NYSE Adds Blockchain.com as Distribution Channel for Tokenised Stock Venue

The New York Stock Exchange and crypto platform Blockchain.com have signed a memorandum of understanding that could turn the exchange's planned tokenised securities venue into a product accessible through a crypto-native channel. The agreement, announced on Wednesday, would position Blockchain.com as a distribution layer for eligible international users seeking exposure to US-listed stocks and exchange-traded funds, while NYSE keeps control of the market and matching infrastructure.

The deal is preliminary and the proposed connection to NYSE's digital alternative trading system still needs regulatory approval. Blockchain.com, which reports 44 million confirmed accounts, has not said how many of those users would satisfy the eligibility and jurisdictional criteria. Nor has it specified which legal entity would provide the service, how securities accounts would be opened, which jurisdictions would be covered, or how custody, eligibility and geographic restrictions would be handled.

Data Feeds in Both Directions

The MOU also covers a two-way exchange of market data. ICE Data Services, an affiliate of NYSE parent Intercontinental Exchange, plans to distribute Blockchain.com's cryptocurrency data and analytics to its subscribers, while Blockchain.com would add selected ICE and NYSE feeds to its app to give users real-time information on traditional securities. The data integration could therefore go live separately from any trading access, and neither party has given an implementation schedule.

NYSE first outlined the tokenised venue in January, describing 24-hour trading, fractional orders, stablecoin-based funding and on-chain settlement, built around its Pillar matching engine and blockchain-based post-trade systems. Other partners have since been lined up for different parts of the stack: Securitise is expected to handle digital issuance and transfer-agent functions, while tZERO is working on ownership records, transfer processing and broker-dealer and post-trade infrastructure. Blockchain.com fills the distribution role rather than adding another trading or settlement system.

NYSE has said the venue would support tokenised shares fungible with their conventionally issued counterparts, alongside securities issued directly in tokenised form. Under that model, holders would retain shareholder dividends and governance rights, with the tokens representing securities inside the existing regulatory framework rather than simply tracking their prices.

NYSE has not identified which stocks or ETFs would be listed first, nor set a launch date for the digital ATS. The MOU likewise omits commercial terms and a connection date, leaving both trading access and the proposed data exchange at the planning stage.