NYSE is developing a blockchain platform for 24/7 trading and immediate settlement of tokenized securities. The planned venue will support stablecoin funding and several blockchain networks. NYSE also joined DTCC’s production tests and partnered with Securitize, while regulatory approval remains pending.
The New York Stock Exchange is moving its tokenized securities plan toward live market use. NYSE President Lynn Martin discussed the project during a capital markets seminar in Seoul.
The exchange joined a July production exercise run by The Depository Trust Company, part of DTCC. Separately, NYSE is developing a dedicated venue for continuous trading and immediate blockchain settlement.
NYSE Platform Targets Round-the-Clock Trading
Intercontinental Exchange announced the NYSE tokenized securities platform on January 19. The venue combines NYSE Pillar order matching with blockchain systems for post-trade processing.
Its design supports 24/7 operations, fractional shares, dollar-sized orders, stablecoin funding, and several settlement networks. Investors could trade customary securities in token form or native digital securities.
Token holders would retain the dividend and governance rights attached to their shares. NYSE also plans equal access for qualified broker-dealers under its established market structure.
Immediate settlement would separate the new venue from the current US stock process. Traditional equity transactions generally settle one business day after execution under the T+1 cycle.
By contrast, the planned system would settle payments and security transfers together on-chain. Stablecoin funding could also support transactions outside traditional bank operating hours. ICE announced these platform features in January.
DTCC Pilot Tests Tokenized Assets in Production
Meanwhile, NYSE participated in DTCC’s July 15 tokenization exercise with more than 30 financial firms. Participants used tokenized DTC assets in live production trades covering several transaction types.
The exercise covered equity delivery against payment, Treasury and repo activity, securities lending, collateral pledges, equity transfers, and clearinghouse margin. BlackRock, Goldman Sachs, JPMorgan, Nasdaq, Circle, and Vanguard participated.
DTCC processed the transactions on its private Besu network and the public Canton network. It plans to launch its Tokenization Service in October 2026.
The service will retain the legal rights, ownership rights, and investor protections available through traditional securities. However, the DTC service and NYSE’s proposed digital venue follow different settlement models.
Tokenized securities within the DTC pilot still use T+1 settlement. NYSE’s separate platform aims to provide immediate settlement and continuous trading. DTCC confirmed the July transactions and October launch target.
An April SEC filing also describes rules for tokenized securities on existing NYSE systems. Eligible tokenized and traditional shares can share an order book when their ticker, CUSIP, and rights match.
Order types, prices, and priority rules would operate consistently across both forms. The exchange must give members 30 calendar days’ notice before tokenized trading starts. The SEC filing outlines these proposed trading rules.
Securitize Supports Digital Share Issuance
Additionally, NYSE signed a memorandum of understanding with Securitize on March 24. This date corrects reports placing the announcement on August 8.
The agreement names Securitize as the first eligible digital transfer agent for the planned platform. It would help corporate and exchange-traded fund issuers create blockchain-native securities.
Both companies will also develop standards for transfer agents and tokenization agents. Those standards will cover regulatory, operating, and technology requirements across the proposed market.
Martin said the project must ‘preserve the trust, transparency, and protections investors expect.’ NYSE will manage trading and order matching, while transfer agents support issuance and ownership records.
The platform can support several blockchains, although NYSE has not publicly selected its settlement networks. ICE announced the Securitize agreement in March.
Regulators must approve the dedicated venue before operations begin. NYSE has not confirmed its launch date, while DTCC targets October for its separate service.
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