for this.

The NYSE's new digital platform will support a tokenized trading experience, including 7x24 hour round-the-clock operation, instant settlement, order placement by dollar amount, and fund transfers based on stablecoins. Its design integrates the NYSE Pillar matching engine with a blockchain-based post-trade system, capable of supporting multi-chain settlement and custody.

Lynn Martin, President of the ICE Group, stated bluntly: "We are leading the industry towards a fully on-chain solution while maintaining the NYSE's unparalleled protection and high regulatory standards." In other words, they aim to use blockchain to improve efficiency while continuing to win the trust of Wall Street.

Currently, the plan is still in the early development stage and has not been built or fully tested. The NYSE stated that it will seek approval from regulatory bodies such as the U.S. Securities and Exchange Commission (SEC), and the platform is expected to launch in late 2026.

The first reaction from crypto players might be, "It's over, the正规军 (mainstream institutions) are entering the market on a large scale again. The narrative of trading U.S. stocks on-chain is about to be completely taken away, so what do we have left?" In fact, the on-chain transformation of traditional securities markets is not a trend that emerged only after the significant advancement of cryptocurrency compliance last year; it has been around for a long time. When we take a more detailed look at the past and present of the on-chain transformation of traditional securities in the U.S. and globally, we will find that this is an already unstoppable and continuously advancing trend. Anxiety is reasonable, but confidence is even more necessary.

In the U.S., the NYSE is Actually Racing Against Nasdaq

Compared to the NYSE, which has only just preliminarily announced its on-chain plan, Nasdaq submitted a formal related proposal to the SEC last year.

On September 8, 2025, Nasdaq submitted proposal SR-NASDAQ-2025-072 to the SEC, aiming to amend rules to allow the trading of tokenized securities on the Nasdaq market and integrate blockchain technology for settlement and clearing. The proposal emphasizes that blockchain can bring faster settlement, improved audit trails, and a more seamless order-to-settlement process.

If approved, this feature is expected to be available by the end of the third quarter of 2026. The proposal has entered the SEC review stage, and a revised version (Amendment No. 1) was submitted on December 29, 2025.

By comparison, the NYSE seems to have fallen behind Nasdaq, but in fact, this new plan by the NYSE is not a hasty response to Nasdaq; it is a continuation of the long-term blockchain布局 (layout/strategy) of the NYSE's parent company, ICE.

As early as 2015, ICE began exploring blockchain technology and launched the Bakkt platform (focused on crypto futures and custody) in 2018. In 2021, the platform went public on the NYSE through a SPAC merger with VPC Impact Acquisition Holdings.

Last August, ICE partnered with Chainlink to provide foreign exchange and precious metal exchange rate data on-chain through Chainlink. In October, ICE announced a strategic investment of up to $20 billion in Polymarket. There were also reports late last year that ICE was in talks to invest in MoonPay.

More notably, the on-chain reform plans for securities adopted by the NYSE and Nasdaq are different.

Nasdaq's方案 (plan) adopts a "hybrid model." Traders can choose traditional form or tokenized form (using blockchain) for settlement when entering orders. All trades are executed in the same order book, using the same CUSIP identifiers, execution rules, and priority. Clearing and settlement are handled by the DTC. Tokenization is only an optional "digital representation" form and does not change the existing structure (such as the T+1 settlement cycle).

That is to say, Nasdaq is not creating a brand-new, independent on-chain securities trading platform; instead, it is integrating tokenized securities into the existing system, emphasizing compatibility with the current system, minimizing disruption to the existing infrastructure, and avoiding creating new risks. Although there were reports at the end of last year that Nasdaq was seeking approval to allow the market to trade 5 days a week, 23 hours a day, it is still a gradual and温和的 (moderate) reform.

The NYSE's plan is clearly more激进 (radical). They aim to create a brand-new, independent on-chain securities trading platform. ICE is collaborating with banks such as Bank of New York Mellon and Citigroup to support tokenized deposits in its clearinghouse, helping clearing members transfer and manage funds outside traditional banking hours, fulfill margin obligations, and adapt to the fund needs of different jurisdictions and time zones.

This摆脱 (breaks free from) the limitation of traditional bank clearing windows that are only open on weekdays. For the NYSE, T+0, 7x24 hour round-the-clock trading, fractional share trading, and support for stablecoin funds are all must-haves. Compared to Nasdaq, this is undoubtedly a more profound transformation.

Globally, the exploration of securities tokenization and even asset tokenization has long begun and is flourishing. Examples include Switzerland's SIX Digital Exchange (SDX), Germany's Deutsche Börse D7 platform, the UK's Archax, and Singapore's DBS Bank Digital Exchange. However, a reform plan as激进 (radical) as the NYSE's can still be called "unprecedented."

The race between the NYSE and Nasdaq is by no means just to "earning a little more commission"; it is an active出击 (offensive) in the new landscape of global competition entering the traditional securities trading market. Like Nasdaq, the NYSE's securities trading platform, NYSE Arca, also submitted a proposal to extend trading hours and is awaiting formal approval, and this was back in 2024.

