Original | Odaily Planet Daily (@OdailyChina)
Last night, a major announcement directly ignited the cryptocurrency market — the NYSE officially announced the launch of a tokenized securities trading and on-chain settlement platform that supports 24/7 trading.
- Odaily Note: For details, please refer to “NYSE Plans to Launch 24/7 Tokenized Stock Trading, Competitors Are Stunned.”
In short, the NYSE's on-chain tokenized stock solution mainly includes the following three aspects:
- This is a tokenized securities trading and on-chain settlement platform that plans to support 24/7 trading of U.S. stocks and ETFs, fractional trading, stablecoin-based fund settlement, and instant delivery, and will integrate with the existing matching engine and blockchain settlement system of the NYSE.
- According to the NYSE's plan, tokenized stocks will have the same dividends and governance rights as traditional securities.
- The NYSE's parent company, ICE, is also collaborating with banking giants like BNY Mellon and Citigroup to explore tokenized deposit and clearing infrastructure to support cross-timezone, round-the-clock fund and margin management.
Although many key designs of the platform remain unknown for now, based on the current information, we can preliminarily speculate on the market impact of this change — especially when the NYSE, as a formal entity, enters the scene, which will directly benefit and negatively impact certain businesses in the cryptocurrency world.
Speculated Beneficial Businesses
Speculation 1: U.S. Compliant Stablecoins (e.g., USDC)
The NYSE explicitly mentioned in its announcement that it will introduce “stablecoin-based fund settlement.” This will directly create a top-tier new application scenario for stablecoins, promoting the adoption of stablecoins in the stock market, which is the largest and most mainstream asset trading market globally, and stimulating the issuance and trading demand for stablecoins.
However, it is important to note that as a compliant platform, the NYSE will only choose U.S. compliant stablecoins under the GENIUS regulatory framework. While it is currently uncertain which stablecoin the NYSE will adopt, Circle, which is currently in a leading position within the U.S. compliance system, is the most likely candidate.
Speculation 2: Coin-Stock Contract Trading Platforms (e.g., Hyperliquid)
This speculation is based on the premise that the NYSE's tokenized stock trading platform does not support leveraged trading — at least it has not been mentioned in the current announcement.
The market's demand for leverage always exists; if the NYSE does not provide leveraged services, some higher-risk users will still choose to open positions on coin-stock contract trading platforms that support leverage.
Previously, a major issue faced by such platforms was that they naturally supported 24/7 trading, but the stock market still followed traditional trading hours, leading to mismatched hedging windows, which objectively limited the entry of market makers and the accumulation of liquidity — once the NYSE's tokenized stock trading platform supports 24/7 trading, this issue will be resolved.
Speculation 3: Futures and Spot Arbitrage Protocols (e.g., Ethena)
Tokenized stocks, as a new asset class, will expand the selection of targets for futures and spot arbitrage protocols like Ethena.
The biggest challenge faced by such protocols previously was the lack of liquid and well-established top-tier assets in the market; for example, Ethena has only selected BTC, ETH, and SOL and already feels it has hit a bottleneck. The entry of the NYSE is expected to bring more top-tier assets into the cryptocurrency market, and combined with contract trading services based on these assets, it will unlock more arbitrage opportunities.
Speculation 4: Selected Infrastructure (e.g., Public Chains, Oracles, etc.)
Introducing stocks in tokenized form for on-chain trading will inevitably rely on infrastructure such as public chains (underlying networks) and oracles (pricing services), but who will get a piece of this pie largely depends on which services the NYSE chooses.
In this regard, compared to the current first-mover advantage in the native cryptocurrency market, the resource capabilities aimed at the traditional financial world may be more important.
Speculated Negative Businesses
Speculation 1: Coin-Stock Issuance Platforms
Currently, most native coin-stock issuance platforms in the cryptocurrency industry adopt a mapping mechanism, which always carries certain security risks and issues with profit distribution.
The entry of the NYSE will not only directly bring more solidly backed tokenized stocks but has also made it clear that “tokenized stocks will have the same dividends and governance rights as traditional securities,” which will directly impact some of the industry's native coin-stock issuance platforms.
Speculation 2: Coin-Stock Spot Trading Platforms
This point is straightforward, as it involves direct competition with formal entities in core scenarios.
However, such coin-stock spot trading platforms are not without paths to break through; viable solutions include but are not limited to: advancing offshore strategies to serve groups that the NYSE's tokenized stock platform cannot cover; introducing contract trading services…
The Change Has Arrived, Opportunities Remain
Overall, the NYSE's launch of a 24/7 tokenized stock trading and on-chain settlement platform will indeed directly impact certain native cryptocurrency businesses, but this does not mean that this event poses a systemic negative impact on the cryptocurrency industry as a whole. The key is to distinguish “what is being replaced” and “what remains.”
From a business perspective, the NYSE is clearly aiming to reclaim the “tokenized stock trading” segment back within the traditional financial system. This undoubtedly means that competition is intensifying, and some narratives will be severely compressed, but at the same time, certain capabilities that the cryptocurrency industry truly excels at and that are difficult to be fully replicated by traditional finance in the short term will be further amplified — including the stablecoin system required for round-the-clock settlement, contract trading centered around high volatility and leverage demand, and on-chain financial engineering capabilities represented by futures and spot arbitrage and structured strategies.
The arrival of change is a foregone conclusion; competition will certainly intensify, but opportunities also exist.
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