NYSE Next Move: Opening the 24/7 Era of U.S. Stocks, Who Can Catch This Trillion-Dollar Dividend?

Author: Changan, Amelia I Biteye Content Team

The New York Stock Exchange (NYSE) is not just stepping into tokenized trading to enable U.S. stocks to trade 24/7 like cryptocurrencies. Behind this move lies a profound financial paradigm revolution: achieving trade settlement through blockchain, thereby completely ending the forced disconnection settlement mechanism seen during the 2021 GameStop saga.

This article will break down for you:

• Why is the NYSE getting involved?

• What changes does 24/7 + instant settlement bring?

• After the entry of institutional players, who will benefit and who will be eliminated?

• How should retail investors respond to this financial transformation?

I. In-depth Analysis: Why Must the NYSE "Go On-Chain"?

1️⃣ Not a spur-of-the-moment decision

ICE's announcement to develop a brand new tokenized securities trading and on-chain settlement platform is a well-considered strategic move.

The traditional U.S. stock market is constrained by two layers of time locks:

• Exchange hours: Weekdays 9:30 AM - 4:00 PM

• Banking system hours: Fund transfers and margin management depend on business hours

The crypto market has proven over 15 years that global capital inherently requires a 24/7 liquidity outlet.

As RWA (Real World Assets) becomes a definitive trend, if the NYSE does not establish its own on-chain standards, it will face:

• Liquidity being siphoned off by emerging platforms

• Pricing power being eroded by on-chain markets

• Core clearing systems potentially relying on external "shadow facilities"

This is why ICE has partnered with BNY Mellon and Citi, starting from the most fundamental tokenized deposits to bypass bank operating hours and achieve around-the-clock service:

• Fund transfers

• Margin management

• Cross-timezone liquidity scheduling

Further reading: "Understanding the On-Chain U.S. Stock Market: Why Crypto Enthusiasts Are Turning to U.S. Stocks While Wall Street Goes On-Chain"

🔗https://x.com/BiteyeCN/status/2006261301149102546

2️⃣ What has the NYSE done for 24/7?

The NYSE has built a collaborative mechanism:

• Unified trading core: The new platform shares the NYSE's core Pillar matching mechanism, ensuring that regardless of the order channel, the underlying logic remains highly consistent.

• Price anchoring: The issued tokens can be freely exchanged 1:1 with the underlying stocks, preventing price decoupling.

• All-time pricing: During traditional market closures, prices are maintained by limit order books provided by market makers, with plans to introduce oracles to balance price discrepancies across different public chains or platforms.

On the surface, this is the NYSE's response to the crypto industry's (24/7) impact on traditional finance, but the true revolutionary aspect of the NYSE's tokenized securities trading platform lies not in simply extending trading hours, but in merging trading and settlement into one.

II. From "Batch Processing" to "Stream Processing": Trade Equals Settlement

1️⃣ Batch processing vs. stream processing

Traditional finance operates on a batch processing system.

A stock trade does not truly complete at the moment of execution:

1. Brokers collect orders

2. The exchange matches them

3. Data is sent to the clearinghouse (NSCC)

4. T+1 / T+2 reconciliation, delivery, and settlement

The time lag in this process creates significant:

• Idle assets

• Credit exposure

• Systemic risk

In contrast, blockchain operates as a stream processing system:

The moment a token is transferred = ownership change + fund settlement + ledger update

There is no "pending settlement state," and thus no risk accumulation. This trade-equals-settlement model completely resolves asset idleness and credit risk during the settlement cycle.

2️⃣ Revisiting the GameStop incident: The "amputation" pain of the old system

In 2021, Robinhood's disconnection was not "malicious," but rather a consequence of being cornered by the settlement mechanism.

In the traditional finance batch processing logic, the NSCC serves as the master ledger for all brokers. Due to the extreme volatility of GameStop, the NSCC raised margin requirements several times to prevent broker bankruptcies during the settlement cycle from leading to settlement failures.

This money was essentially to hedge against the systemic risk posed by the 48-hour settlement delay. Robinhood could not produce this large sum and had no choice but to forcibly halt trading to prevent the accumulation of unsettled orders.

This desperate move exposed the flaws of the traditional mechanism: If U.S. stocks achieved instant settlement, each trade would be cleared at the moment of execution, and brokers would no longer need to pay high margins to guard against risks over the next two days.

When trading and settlement merge, the system will no longer generate unsettled exposure. Trading pressure will no longer accumulate, and brokers will no longer face bankruptcy pressure due to settlement delays, physically eliminating the risk of trading halts.

