The New York Stock Exchange’s planned tokenized-securities platform would put Avalanche beneath part of its clearing and settlement infrastructure—not simply use blockchain to represent individual stocks. But the platform remained a proposal subject to regulatory approval, rather than evidence of an operating, liquid market.
Decrypt’s original report, published November 9, 2026, at 23:49:22 UTC+08:00, described both the infrastructure ambitions and the limits of the market developing around them.
What Avalanche would do
Ava Labs, the company behind Avalanche, said Monday that the blockchain would provide the “core ledger technology” for the clearing firm behind an NYSE-affiliated digital trading venue.
NYSE parent Intercontinental Exchange had previously disclosed that it was developing the platform. Its intended scope is round-the-clock trading, clearing and settlement of tokenized securities, subject to regulatory approval.
The distinction matters: tokenization turns traditional assets into blockchain-based tokens, but this proposal extends beyond issuing a tokenized product. Avalanche would underpin the ledger used to record and settle trades—the infrastructure that finalizes transactions.
Dennis Lee, the NYSE’s head of digital issuance, said the exchange was “picking the right technology for each job.” While the planned platform would support equities listed across multiple blockchains, he said its settlement ledger needed speed, reliability and control over who could participate.
The claims—and the evidence gap
Ava Labs CEO and founder Emin Gün Sirer presented the arrangement as evidence that blockchains could support trading infrastructure as well as financial products. He cited Avalanche’s “24/7 atomic settlement” and predictable costs. Those were the technology provider’s stated advantages, not proof that the planned venue had delivered them in operation.
The report placed the proposal alongside other tokenization efforts: the NYSE had separately tapped Blockchain.com to reach crypto investors with tokenized stocks and ETFs; ICE and OKX were planning a 24/7 tokenized-stock venue under an SEC exemption; and Morgan Stanley had moved to tokenize securities.
Yet participation was not assured. Decrypt reported that every Magnificent Seven company, including Apple and Meta, had opted out of having its shares tokenized on the OKX–ICE venue, citing 67 companies opting out in all.
An IMF study cited in the report found genuine demand for tokenized stocks, but also volatility and illiquidity. The evidence therefore supports a narrower conclusion than broad adoption: institutions were pursuing blockchain-based market infrastructure, while issuer participation and trading liquidity remained separate, unresolved tests.