On the evening of the 19th, the New York Stock Exchange announced a message:

It is developing a trading and settlement platform for tokenized securities, which will enable 24/7 trading of stocks.

Regarding this tokenized trading system, the NYSE also provided relevant explanations, stating that a matching system will be used in trading, while the final settlement will be achieved on-chain.

The adoption of this approach aims to achieve efficient trading on one hand; on the other hand, it seeks to leverage blockchain technology to address delays in transaction settlement and asset verification.

Another feature of this system is that it will support multi-chain platforms, in order to attract assets that are already deployed on different blockchains to access this system, maximizing asset liquidity.

In addition, the official announcement included several other technical details.

Overall, the main goal of this system is to bring the experience, returns, and rights of stock trading fully onto the blockchain system, while achieving a more efficient trading mechanism and better market price discovery.

Upon seeing this news, I was not surprised. This plan has been frequently discussed by many project parties and institutions since last year. It is certainly not just talk, but rather a genuine profit-driven initiative.

Since Trump significantly relaxed regulations on the crypto ecosystem, it has become a certainty that traditional institutions and funds are entering the crypto ecosystem and using it to expand their existing business models and scopes.

Tokenization of stocks and rights assets is one important direction, and this tokenization is already being realized and operational on several platforms.

The NYSE's move is merely transforming previous small-scale attempts into a large-scale action.

This step by the NYSE and the future development in this direction will undoubtedly have profound significance and support for the use and popularization of blockchain technology, as well as the appreciation of related crypto asset values.

However, when it comes to the most direct and largest beneficiaries, I believe it is still the institutions.

Not to mention other aspects, just the transaction fees collected through trading make the NYSE a big winner; the extended trading hours and a wider variety of trading assets will all bring greater profits to the NYSE.

As for the vast majority of retail investors, I think the direct impact they experience is quite limited.

The tokenization of stocks seems to allow investors to buy stocks not only through traditional brokers or banks but also on-chain.

However, I suspect that the system the NYSE is implementing is likely a consortium chain or similar system, which probably requires KYC. Therefore, for retail investors like us, just passing the KYC hurdle is a challenge, so whether we can buy tokenized stocks in this system remains highly uncertain.

Additionally, the 24/7 trading feature it offers is actually of little use to most investors who are not skilled in short-term trading or do not have a need for it.

Take me as an example; when buying stocks/funds, I average less than 10 transactions a year. The current limited-time trading system is completely sufficient.

I remember when the call for stock tokenization began to rise last year, many people said that after tokenization, quality assets in traditional markets (like US stocks) would be brought onto the chain, which would lead to a rapid elimination of a bunch of worthless speculative coins in the crypto ecosystem by these quality assets.

Following this line of thought, since people believe that quality "stocks" will be brought onto the chain, the best investment strategy for these quality "stocks," in my opinion, remains long-term holding rather than short-term trading for retail investors.

This is similar to buying Bitcoin.

For the vast majority of people, which yields more: long-term holding of Bitcoin or profits from short-term trading?

Of course, it is the former.

Therefore, when this tokenization system introduces quality "stocks," for most retail investors, if they really want to gain good returns from these quality stocks, short-term trading will not be very effective, and that 24/7 trading feature will also hold little significance for most retail investors.

Traditional institutions are now rapidly entering the market, and the once-anticipated entry of traditional forces into the crypto ecosystem is beginning to materialize one by one.

However, I increasingly feel that the narratives that seem "grand" are becoming less and less directly related to retail investors, and the once vibrant and dynamic crypto ecosystem, despite its mixed nature, seems to be drifting further away from us.

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