NYSE is moving to 24/7 trading of tokenized equities

This week, the New York Stock Exchange announced plans to develop a tokenized securities platform that combines its existing matching engine with blockchain-based post-trade infrastructure. Subject to regulatory approval, the venue would support 24/7 trading, instant onchain settlement, and stablecoin-based funding, while preserving dividends and governance rights for shareholders.

Unlike other efforts focused on building infrastructure to tokenize existing assets (like what we wrote about DTCC in a previous edition ), it is our understanding that the New York Stock Exchange is building an entirely new trading venue designed to operate alongside its traditional exchange. If that is the case, they will not be adding blockchain to the back office or retrofitting the existing exchange. It would imply that two market structures would be running in parallel: the legacy market with fixed hours (9:30-4:00 EST), T+1 settlement, and bank wires, alongside a fully digital venue with 24/7 trading, instant onchain settlement, and stablecoin rails.

The new platform will combine NYSE’s matching engine (offchain) with blockchain-based post-trade infrastructure and is designed to support multiple blockchains for settlement and custody. Parent company Intercontinental Exchange is also working with banks like BNY and Citi to enable tokenized deposits across its clearinghouses, allowing margining and capital movement outside banking hours.

The overarching takeaway is that blockchain adoption continues to accelerate. Blockchain infrastructure collapses the cost of trust, allowing for 24/7 frictionless trading. It won’t stop there. Adopting blockchain infrastructure also means easier interoperability, global access, shorter funding cycles, 24/7 lending markets, AI agent participation...the list goes on. NYSE is kicking off what we expect to be a core theme for 2026.

Also this week

• NYSE develops tokenized securities platform to support 24/7 trading
• Bank lobby targets stablecoin yield and open banking in policy push
• Anchorage Digital could raise up to $400 million as IPO rumors swirl
• Bermuda is taking its entire economy onchain with Coinbase and Circle
• CFTC Chair Mike Selig unveils 'Future Proof' initiative to upgrade crypto oversight
• Mastercard said to weigh Zerohash investment after ending takeover talks worth billions

Relevant financial updates

• BitGo*, a digital asset infrastructure company, is raising $213mln in an IPO valuing the company at $2bln
• Superstate*, a financial technology firm focused on public capital markets, raised $82.5M from Bain Capital, 1kx, ParaFi, Distributed Global and 9 others.
• Sentient*, a platform for open artificial general intelligence (AGI) development, had its TGE and is currently trading at a $855mln FDV
• Solana Mobile, or Seeker, a smartphone designed for secure crypto transactions and decentralized app access optimized for the Solana blockchain ecosystem, had its TGE and is currently trading at a $516mln FDV
• Pomelo, a fintech company that provides API‑based infrastructure for issuing, processing, and managing credit, debit, prepaid card programs and tokenization for businesses in Latin America, has raised $55mln in a Series C funding round with investments from Index Ventures, Insight Partners, Endeavor Catalyst, Kaszek Ventures, S32 and 3 others
• Zebedee*, a company that develops software and infrastructure that enable game developers to integrate Bitcoin and Lightning Network into their applications, has raised $40mln in a Series C funding round with investments from Blockstream
• Cork Protocol*, a decentralized finance platform focused on managing risks related to pegged assets like stablecoins and liquid staking tokens, has raised $5.50mln in a Seed funding round with investments from a16z crypto, IDEO Colab Ventures, Wagmi Ventures, Gate Labs, Stake Capital Group and 9 others
• Veera*, a blockchain‑based financial platform offering a mobile wallet with earning, investing, and payment functions, has raised $4mln in a Seed funding round with investments from CMCC Global and Sigma Capital
• Farcaster*, a decentralized social network, has been acquired by Neynar* for an undisclosed amount
• ETHGas*, a blockchain infrastructure project focused on transforming Ethereum’s gas and blockspace markets into a structured, tradable system to improve transaction speed and predictability, had its TGE and is currently trading at a $211mln FDV

*Underlying TBV portfolio position | Prices as per 23/01

Interesting things to read

• Navigating Crypto in 2026, from Theta manager Pantera Capital

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