III. Core Focus: Which Chain Will the NYSE's Blockchain Use?

Among all discussions, one repeatedly mentioned but not yet clarified by officials is: On which chain will the NYSE's tokenized securities system ultimately be built?

This is not a technical detail but a key variable determining "who gets a seat at the table" in the entire Web3 ecosystem.

From the publicly available information, ICE's statements deliberately avoid "binding to a single public chain," instead emphasizing "support for multi-chain settlement and custody." This conveys at least three signals:

First, the NYSE cannot directly deploy regulated securities on a completely permissionless public chain. U.S. securities law requires clear definitions of investor identity, asset transfer paths, and custody responsibilities, which inherently conflicts with the openness of native DeFi.

Second, Ethereum is currently the most realistic "compliant public chain of choice." The reason lies not in performance but in precedent: BlackRock's BUIDL and Franklin Templeton's on-chain fund have already completed the verification path of "restricted access + compliant issuance" on Ethereum, providing a directly reusable template for the NYSE.

Third, the NYSE is likely to adopt a "public chain + private chain parallel" dual-track structure:

• Completing clearing, custody, and compliance control in a private or permissioned network

• Conducting limited asset mapping, price discovery, or liquidity docking at the public chain level

This signifies an important watershed: Not all blockchains are qualified to carry native U.S. assets. The real competition occurs among networks that can meet regulatory requirements and deeply integrate with existing financial infrastructure.

IV. Order Reconstruction: Who Can Catch This Wave of "Trillion-Dollar Windfall"?

The NYSE's entry will redefine the market landscape. Within a compliant framework (such as restricted access, whitelist mechanisms), opportunities and challenges coexist.

So who will catch this wave of trillion-dollar fortune?

🚀 Potential Winners

1️⃣ Compliant settlement networks

The NYSE clearly supports multi-chain settlement, but due to compliance issues, the focus will be on networks that can achieve restricted access.

Thus, approved private networks with long-term cooperative foundations with institutions like DTCC and Nasdaq will experience a surge in traffic (e.g., Canton Network or Onyx).

2️⃣ Compliant oracles & RWA platforms

As the tokenization of U.S. stocks progresses, oracles that can provide high-frequency and compliant price feeding services will become a necessity. Additionally, compliant RWA platforms that have already established deep cooperation with TradFi will seize expansion opportunities.

3️⃣ Compliant DeFi (if accessing public chains)

If the NYSE chooses to develop on a public chain, its entry provides compliant DeFi projects with the highest quality assets globally. They will bring trillion-dollar U.S. stock liquidity on-chain, allowing users to enjoy U.S. stock dividends while releasing asset liquidity through collateralized lending.

4️⃣ Perp DEX

In the past, Perp DEXs lacked U.S. stock price tracking over the weekend. The NYSE's official token not only ends the weekend market closure for U.S. stocks in Web3 but also avoids the risk of oracle manipulation through on-chain price feeding.

❌ Who Will Be Squeezed?

1️⃣ "Mirror U.S. Stocks" without underlying asset support

This is bad news for projects that generate U.S. stocks on-chain through mirroring. When official channels provide 24/7 access to the underlying stock tokens with 1:1 exchange rights, synthetic assets lacking underlying asset support will lose competitiveness.

2️⃣ Tokenized stocks with incomplete rights

This will have a certain impact on existing U.S. stock tokenization projects, as most on-market U.S. stock on-chain projects lack voting rights/dividend rights.

For example, Robinhood only enjoys dividend rights but has no voting rights. The equal rights and benefits of the NYSE's native token will strike a blow to these existing U.S. stock tokenization markets.

V. Market Voices: KOL Opinions Summary

Chen Jian Jason @jason_chen998 (XHunt Ranking: 1083)

Opinion: The NYSE is directly creating a 24/7 tokenized stock trading platform, and there is also a stablecoin IDO for new listings. The key is that token holders will have governance and dividend rights equivalent to stock ownership, rather than just being linked to stock prices, which directly suppresses the survival space of crypto exchanges.

🔗 https://x.com/jason_chen998/status/2013248270739394827

BITWU.ETH @Bitwux (XHunt Ranking: 941)

Opinion: The statement "The New York Stock Exchange is moving the entire securities trading system into the blockchain era." has been translated very civilly and vividly, five-star recommendation for everyone to read 📖

🔗 https://x.com/Bitwux/status/2013258879849967885

Phyrex @Phyrex_Ni (XHunt Ranking: 765)

Opinion: A comprehensive analysis of what the NYSE's tokenization platform changes beyond just 24/7 hours. Including the coexistence of old and new stocks, 1:1 exchange of underlying stock rights, access through brokers, non-direct user engagement, and the real RWA potential in around-the-clock collateral management and institutional liquidity release, but the essential changes for retail investors are limited, with a low ceiling; it poses a challenge to non-compliant platforms and an opportunity for large exchanges like Binance/Bitget (which can acquire/collaborate with brokers), ultimately consolidating the dollar's pricing hegemony.

