NYSE Moves Toward On-Chain Trading With Tokenized Securities
- NYSE plans a tokenized securities platform with 24/7 trading and on-chain settlement.
- Tokenized NYSE shares will stay fungible with legacy stocks and retain dividends and rights.
- ICE links the platform to a wider push for 24/7 clearing and tokenized deposits with banks.
The New York Stock Exchange has announced plans to develop a platform for trading and on-chain settlement of tokenized securities. The project marks a major step in integrating blockchain technology into traditional U.S. equity markets.
The platform, developed by NYSE parent Intercontinental Exchange, will operate subject to regulatory approval. If approved, it will support continuous trading, instant settlement, and stablecoin-based funding.
NYSE said the new system aims to modernize how securities trade, settle, and move across global markets. The initiative reflects a broader push to adapt market infrastructure to digital and around-the-clock finance.
24/7 trading and on-chain settlement
The planned platform will allow tokenized securities to trade 24 hours a day. This approach breaks from fixed U.S. market hours that have long shaped equity trading.
Investors would place orders at any time rather than waiting for traditional market sessions.
NYSE said the platform will also allow orders sized in dollar amounts instead of share quantities. In addition, settlement will occur on-chain rather than through standard clearing cycles. This structure enables near-instant settlement once a trade executes.
The platform will combine the NYSE Pillar matching engine with blockchain-based post-trade systems. This design aims to preserve familiar trading mechanics while upgrading settlement technology.
NYSE said the infrastructure will support multiple blockchains for settlement and custody. It cited flexibility as a key feature as digital market infrastructure continues to evolve. The exchange named networks such as Ethereum and Solana as potential settlement chains. However, it did not commit to specific blockchains for launch.
Tokenized shares and market structure
NYSE said tokenized shares on the platform will remain fully fungible. Each token will represent the same underlying security as traditionally issued shares. Tokenized shareholders will retain existing investor protections. These include dividend rights and participation in corporate governance.
The exchange said voting rights will remain aligned with current shareholder frameworks. This approach aims to ensure parity between digital and traditional holdings. Access to the platform will come through qualified broker-dealers. NYSE said it will distribute access on a non-discriminatory basis.
The venue will align with established market-structure principles. NYSE said this alignment remains essential to maintaining orderly markets. The exchange did not disclose which securities will tokenize first. It also did not announce a timeline for the platform’s launch.
Related: How Institutions Are Reshaping Crypto Markets and Trading Behavior
Part of ICE’s broader digital strategy
The tokenized securities platform forms part of ICE’s wider digital strategy. ICE operates six clearing houses across global financial markets. The company said it is preparing clearing infrastructure for continuous trading. This includes adapting systems to handle activity outside standard banking hours.
ICE also plans to explore the use of tokenized collateral. This would help clearing members meet margin and funding requirements.
The company said tokenized collateral could improve liquidity management. It could also support funding across multiple jurisdictions and time zones. ICE confirmed it is working with major banks on the effort. Partners include BNY and Citi.
The banks will help support tokenized deposits across ICE clearinghouses. These deposits aim to allow money movement beyond traditional settlement windows. NYSE Group President Lynn Martin said the exchange continues to reshape market operations. She said the platform reflects a shift toward fully on-chain market solutions.
Martin added that the exchange will maintain high regulatory standards and investor protections. She said trust remains central to adopting new technology. ICE Vice President Michael Blaugrund described tokenized securities as a pivotal step. He said the move supports on-chain trading, settlement, custody, and capital formation.
Regulatory approval remains the final requirement before launch. If approved, the platform would mark a major milestone for U.S. market infrastructure.
