The New York Stock Exchange is working on a new platform designed to support trading in tokenized stocks and exchange-traded funds, as part of a wider push to update market infrastructure through blockchain-based settlement. On Monday, the NYSE and its parent company, Intercontinental Exchange, disclosed plans for a system that would enable continuous trading and near-instant settlement.

The proposed platform would combine ICE’s Pillar matching engine with blockchain-driven post-trade technology, including multi-chain capabilities for custody and settlement. Pending regulatory approval, the infrastructure would serve as the backbone for a new NYSE trading venue focused on tokenized securities, including digitally issued stocks and ETFs.

Under the proposal, transactions could be funded and settled in real time using stablecoins, replacing the current one-day settlement cycle that applies in US equity markets. Tokenized stocks represent conventional shares issued on a blockchain ledger, allowing investors to gain price exposure while benefiting from features such as around-the-clock access and fractional ownership.

Extended trading and global demand

The initiative builds on the NYSE’s broader effort to expand trading availability in response to global demand for US equities. The exchange has already moved to extend weekday trading hours to 22 hours and announced in October 2024 that it planned to file with the US Securities and Exchange Commission for approval. Nasdaq has taken a similar direction, having outlined plans for 24-hour weekday trading, according to reports from March 2025.

The tokenized securities platform also fits within ICE’s wider digital strategy, which includes developing clearing infrastructure, supporting continuous trading and exploring the potential use of tokenized collateral. As part of this effort, ICE is collaborating with banks such as BNY and Citibank to enable tokenized deposits across its clearinghouses, allowing market participants to manage liquidity outside traditional banking hours.

Push toward fully onchain settlement

“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 currently operates six clearinghouses worldwide, including the largest energy clearinghouse and the largest clearinghouse for credit default swaps. Michael Blaugrund, the company’s vice president of strategic initiatives, described support for tokenized securities as a “pivotal step” in ICE’s broader ambition to run “onchain market infrastructure for trading, settlement, custody, and capital formation in the new era of global finance.”

Sources:

https://ir.theice.com/press/news-details/2024/The-New-York-Stock-Exchange-Plans-to-Extend-Weekday-Trading-on-its-NYSE-Arca-Equities-Exchange-to-22-Hours-a-Day/default.aspx

https://www.businesswire.com/news/home/20260119300589/en/The-New-York-Stock-Exchange-Develops-Tokenized-Securities-Platform

https://cointelegraph.com/news/nyse-develops-blockchain-trading-platform-tokenized-stocks-etfs