🔗 https://x.com/Phyrex_Ni/status/2013367507093201341

qinbafrank @qinbafrank (XHunt Ranking: 1533)

Opinion: With Nasdaq and the NYSE entering the stock tokenization space, competition for user-facing front-end services is becoming extremely fierce. Ultimately, it will become a "super app": a comprehensive platform for trading stocks, bonds, crypto assets, commodities, foreign exchange, and all other assets.

🔗https://x.com/qinbafrank/status/2013538789759864958

Zixi.bnb @ZixiStablestock (XHunt Ranking: 3657)

Opinion: If the past stock tokenization was an experiment exploring boundaries, then after the NYSE's involvement, the industry is entering a new stage: clearer rules, more professional participants, and innovations that are closer to real financial needs. For projects that truly understand the logic of both finance and crypto, this is not the end, but a new beginning.

🔗https://x.com/ZixiStablestock/status/2013477077337678103

Brother Lion @BroLeon (XHunt Ranking: 896)

Opinion: Positive for the popularization of blockchain and stablecoins, with varying impacts on CEX. Bullish on oracles and the on-chain DeFi sector.

🔗https://x.com/BroLeon/status/2013267724923986203

PANews @PANews (XHunt Ranking: 1816)

Opinion: The development of a 24/7 tokenized securities trading platform by the New York Stock Exchange is a significant advancement in the global financial sector, ushering in a new era of "no sleep in any time zone," allowing traders to participate in the market anytime, anywhere, with the platform always ready to welcome funds and operations.

🔗https://x.com/PANews/status/2013528590844092924

Deep Tide @TechFlowPost (XHunt Ranking: 652)

Opinion: The NYSE's entry into tokenized securities dismantles the three walls of time, space, and barriers, promoting finance from regional restrictions to a globally tradable ecosystem. Although the crypto infrastructure originated from the crypto world, it is being used by Wall Street for large-scale applications, marking the arrival of a trading era that never sleeps.

🔗https://x.com/TechFlowPost/status/2013430289968833002

VI. Biteye Action Guide: Finding Your Position in the Changing Landscape

The NYSE's move is essentially redefining the boundaries of "exchanges."

Quoting @ZixiStablestock's perspective: After the NYSE's involvement, the industry is entering a new stage: clearer rules, more professional participants, and innovations that are closer to real financial needs. For projects that truly understand the logic of both finance and crypto, this is not the end, but a new beginning.

The future investment experience may no longer have a boundary between "stocks" and "tokens," as a one-stop super app is emerging:

• Asset family bucket: Investors can seamlessly trade U.S. stocks, ETFs, crypto assets, commodities, and even foreign exchange within the same account.

• Financial inclusivity: Through "fractional shares," even a retail investor with only $10 can buy 0.01 shares of Berkshire in real-time on a top-tier global financial infrastructure.

• Consolidating the global hegemony of the dollar: The NYSE has significantly lowered the barriers for global retail and institutional investors to enter the U.S. stock market. This high level of trading convenience and liquidity will attract idle funds from around the world into U.S. stocks. The 24/7 circulation of U.S. stocks is effectively reinforcing the dollar's anchor position in the digital world using Web3 tools.

Tokenization of U.S. stocks is unstoppable. In the face of this trend, we can:

1️⃣ Pre-position for platforms that have not yet issued tokens: Similar to the market for Hyperliquid in 2025, the U.S. stock tokenization platform in 2026 may have airdrop opportunities, encouraging more experiences and interactions.

2️⃣ Keep a close eye on underlying interfaces: The key lies in who can access the NYSE's native clearing interface, providing higher collateral rates (LTV), faster clearing speeds, and 24/7 derivatives trading based on official high-frequency price feeds. I believe that projects in U.S. stock tokenization in 2026 will emerge as leading projects like Hyperliquid.

3️⃣ Bet on tech stock IPOs: For example, Hyperliquid HIP-3, which supports native token issuance, means that U.S. stock tokenization can extend from the secondary market to the primary market and pre-market trading.

Looking to the future, who can seize this trend and stand at the crest of the wave?