The New York Stock Exchange part of Intercontinental Exchange has announced a partnership with Securitize, a BlackRock- and Ark Invest-backed digital asset platform, via a memorandum of understanding. The goal is to develop a 24/7 tokenized securities platform—specifically, a blockchain-based Digital Trading Platform for trading tokenized versions of U.S. equities and ETFs.
Securitize’s Role
It becomes the NYSE’s first digital transfer agent registered with the SEC. This allows Securitize to issue/mint shares and ETFs as blockchain-native digital tokens on behalf of issuers (corporate or ETF sponsors). They will also collaborate as a design partner to create standards for other digital transfer agents, covering regulatory compliance, operations, and technology.
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24/7 trading: Continuous, round-the-clock access (no more limited to traditional market hours). Instant (or near-instant) settlement on blockchain rails. Support for stablecoin-based funding and fractional share ownership. Tokenized assets can be managed alongside crypto holdings in unified systems for institutional clients.
This is not just a pilot—it’s foundational infrastructure for tokenized securities markets. Traditional stock trading involves T+1 or longer settlement cycles, intermediaries, and restricted hours. Tokenization turns shares into programmable digital tokens on a blockchain, enabling: Faster, cheaper, and more transparent transfers.
Global, always-on liquidity. Easier collateral management and composability with other digital assets. This move positions the NYSE in direct competition with rivals like Nasdaq, which recently received SEC approval for certain tokenized stock trading and settlement. It’s part of a broader Wall Street push into real-world assets (RWAs) onchain.
Securitize already has experience tokenizing funds and assets, and this partnership helps establish compliant “rails” for the industry. Regulatory hurdles remain, but the announcement signals serious institutional momentum.
Wall Street is actively rebuilding equity markets on blockchain. This isn’t hype—it’s NYSE-level infrastructure development happening right now. Expect more details as the platform evolves, including how issuers and investors will onboard.
Nasdaq has been aggressively advancing tokenized securities initiatives, positioning itself as a leader in integrating blockchain into traditional equity markets. Its approach is more incremental and hybrid compared to the NYSE’s standalone 24/7 platform with Securitize.
The SEC approved Nasdaq’s proposed rule change, allowing trading of certain securities in tokenized form on its main exchange. Initially limited to Russell 1000 Index stocks and major index ETFs. Tokenized versions are fungible with traditional shares—they share the same CUSIP, ticker symbol, and shareholder rights/privileges.
Trades can occur on the same order book, with participants choosing tokenized settlement via the Depository Trust Company (DTC) pilot. Settlement: Tied to the existing DTC/NSCC infrastructure; still T+1 initially, with tokenization as a post-trade step. This provides a regulated, low-risk entry point rather than a fully separate blockchain system.
This builds on a DTC no-action letter from December 2025 that enables tokenization pilots. Nasdaq unveiled a new framework for issuer-sponsored tokenized equities. Public companies (issuers) stay at the center, retaining control over ownership rights, governance, transparency, and investor experience.
Designed to integrate with existing regulatory frameworks while enabling benefits like programmability and global accessibility. This complements the trading rule change and supports broader tokenization of equities without disrupting core market structure. Nasdaq partnered with the crypto exchange Kraken to help distribute and facilitate access to tokenized stock versions globally, expanding reach beyond traditional brokers.
Nasdaq is actively engaging issuers, transfer agents, and market participants to evolve the framework toward more advanced features. Nasdaq: Hybrid model—tokenized and traditional shares trade together on the same exchange, with settlement routed through DTC for regulatory familiarity and safety.
Focuses on piloting within existing rails; faster regulatory approval, lower immediate disruption. NYSE/Securitize: Aims for a dedicated Digital Trading Platform with true 24/7 trading, near-instant settlement potentially using stablecoins, fractional ownership, and native blockchain issuance and settlement outside traditional DTC rails.
Securitize acts as the first digital transfer agent for minting tokens. This is more ambitious but requires additional regulatory steps. Both exchanges signal strong institutional momentum for real-world assets (RWAs) on blockchain. Nasdaq currently has the regulatory “first-mover” edge with live pilot approval, while NYSE targets deeper transformation.
Nasdaq’s pilot could see first tokenized trades later in 2026, starting with high-volume names. Full 24/7 or instant settlement would require further evolution. This is part of Wall Street’s broader shift: tokenization isn’t replacing traditional markets yet—it’s layering blockchain efficiencies on top.