Why does the NYSE want to "tear down three walls"? An interpretation of the tokenization revolution behind 7x24-hour trading

When the New York Stock Exchange announced the development of a tokenized securities platform supporting 24/7 trading, it dismantled more than just trading hours. The NYSE parent company, Intercontinental Exchange, in collaboration with Bank of New York Mellon and Citigroup, is preparing to compress the traditional T+2 settlement cycle to near real-time completion. By January 2026, the global market capitalization of tokenized stocks has grown from approximately $34 million a year ago to over $800 million, an astonishing increase. Behind this data is the comprehensive embrace of blockchain technology by the traditional financial world.

Dissolving Traditional Boundaries

The NYSE’s actions represent a fundamental shift: the traditional financial system is actively absorbing and integrating the core advantages of blockchain technology. This leading global trading venue announced the launch of a platform supporting tokenized securities trading, including stocks and ETFs, offering continuous 24/7 service. Its parent company, Intercontinental Exchange, is working with financial institutions like Bank of New York Mellon and Citigroup to explore supporting tokenized deposits within its clearinghouses, helping clearing members transfer and manage funds outside traditional banking hours.

NYSE President Lynn Martin stated, “For over two hundred years, we have been changing the way markets operate.” The core of this change is combining the advanced Pillar matching engine with a blockchain-based post-trade system capable of supporting multi-chain settlement and custody.

The Collapse of Three Walls

The wall of time was the first to fall. Traditional US stock markets follow fixed trading hours, while tokenized platforms offer round-the-clock trading capabilities. Imagine when investors in New York are asleep, the Asian morning market is just beginning, and tokenized Tesla stocks are still trading continuously. This continuity eliminates the risk of price gaps caused by time differences in traditional markets.

The wall of space is also collapsing. An investor in Jakarta wanting to buy US stocks traditionally needs to open an international account, exchange currencies, and wait for lengthy settlement. Through a tokenized platform, holding stablecoins allows direct trading with instant settlement, greatly reducing cross-border transaction barriers.

The wall of capital has also been broken down. The NYSE platform will support “placing orders by dollar amount,” meaning investors can buy high-priced stocks like Berkshire Hathaway with as little as 0.001 shares. Fragmented investing makes high-quality assets accessible, which is one of the most inclusive features of tokenized stocks.

Infinite Expansion of Tradability

As Wall Street begins adopting these technologies originally belonging to the crypto world, a grander narrative is emerging: this is not just a victory for crypto, but an infinite expansion of “tradability” itself.

The tokenization market for real-world assets is expected to grow 3 to 5 times by 2026, surpassing the number of native crypto users. This forecast is supported by data—according to RWA.xyz, over $35 billion in RWAs are on-chain, held by more than 539,000 owners. From Manhattan real estate being sliced into tokens for sale, to prediction markets on Polymarket with daily trading volumes exceeding $100 million on US election results, everything valuable seems to be becoming tradable. Tokenization technology is blurring the boundaries between physical assets and financial assets, traditional finance and decentralized finance.

Regulatory Competition and Market Reshaping

With the US’s first stablecoin legislation signed into law in July 2025, financial institutions are accelerating the implementation of related applications. Technological advances are prompting exchanges to compete by launching round-the-clock or near-round-the-clock trading services. A filing submitted by Nasdaq to the SEC in December 2025 shows plans to extend trading hours for stocks and related products from 16 hours daily to 23 hours.

Globally, regulatory frameworks are gradually taking shape. The EU’s MiCA regulations and US regulations differ, leading early market participants like Robinhood to rapidly expand in Europe through regulatory arbitrage. This “regulatory competition” could accelerate the transformation of global financial market infrastructure but also introduces new systemic risks.

Participants and Opportunities in the New Market

In the emerging market of tokenized stocks, some specific assets have already demonstrated strong appeal. As of the end of 2025, the total assets of tokenized Tesla stocks (TSLAX) amounted to approximately $51.6 million, with over 20,500 holders. This indicates strong market demand for tokenized exposure to high-growth tech companies. Nvidia’s tokenized stock (NVDAX) also performed well, with a total asset value of about $17.1 million and over 14,400 holders. Driven by the AI wave, assets representing cutting-edge technology are receiving special attention in on-chain markets.

Market infrastructure is rapidly maturing. According to RWA.xyz, tokenized public stocks currently account for about $755 million in on-chain value, with Ethereum leading at $351 million, followed by Solana at $167 million. Different blockchain networks are forming ecosystems of tokenized assets with distinct characteristics.

Wall Street’s clock has already stopped; the classic trading hall of the NYSE still stands on Broad Street in New York, but its heartbeat—the market pulse—will no longer have moments of pause. When the NYSE’s tokenized securities platform receives regulatory approval and officially launches, global capital will truly flow continuously. The boundaries of tradability are dissolving—from time to space, from asset classes to participation thresholds. Led by traditional financial giants, this technological revolution will ultimately transform the market from a place with fixed opening hours into a perpetual global value exchange network. The world is becoming a 24/7 trading floor, and anyone with a smartphone could become a trader.