Despite language about “supporting multiple blockchains” in the announcement, it’s far more likely that settlement will run on permissioned, institution-controlled networks, not open public chains like Ethereum or Solana. NYSE operates in one of the most heavily regulated environments. Settlement systems must support identity, access controls, reversibility, compliance, and supervisory oversight, requirements that are far easier to enforce on private or consortium blockchains than on permissionless networks(BloFin Research)