NYSE Unveils 24/7 Tokenized Trading Venue; ICE Taps BNY & Citi for Settlement
NYSE confirms plans for a 24/7 tokenized securities venue, partnering with BNY Mellon and Citibank to integrate stablecoin funding and instant settlement.
The nine-to-five trading day is officially on life support.
The New York Stock Exchange (NYSE) announced Monday it is developing a platform for the trading and on-chain settlement of tokenized securities. The venue, which awaits regulatory approval, targets the “holy grail” of market structure: 24/7 operations, instant settlement, and stablecoin-based funding.
The Infrastructure Play
This is not a pilot. NYSE parent Intercontinental Exchange (ICE) confirmed the platform will run on its Pillar matching engine, the same tech powering the world’s largest stock market, integrated with a blockchain-based post-trade system. The setup allows for dollar-denominated fractional share trading and supports multiple chains for custody.
The critical friction point, cash, is being solved off-exchange. ICE is collaborating with BNY Mellon and Citigroup to implement tokenized deposits across its clearinghouses. This infrastructure aims to allow clearing members to move funds, meet margin calls, and manage liquidity outside traditional banking hours.
"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.". Lynn Martin, President, NYSE Group
Institutional Context
The announcement follows BNY Mellon’s January 9 launch of a tokenized deposit service, which already counts ICE, Citadel Securities, and Circle among its participants. The convergence is clear: TradFi is not merely adopting crypto assets; it is coopting crypto’s infrastructure to modernize its own plumbing.
For DeFi proponents, the threat is existential. The NYSE’s move neutralizes two of crypto’s primary value propositions, 24/7 access and instant finality, while retaining the regulatory moat of the world’s largest exchange.
Market Reaction: Markets remained muted on the news, with traders likely waiting for the SEC’s response. However, the explicit inclusion of stablecoin funding validates the asset class as a settlement instrument, a detail likely to embolden issuers like Circle (USDC).
