NYSE Formally Files With SEC for Tokenized US Stock Trading

Securities tokenization records rights attached to assets such as stocks and exchange-traded funds on a blockchain while preserving dividend and corporate-governance rights. Intercontinental Exchange, the parent of the New York Stock Exchange, plans to connect its existing Pillar matching engine to onchain post-trade settlement, allowing trades and settlement to occur simultaneously. The model could reduce counterparty risk and improve collateral and cross-time-zone funding efficiency, testing whether traditional market infrastructure can be upgraded within existing regulatory frameworks.

ICE announced the new platform on January 19, 2026, with plans for round-the-clock trading in U.S. stocks and ETFs throughout the year, fractional shares, orders placed by dollar amount, stablecoin funding and real-time settlement across multiple blockchains. On March 24, the NYSE also signed a memorandum of understanding with Securitize, which manages more than $4 billion in assets, designating it as the first qualified digital transfer agent responsible for minting native tokenized securities. The platform remains subject to regulatory approval.

Securities tokenization uses blockchain to record ownership interests in stocks or ETFs and has previously developed mainly on crypto platforms or in over-the-counter markets. Nasdaq is now integrating the technology into an SEC-regulated national securities exchange and the DTC clearing system. Crucially, onchain shares will retain the same legal, economic and governance rights as traditional shares.

The SEC approved Nasdaq’s rule change on March 18, 2026. DTC’s three-year pilot covers Russell 1000 constituents and ETFs tracking major indexes including the S&P 500 and Nasdaq-100. Eligible participants may opt for tokenized settlement, while the two forms of shares will use the same ticker, CUSIP and order book. The existing T+1 settlement cycle and trading hours will remain unchanged, and no approved monetary amount was set for the program.