NYSE and Blockchain.com have signed a memorandum of understanding: Blockchain.com users will gain access to tokenized US stocks and ETFs through NYSE's planned digital platform. Under the agreement, Blockchain.com will distribute tokenized securities traded on NYSE's digital alternative trading system (ATS), subject to regulatory approval; this will extend NYSE's tokenized securities offering to Blockchain.com's global audience.

NYSE prepares ATS with 24/7 trading and RFQ for retail

The planned ATS will offer round-the-clock trading and request-for-quote functionality. According to Reid Nock of TD Securities, this appears to target retail order flow: with prepaid settlement, the shift to instant settlement changes little in current processes, while the main difference will be "real" weekend trading.

Market data exchange between ICE Data Services and Blockchain.com

The agreement includes a two-way market data exchange: NYSE affiliate ICE Data Services plans to distribute Blockchain.com's crypto market data and analytics to its clients, while Blockchain.com will add separate ICE and NYSE data feeds to its platform.

SEC opens path for AMM models for tokenized securities

The partnership follows less than a week after the SEC introduced a five-year "Innovation Exemption" for certain tokenized securities venues. The exemption allows permissioned AMM liquidity pools without classifying such venues as "exchanges" under the Exchange Act, provided tokenized stocks grant the same rights as traditional ones. These requirements exclude several current products, including Kraken's xStocks and Robinhood's Stock Tokens, which provide exposure to underlying stocks but not equal rights with regular shareholders.

Exchanges accelerate tokenization; market volume at $3.14B

Major platforms are already testing various models: Kraken offers xStocks and is working with Nasdaq on a separate tokenization scheme, while Binance, Coinbase, and Robinhood are developing their own approaches to bringing stocks on-chain. The market capitalization of issued tokenized stocks has reached $3.14 billion, up more than 18% over the past 30 days; the number of holders has risen nearly 72% to 3.87 million.