Key Notes
- NYSE will combine existing Pillar matching engine with blockchain-based post-trade systems.
- The platform aims for near-instant settlement.
- The trades will potentially be funded and settled in real-time using stablecoins.
The New York Stock Exchange (NYSE) said on Jan. 19 that it is developing a venue for 24/7 trading and on-chain settlement of tokenized U.S.-listed equities and ETFs. It will seek regulatory approvals before launch.
NYSE Tokenized Securities Trading Design
NYSE, owned by Intercontinental Exchange (ICE), framed the product as a hybrid of its existing market microstructure and token rails. The design combines the existing Pillar matching engine with blockchain-based post-trade systems. Moreover, it can support multiple chains for settlement and custody, the release said.
The same announcement claims the venue targets instant settlement, stablecoin-based funding, and orders sized in dollar amounts, alongside fractional share trading for tokenized equities and ETFs.
โWe are leading the industry toward fully on-chain solutions, grounded in the unmatched protections and high regulatory standards,โ NYSE Group President Lynn Martin said in the announcement.
The structure NYSE described maintains traditional shareholder economics. Tokenized shares on the new venue would remain fungible with traditionally issued securities. Their tokenized holders would receive dividendsย andย governance rights.
In addition, NYSE is working with major banks, BNY and Citi, to support tokenized deposits across ICE clearinghouses. Therefore, clearing members can move money outside banking hours to meet margin and funding demands across time zones.
Broader Market Impact
ICE traded at $173.98 (+0.43%) on the latest available tape. Partner banks named in the buildout included BNY Mellon (BK) at $121.33 (-2.16%) and Citigroup (C) at $118.04 (+0.50%).
ICE shares on Jan. 19 | Source: Google Finance
A 24ร7 tokenized NYSE venue shifts the constraint from whether the matching engine can run to whether the broker-dealers, CCP (Central Counterparty) workflows, and cash legs can clear at 03:00 ET.ย ICEโs explicit tie-in to stablecoin funding and tokenized deposits reads like a play for weekend margin mobility, competing with prime brokerage credit lines.
The first real trade signal will come from the U.S. Securities and Exchange Commission (SEC) filing sequence and any rule text that touches CCP risk windows.
In recent news, DTC (US Depository Trust Company) said the SEC issued a No-Action Letter on Dec. 11, 2025, authorizing a tokenization service for select DTC-custodied assets. The production readiness is targeted for 2H 2026.
In the meantime, there is a parallel pressure on extended-hours equities trading, including Nasdaqโs push for 23 hours a day, five days a week.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Yana Khlebnikova joined CoinSpeaker as an editor in January 2025, after previous stints at Techopedia, crypto.news, Cointelegraph, and CoinMarketCap, where she honed her expertise in cryptocurrency journalism.