The London Stock Exchange (LSE) and Asian exchanges (such as Tokyo or Hong Kong) are also discussing extending trading hours.

For traditional stock exchanges, extending trading hours is not as simple as it seems on the surface—"opening for a few more hours." The exchange side has many technical modifications, such as closing prices, ex-rights, ex-dividends, etc., and also faces potential network stability challenges. At the securities broker level, upgrades are also required to follow these changes.

Historically, extending trading hours has been a trend that has never stopped伴随着 (accompanying) technological progress. Taking the U.S. as an example, in the 1920s–1940s, the daily trading time of the securities market was only about 5 hours; it increased to about 6 hours in the 1950s–1970s, and to about 6.5 hours in the 1980s–1990s, until reaching about 16 hours in the 21st century.

According to data from a Deloitte report, in June 2023, foreign investors' holdings of U.S. securities had already reached $26.86 trillion. Among the reasons for extending trading hours, there must be one point: to better包容 (accommodate) and even attract foreign investors.

NYSE executive Kevin Tyrrell stated in an interview with CNBC: "Interest in U.S. equities continues to grow among both retail and institutional investors, both in the U.S. and globally. The 22-hour/5-day (5 days a week, 22 hours a day) extended trading plan we developed is based on numerous exchanges with market participants and our own data and analysis. Given the current level of investor demand and the availability of existing market infrastructure, we believe the 22-hour/5-day extended trading plan is the right approach."

For international companies wanting to list, they want to land in the world's most liquid U.S. stock market. If one of the NYSE or Nasdaq supports round-the-clock trading, they would prefer the one that supports it, as it is more time-friendly.

Although stock exchanges are also aware of the risks that round-the-clock trading may bring and the upgrade costs to be paid, the endless cryptocurrency market that has been running for years and its attraction to global users has become their best "teacher." Whether it is extending trading hours or improving trading and settlement efficiency, embracing investors worldwide is something they must strive to do. Traditional securities are not stuck in "tradition"; they are also constantly evolving.

Impact on Traditional Markets

Support for fractional share trading will undoubtedly significantly lower the entry barrier for retail investors again. One major advantage of cryptocurrency compared to traditional stock markets is that even if Bitcoin rises to $1 million each, retail investors can still buy just $10 worth of it. But if the NYSE's vision is ultimately realized, everyone will also be able to buy $10 worth of U.S. stock giants like Nvidia, Tesla, or Apple.

7x24 hour round-the-clock trading and T+0 settlement will greatly accelerate the market pace of traditional stock markets. On the positive side, settlement risks and cross-time zone friction will be greatly reduced, and the flexibility of investment and the efficiency of price discovery will be greatly improved.

Risks also exist. More剧烈 (violent) fluctuations and more emotional trading, the possible liquidity dispersion caused by a non-stop market, and more price manipulation. Especially during the closing periods of traditional securities trading markets, the on-chain environment could potentially become a "paradise" more prone to滋生 (breeding) "恶庄 (malicious market makers)" and insider trading.

Due to changes in trading and settlement mechanisms, the strategies of traditional institutions and market makers may also enter a stage of你追我赶 (catching up with each other) upgrades, like the NYSE and Nasdaq. Faced with upgraded round-the-clock information monitoring and automated trading strategies, for retail investors, whether this progress means more opportunities or more残酷 (cruel) competition is really hard to say.

Which Cryptocurrency Projects Have Potential Benefits

Although the NYSE announcement mentioned that it "will support multi-chain settlement and custody," no further details have been revealed on whether this means public chains like Ethereum and Solana. If so, it would undoubtedly be a major利好 (positive factor) for public chain tokens.

When stablecoins on-chain can directly enter U.S. stock targets through the NYSE's channel, the probability of another altseason in the crypto circle will shrink again in the short term. The reason for saying short-term is that the demand for on-chain stablecoins to enter U.S. stocks has never had a chance to be satisfied. Once the channel is opened, it will certainly create a significant虹吸效应 (siphon effect) in the short term.

But over the years, the crypto circle has also沉淀 (precipitated/settled) a group of investors with distinct characteristics. The overall investment environment of the crypto circle is quite different from the stock market. Whether to choose stability or the dream of hundredfold or thousandfold returns, how investors will choose can still be observed over a longer term.

For crypto projects like AAVE and Compound that provide stablecoin lending, the NYSE's plan is无异于 (nothing less than) a "narrative falling from the sky." For projects like Ondo that were previously dedicated to introducing U.S. stocks on-chain, they will experience the pain of transformation.

For the crypto market, it is about to face an unprecedented challenge from the traditional securities market. For the crypto industry, this is区块链技术 (blockchain technology) "gaining another foothold" in the traditional financial market, another milestone progress for the industry as a whole.

So does this mean the future of the crypto market is becoming increasingly黯淡 (bleak)? I believe not. I believe that with the overall progress of the industry, the future trend of "tokenization of everything" is unstoppable, and securities are just one of the万物 (myriad things). The crypto market will still be a place where miracles happen. Believe in the future.