The New York Stock Exchange (NYSE) is developing a new platform designed to trade tokenized stocks and exchange-traded funds (ETFs). This initiative is part of a broader effort by the NYSE and its parent company, the Intercontinental Exchange (ICE), to modernize market infrastructure through blockchain-based settlement.
The NYSE and ICE announced on Monday the development of this new platform, which is intended to offer 24/7 trading capabilities and instant settlement. The platform will integrate the company’s Pillar matching engine with blockchain-based post-trade systems, including multi-chain support for custody and settlement.
This new platform, pending regulatory approval, is slated to underpin a new NYSE trading venue specifically for tokenized securities, encompassing both stocks and ETFs issued in digital form.
Under the proposed model, trades could be funded and settled in real time using stablecoins. This contrasts with the current one-day settlement cycle standard in US equity markets.
Tokenized stocks represent traditional company shares that have been minted on a blockchain ledger. This technology offers investors exposure to stock prices while providing potential advantages such as 24/7 accessibility and the ability to own fractional shares.
The NYSE has previously expressed interest in extending trading hours. The exchange has sought to extend weekday trading on its NYSE Arca Equities Exchange to 22 hours per day to meet the global demand for US equities. In October 2024, the NYSE announced its intention to file with the US Securities and Exchange Commission (SEC) for these extended trading hours.
The Nasdaq exchange, known for its technology focus, also revealed plans to implement 24-hour trading on weekdays. This development was reported in March 2025.
NYSE Pursues "Fully Onchain" Solutions for Trading and Settlement Infrastructure
The development of the tokenized securities platform is a key component of ICE’s comprehensive digital strategy. This strategy includes building clearing infrastructure, supporting 24/7 trading, and exploring the "potential integration" of tokenized collateral.
ICE is collaborating with major banks, including BNY and Citibank, to support tokenized deposits across its clearinghouses. This collaboration aims to assist members in managing funds outside of traditional banking hours.
“For more than two centuries, the NYSE has transformed the way markets operate,” said Lynn Martin, president at NYSE Group. “We are leading the industry toward fully on-chain solutions, grounded in the unmatched protections and high regulatory standards that position us to marry trust with state-of-the-art technology.”
ICE manages six clearing houses globally. These include the world's largest clearing houses for energy and credit default swaps.
Michael Blaugrund, the company's vice president of strategic initiatives, described supporting tokenized securities as a "pivotal step" in the firm's strategy. He stated that this move is crucial for operating "onchain market infrastructure for trading, settlement, custody, and capital formation in the new era of global finance."