NYSE, Blockchain.com to Offer 24/7 Trading for 44M Users

The New York Stock Exchange and Blockchain.com signed a memorandum of understanding to give Blockchain.com’s 44 million users access to tokenized U.S.-listed stocks and exchange-traded funds on the NYSE’s planned digital alternative trading system, which would operate around the clock. The agreement also covers an exchange of market data between the two firms and an NYSE affiliate.

Under the proposed arrangement, and subject to regulatory approval, Blockchain.com would distribute tokenized U.S. equities and ETFs that trade on the NYSE’s digital ATS. ICE Data Services, an NYSE affiliate, would distribute Blockchain.com’s crypto market data and analytics to its clients, while Blockchain.com would add select ICE and NYSE market data feeds to its platform.

Industry participants say the planned platform appears aimed at retail investors. Reid Noch, vice president of U.S. equity market structure at TD Securities, described the digital ATS as “primarily like a play for retail flow,” pointing to planned 24/7 trading and request-for-quote functionality. Noch noted that retail trades are typically pre-funded, so a shift to instant settlement would require little change to existing retail workflows. He highlighted weekend trading and cited early activity in tokenized oil perpetual contracts during geopolitical shocks as an example of off-hours trading affecting market activity.

The memorandum follows recent regulatory action. The U.S. Securities and Exchange Commission introduced a five-year Innovation Exemption for certain tokenized securities venues. The exemption allows eligible platforms to use permissioned automated market maker liquidity pools to facilitate trading without being regulated as exchanges under the Securities Exchange Act, provided tokenized stocks carry the same rights and privileges as equivalent traditional shares. That requirement excludes some existing products that do not provide full shareholder rights. Commissioner Hester Peirce has noted the exemption covers one specific model while leaving room for other approaches.

Market data show tokenized securities trading expanding. Distributed value in tokenized stocks recently reached about $3.14 billion, up more than 18% over the prior 30 days, while the number of holders grew nearly 72% to roughly 3.87 million, according to market-data aggregators. Major trading platforms and exchanges have launched or announced tokenized equity offerings or partnerships, including models from Kraken, Binance, Coinbase, Robinhood and a separate arrangement involving Nasdaq.

Tanay Ved, senior research associate at Talos, observed that tokenization approaches sit on a spectrum-from issuer-native equity to custodial exposure to derivative-like products-with different trade-offs between ownership and ease of access.

The memorandum must clear regulatory review before tokenized NYSE-listed securities can be distributed through Blockchain.com. If approved, the arrangement would combine NYSE market infrastructure and data with Blockchain.com’s global customer base and permit distribution of tokenized NYSE-listed securities through Blockchain.com’s platform for trading outside traditional market hours.