The New York Stock Exchange announced Monday it will seek SEC approval for a blockchain-based platform enabling 24/7 trading of tokenized securities with stablecoin funding and instant settlement.
The platform combines NYSE's Pillar matching engine with blockchain post-trade systems supporting multiple chains for settlement and custody, Intercontinental Exchange said.
Subject to regulatory approval, the venue will handle both tokenized versions of traditionally issued securities and natively digital securities while preserving shareholder dividend and governance rights.
What Happened
NYSE's digital platform will enable dollar-denominated orders and stablecoin-based funding alongside round-the-clock operations, marking a departure from conventional settlement systems.
The initiative represents one component of ICE's broader strategy preparing clearing infrastructure to support 24/7 trading and potential integration of tokenized collateral across its six global clearinghouses.
ICE is working with BNY and Citigroup to support tokenized deposits across clearinghouses, helping members transfer money outside traditional banking hours and meet margin obligations across different jurisdictions.
"Supporting tokenized securities is a pivotal step in ICE's strategy to operate on-chain market infrastructure for trading, settlement, custody and capital formation in the new era of global finance," said Michael Blaugrund, ICE vice president of strategic initiatives.
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Why It Matters
The announcement positions NYSE against Nasdaq's December filing seeking SEC approval for 23-hour weekday trading launching in second half 2026.
NYSE Arca received February 2025 approval for 22-hour weekday trading, though implementation awaits market data feed upgrades.
Investor appetite for nonstop U.S. stock trading has surged alongside rising international participation, with foreign holdings of U.S. equities reaching $17 trillion in 2024.
The Depository Trust & Clearing Corporation plans to launch 24/5 clearing by mid-2026, enabling continuous settlement infrastructure critical for extended trading hours.
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