Blockchain.com Signs Memorandum of Understanding with NYSE Group to Integrate Tokenized U.S. Stocks
Blockchain.com has signed a memorandum of understanding with the NYSE Group. According to the plan, Blockchain.com users will be able to trade tokenized U.S. exchange-listed stocks and ETFs through the digital ATS previously announced by the NYSE, pending necessary regulatory approvals. The NYSE aims to expand its coverage of crypto-native investors by leveraging Blockchain.com's global customer base.
The NYSE's digital platform is set to be announced in January 2026. It combines the NYSE's Pillar matching engine with on-chain post-trade systems, supporting 24/7 trading of U.S. stocks and ETFs, fractional trading, dollar-denominated orders, stablecoin deposits, and instant settlement with tokenized funds, all completed across multiple blockchains. Investors holding tokenized stocks will also enjoy dividends and voting rights. The platform will be open for access to brokers on an equal basis, following existing market structure principles. ICE is also collaborating with BNY and Citigroup to promote the use of tokenized deposits across ICE's clearinghouses, allowing funds to be transferred across time zones outside of bank operating hours.
Founded in 2011, Blockchain.com has verified over 44 million accounts, with more than 95 million wallets and a cumulative crypto trading volume exceeding $1.1 trillion, operating in over 70 jurisdictions. It has already provided tokenized stocks and ETFs in 30 European Economic Area countries and regions through a partnership with Ondo Finance. After integrating with the NYSE digital ATS, the source of tokenized assets will expand from third-party issuers to the exchange's own trading venues.
Data collaboration is mutual. ICE Data Services, a subsidiary of the NYSE, plans to distribute Blockchain.com's crypto market data and analytics to subscription clients, covering traditional institutional investors. Blockchain.com plans to integrate some ICE and NYSE exchange data into its app, allowing over 44 million verified accounts to view real-time stock quotes. Some data will also be integrated into its AI crypto assistant, June.
Statements from executives of both parties indicate a focus on channel expansion. Blockchain.com co-founder and CEO Peter Smith stated that tokenized stocks are one of the most impactful developments in modern finance, and after integrating with the NYSE digital ATS, opportunities to invest in such assets can be brought to tens of millions of users worldwide. NYSE Group President Lynn Martin stated that the future of capital markets belongs to institutions that can combine the trust of traditional finance with the innovation and accessibility of digital assets. Currently, this is just a letter of intent: the NYSE digital ATS has not yet launched, and all arrangements await regulatory approval.
From a market mechanism perspective, this is a structural cooperation for channel traffic exchange, not involving immediate trading or direct capital inflow and outflow. The NYSE has listed assets, a matching engine, and a clearing system, but lacks crypto users outside the U.S. who are accustomed to 24/7 trading and stablecoin settlement; Blockchain.com has this user base but lacks direct access to tokenized stocks and compliant quotes. The beneficiaries are the exchanges and licensed distribution platforms: the NYSE can reclaim trading volume and data revenue that has been diverted by offshore tokenized stocks. The pressure is on third-party issuers who issue tokenized U.S. stocks outside the exchange system; once the exchange's native tokenized stocks directly connect to distribution channels, the price difference from "packaging and reselling" will be compressed.
Source: Public Information
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ICE, the parent company of the NYSE, has relied on mergers and acquisitions for expansion. Founder Jeffrey Sprecher started ICE in 2000 with energy over-the-counter electronic trading. In 2013, ICE acquired NYSE Euronext for about $8.2 billion, selling off Euronext the following year while retaining the NYSE brand and U.S. operations. ICE has experienced a notable failure in the crypto space: in 2018, it launched Bakkt in partnership with Microsoft and Starbucks, which went live with physically settled Bitcoin futures in 2019. Bakkt went public via SPAC in 2021, with a valuation of about $2.1 billion, but its stock price has remained low since, with retail and custody businesses contracting.
ICE has consistently invested in "data + clearing + distribution." In its traditional business, it has acquired mortgage software company Ellie Mae for about $11 billion and Black Knight for about $11.7 billion, aiming to integrate the entire mortgage process data. In the crypto direction, it announced in 2025 an investment of up to $2 billion in the prediction market Polymarket, acquiring data distribution rights. The collaboration with Blockchain.com follows the same pattern: exchanging trading venues for new user trading volume while selling crypto data to institutional clients through ICE Data Services.
Similar paths have been established across the industry. Robinhood launched stock tokens in the EU via Arbitrum in 2025; Kraken partnered with Backed to launch xStocks; Blockchain.com itself is distributing tokenized U.S. stocks in Europe through Ondo Global Markets. On the traditional exchange side, Nasdaq submitted a rule change to the SEC in 2025 to allow trading of tokenized securities, and DTCC received a no-action letter from the SEC regarding tokenization pilots. The industry is transitioning from a phase where crypto platforms issue and circulate offshore to a phase where exchanges themselves engage in licensed distribution.
Structurally, this represents a transfer of pricing power. In the first phase, tokenized U.S. stocks were bought by third-party issuers who held real stocks in custody and issued on-chain certificates, allowing issuers to earn packaging fees, interest spreads, and cross-time-zone liquidity premiums. Once exchanges launch their own native tokenized securities, issuance, matching, and clearing will return to the licensed system, and pricing references will revert to the exchange's market sources, compressing the value of third-party certificates. The role of crypto platforms will shift from asset issuers back to distribution channels, competing on user scale and compliance coverage, which is why the NYSE chose Blockchain.com, with its 44 million verified accounts, as a first partner.
ABAB News · Cognitive Laws
Asset tokenization does not change ownership; it only changes who collects the toll.
Exchanges do not sell trades; they sell trust and data.
Channels own users, venues own pricing; the two will eventually handshake.