Is the New York Stock Exchange's support for the US stock market 24/7 good or bad for the cryptocurrency industry? I noticed that many people are asking this question when this news came out. Some people say that this is a downgrade blow to a century old compliant store. Let me share my opinion: ~~~~~~~~~~ Word of mouth for blockchain: positive The main issue here is how you define the "cryptocurrency circle". If you are referring to the entire industry based on blockchain technology, then the next-generation clearing infrastructure recognized by the world's largest stock exchange can be considered as legitimizing and endorsing blockchain. Many years ago, the Australian Stock Exchange (ACX) established a team to advance the use of blockchain technology to improve the outdated (hundreds of years old) securities trading system. In Australia, we occasionally use this to try to establish faith with each other, feeling that it is the beginning of blockchain changing the world, and we are quite proud of it. Later on, the last bear market came to an abrupt end, and now the United States has taken its first step. Australia's courage to lead the world in this dimension is always disappointing. ~~~~~~~~~~ Popularity of stablecoins: positive If stablecoins are needed as settlement media for US stock trading, the issuance scale of stablecoins (such as USDC, USDT, or compliant bank stablecoins) will experience an order of magnitude increase. The biggest use of stablecoins is no longer as bullets for speculation, but as a true "digital dollar", which will bring about greater global currency integration. Simply put, this move has raised the ceiling of the entire stablecoin market, and the new generation of stablecoin projects should also benefit from a wave of dividends, such as USD1 and $U. But the dominant position of stablecoins, USDT and USDC, may face competition, especially for USDC that features compliance. If mainstream funds in the future settle directly on the New York Stock Exchange using "tokenized dollars", and even if these dollars can be borrowed directly on the chain, then high net worth users and institutions will quickly shift from USDC to bank tokens, as the latter have higher fund utilization and security. But the flow of every penny of this bank token is under strong supervision and KYC, which meets the needs of institutions but goes against the original intention of decentralization and privacy in the cryptocurrency circle, so retail investors will not like it too much. ~~~~~~~~~~~ For the current CEX: Different impacts Last year, we saw that whether it was Binance or Coinbase, Bitget or on chain Dex, a large number of exchanges were grasping the narrative of RWA US stock tokens to find increments for themselves. Now that the regular army has entered, at least some compliant users who come 24/7 will inevitably be bloodsucked. Among them, Coinbase should be the most affected, and the New York Stock Exchange's move is equivalent to directly entering Coinbase's core defense zone. But for many users who find it inconvenient to speculate in the US stock market, especially Chinese users, the demand for not having KYC and not being pursued for taxes still exists, and the narrative is not completely gone. For CEX, which we are familiar with, led by Binance, I think the impact will be minimal in the short term. The New York Stock Exchange (NYSE) sells Apple and Tesla, while Binance sells BTC, PEPE, and various Altcoins. Everyone sells their own goods without interfering with each other. But one possibility needs to be noted: The news from the New York Stock Exchange clearly mentions support for "fractional shares," which means that ordinary retail investors can buy Tesla tokens on the exchange for $10 and can bet 24 * 7. Small funds, 24 * 7 uninterrupted gaming used to be exclusive to the cryptocurrency industry, but now there are some places that have been diverted. ~~~~~~~~~~~ Which coins are beneficial? one ⃣ Prophet sector LINK/PYTH Just a few days ago (January 14th), Bitwise and Grayscale's Chainlink ETF was listed on the New York Stock Exchange. Chainlink is a leading oracle, and if it is adopted by the New York Stock Exchange, it will definitely take off. As a prediction machine that focuses on high-frequency pricing of financial assets, if the New York Stock Exchange platform involves more high-frequency trading of stock tokens in the future, low latency prediction machines like PYTH will also be closely monitored by institutions. two ⃣ On chain Defi section AAVE/PENDLE With the tokenization of US stocks and ETFs, the demand for yield trading on these assets will surge. AAVE will increase lending, and Pendle will serve as a yield stripping protocol. Both applications will be able to expand from encrypted assets to traditional securities returns. three ⃣ Bottom level settlement and infrastructure public chain ETH The New York Stock Exchange mentioned that it will support "multi chain settlement and custody". Other chains are currently unknown, but the vast majority of institutional RWA assets (such as BlackRock's BUIDL fund) currently prefer Ethereum. The settlement system of the New York Stock Exchange is likely to be highly compatible with the Ethereum ecosystem. ~~~~~~~~~~~ But to be honest, I looked at some of the coins I've been playing recently, and if it weren't for memes, AI infrastructure, zk, and so on, it would be like they're going up and down with the NYSE. Although they are all called blockchain, the forks are getting bigger and bigger. If it really spreads to us, the road is long and there won't be any impact from dimensionality reduction.