The New York Stock Exchange (NYSE), a unit of Intercontinental Exchange, Inc. (ICE), has launched the development of a blockchain-enabled tokenised securities platform designed to support continuous trading and on-chain settlement of U.S. listed equities and exchange-traded funds (ETFs). The initiative is subject to regulatory approval and forms a central pillar of ICE’s broader strategy to modernise core market infrastructure.
The platform will offer 24×7 trading, immediate settlement via tokenised capital, orders sized in dollar amounts rather than share lots, fractional share trading and the option for stablecoin-based funding. It combines the NYSE’s Pillar matching engine with blockchain-based post-trade systems capable of supporting multiple settlement and custody chains.Subject to approvals from U.S. regulators, the platform is intended to power a new trading venue where tokenised versions of traditionally issued securities will be fungible with their conventional counterparts. Token holders on the platform will continue to participate in dividends and governance rights. The venue is being positioned to operate within established market-structure principles and will provide non-discriminatory access to all qualified broker-dealers.
“For more than two centuries, the NYSE has transformed the way markets operate,” said Lynn Martin, President, 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. Harnessing our expertise to reinvent market infrastructure is how we’ll meet and shape the demands of a digital future.”
ICE is also advancing upgrades to its clearing ecosystem to support around-the-clock trading and the potential integration of tokenised collateral. As part of this effort, the company is working with banks including BNY Mellon and Citi to enable tokenised deposits across its six global clearinghouses, facilitating money transfers and margin management outside traditional banking hours and across multiple time zones.
Michael Blaugrund, Vice President of Strategic Initiatives, ICE , commented: “Since its founding, ICE has propelled markets from analog to digital. Supporting tokenised 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.”
The NYSE’s initiative comes amid growing interest from legacy financial institutions and exchanges in blockchain-based trading and settlement models. Other market operators have proposed extended-hours trading frameworks and distributed-ledger-based infrastructure, while banks and asset managers continue to pursue tokenisation initiatives aimed at reducing settlement friction, improving capital efficiency and expanding global market access.
Execution of the NYSE’s tokenised securities platform hinges on securing approvals from U.S. regulators, including the Securities and Exchange Commission, as the industry navigates evolving frameworks for digital asset trading, custody and settlement. The initiative underscores the growing emphasis among established market operators on combining regulatory rigour, investor protection and next-generation infrastructure as capital markets move toward more continuous and digitally native operating models.
Subscribe to our newsletter
