Originally published by Decrypt on November 9, 2026, at 23:49:22 UTC+8.
The New York Stock Exchange plans to use Avalanche as the underlying ledger for the clearing firm behind an NYSE-affiliated digital securities venue, Ava Labs said Monday. The platform remains subject to regulatory approval.
NYSE parent Intercontinental Exchange (ICE) previously said it was developing the platform to support round-the-clock trading, clearing and settlement of tokenized securities. Avalanche’s role would place blockchain technology within the infrastructure that records and finalizes trades, rather than simply using tokens to represent an individual stock or fund.
Clearing infrastructure, not a single-chain listing platform
Dennis Lee, the NYSE’s head of digital issuance, said the exchange was “picking the right technology for each job.” Although the planned platform would support equities listed across multiple blockchains, he said its trade-recording and settlement ledger needed speed, reliability and controls over participation.
Ava Labs CEO and founder Emin Gün Sirer described the arrangement as evidence that blockchains can support securities-market infrastructure as well as financial products. He cited Avalanche’s “24/7 atomic settlement” and predictable costs.
Separate tokenization efforts face different hurdles
The Avalanche announcement sits alongside several other initiatives. NYSE separately tapped Blockchain.com to reach crypto investors with tokenized stocks and exchange-traded funds. ICE and crypto exchange OKX are also planning a 24/7 tokenized stock venue under a U.S. Securities and Exchange Commission exemption, while Morgan Stanley has moved to tokenize securities.
The separate OKX–ICE initiative has encountered resistance: 67 companies in total opted out of having their shares tokenized on the venue, including all of the Magnificent Seven stocks, among them Apple and Meta.
Demand also remains uneven. An International Monetary Fund study found genuine interest in tokenized stocks, but also volatility and limited liquidity—underscoring the distinction between developing trading infrastructure and building a liquid market around it.