Then, on January 19, another heavyweight player—the New York Stock Exchange (NYSE)—revealed its latest strategic move. The NYSE plans to launch a tokenized securities trading and on-chain settlement platform, aiming to support 24/7 trading of U.S. stocks and ETFs, fractional share trading, stablecoin-based settlement, and instant settlement, while integrating traditional trading systems with blockchain settlement systems. The signal this sends is very clear: this is a market upgrade being pushed forward within the rules, not a “regulatory gray area experiment.” This also means that the NYSE’s move is not a single-point innovation but could have a ripple effect on the entire RWA ecosystem.
First, there is the change at the liquidity level. After the passage of the GENIUS Act, stablecoin trading volume has reached $33 trillion, a 72% year-on-year increase. The NYSE’s explicit introduction of stablecoins as a settlement method effectively opens up a top-tier application scenario for stablecoins—the stock market. The massive liquidity brought by stock exchanges is highly likely to create a spillover effect across the entire RWA field.
Second, it expands corporate financing pathways. Listed companies can enhance trading efficiency and liquidity through tokenization; companies with financing or listing needs will also see a new possibility. The core value brought by a tokenized securities platform lies in efficiency: Instant settlement (T+0) reduces capital lock-up; 24/7 trading connects to global capital; On-chain shareholder registries and automated dividends reduce long-term operational costs for companies. For companies, the tokenized securities solution launched by the NYSE is more suitable for the stage of moving towards public markets and accepting broader investor participation.
While enhancing liquidity and trading efficiency, this also means a more open and dispersed equity structure. Beyond this, companies that still wish to control the pace of equity dilution and avoid premature or excessive dilution can continue to explore through more flexible equity RWA solutions. Meanwhile, platforms like Robinhood and Kraken, as well as some Web3 exchanges including Binance, have also begun exploring directions related to equity RWA. The NYSE’s entry is not the “unified answer” but complements these Web3 solutions, offering companies diverse pathways from private to public domains, and from flexible to standardized approaches.
This move signifies that asset tokenization has moved from conceptual discussion to the stage of substantive infrastructure construction. Asset tokenization and blockchain settlement are transitioning from value-adds to fundamental capabilities. The development of the RWA track is also evolving from individual project model innovation to long-term competition centered around compliance capabilities, institutional trust, and system integration capabilities. When top-tier financial institutions begin to enter the arena, the only truly important thing is to read the signals clearly and understand the trends thoroughly.
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