"Deposit Certificates" integrated into the clearing system? NYSE creates a 24/7 tokenized trading platform

This week, the New York Stock Exchange (NYSE) announced a strategic major plan: developing a tokenized securities trading platform. According to official plans, once regulatory approval is obtained, investors will be able to trade tokenized US stocks and ETFs 24/7, all year round, just like trading Bitcoin. This not only signifies a profound transformation of the US stock trading system but also indicates that innovative clearing tools such as “deposit certificates” will become key components of the new trading ecosystem.

Technical Architecture: Multi-layer Blockchain Integration Solution

In terms of technical design, NYSE has cleverly integrated traditional and innovative elements. The platform uses NYSE’s proprietary Pillar matching engine as the core trading matching system to ensure matching efficiency and transparency; simultaneously, it introduces blockchain-based post-trade processing infrastructure, supporting multiple public blockchains for settlement and asset custody. The design logic is clear: leverage blockchain’s decentralization advantages to strengthen the clearing process while retaining traditional trade matching, forming a hybrid architecture.

The platform is expected to support two major asset categories: one is “tokenized stocks” with the same legal effect as traditional stocks, allowing a smooth transition for existing portfolios; the other is assets issued natively in the form of “digital securities,” creating a new paradigm for future asset issuance. Notably, even if assets are tokenized, shareholders’ rights such as dividend distribution and voting rights will remain unchanged, protecting investors’ existing rights.

Clearing Innovation: From Tokenized Deposits to Multi-chain Settlement

A core part of this plan is to improve clearing infrastructure. Intercontinental Exchange (ICE), NYSE’s parent company, is promoting an innovative application: deep cooperation with BNY Mellon and Citibank to advance the implementation of “tokenized deposits” within clearinghouses.

The advantage of tokenized deposits lies in liquidity and flexibility. Clearing members will be able to manage funds during bank non-business hours and meet margin requirements across different jurisdictions and time zones in real time. In other words, tools like “deposit certificates” will break time restrictions, making the global clearing system more efficient and interconnected.

Traditional Finance Embraces Blockchain: Strategic Transformation Signal

ICE’s series of actions reflect a systematic embrace of blockchain technology by traditional finance. By upgrading clearing infrastructure and asset tokenization schemes, ICE is laying the foundation for the entire market to move toward a 24-hour, around-the-clock trading era.

Lynn Martin, President of NYSE Group, stated: “For over two centuries, NYSE has always led market innovation. We are guiding the industry toward comprehensive on-chain trading solutions. Under the highest regulatory standards and security guarantees, we will seamlessly integrate market trust with cutting-edge technology.” This statement clearly conveys NYSE’s ambition: not to passively respond to change but to actively shape the future of financial markets.

Investor Demand is Well-Established; Why 24/7 Trading is Inevitable

It is worth noting that NYSE’s assessment of extending trading hours has long been in progress. As early as the first half of 2024, NYSE internal teams conducted market research on “24-hour around-the-clock trading,” which showed that traditional investors’ demand for “trading anytime, anywhere” is continuously growing.

This reflects the real market demand: global investors are spread across different time zones, and the current fixed trading hours have become a bottleneck restricting liquidity. Introducing a 24-hour trading mechanism, combined with new clearing tools like “tokenized deposits,” will significantly improve market efficiency, reduce arbitrage costs, and attract more global capital.

Outlook: A New Pattern for On-Chain Financial Ecosystem

NYSE’s tokenized securities platform is not an isolated product innovation but a systemic reconstruction of the ecosystem. From tokenized deposit certificates, multi-chain clearing infrastructure, to collaborations with global clearing banks, NYSE is building a new market system that combines traditional financial advantages with blockchain efficiency.

Once regulatory approval is granted, this platform will become an important bridge between traditional finance and the world of digital assets, with “tokenized deposits” and other innovative tools playing pivotal roles to ensure efficient clearing operations. For global investors, the era of 24/7 US stock trading may not be far away.