Blockchain.com and the New York Stock Exchange explore 24/7 trading of tokenized U.S. stocks

Blockchain.com has signed an agreement with the New York Stock Exchange Group to explore providing tokenized U.S. stocks and ETFs through digital trading venues.

Core Summary:

• The proposed access will use a planned platform on the New York Stock Exchange (NYSE) and will require regulatory approval.
• The New York Stock Exchange said the trading venue is designed to support round-the-clock continuous trading, fractional shares and on-chain clearing.
• The agreement also covers data services for ICE customers and the provision of stock market data to Blockchain.com users.
• Blockchain.com currently offers tokenized U.S. stocks linked to Ondo to eligible users in Europe.

Cooperation details and regulatory prospects

According to an announcement released by Blockchain.com on September 23, the two parties signed a memorandum of understanding (MOU) to distribute exchange-listed U.S. shares and tokenized versions of exchange-traded funds (ETFs). Eligible Blockchain.com customers will access these products through the Digital Alternative Trading System (ATS), which has not yet been launched on the New York Stock Exchange. Currently, the arrangement still requires the necessary regulatory approvals.

两家公司并未指明提供访问权限的国家或设定具体的启动日期。据其公告显示，Blockchain.com在全球70多个司法管辖区开展业务，但用户资格取决于相关产品的规则及其所在市场的规定。因此，其与纽约证券交易所的协议勾勒出的是一种潜在的发行渠道，而非现有的交易服务。

纽约证券交易所的数字平台愿景

纽约证券交易所早在今年1月就首次概述了其数字平台计划，并于8月表示正在开发基于区块链的结算基础设施。该交易所计划支持全天候交易、碎股订单以及基于区块链系统的结算。此外，该平台还支持以稳定币进行资金存入，并以美元金额下单。

根据拟议的协议，一旦纽约证券交易所的交易场所投入运营并获得必要批准，Blockchain.com将为其客户提供通往该场所的路径。纽约证券交易所1月的计划呼吁建立一个独立的数字市场，将其Pillar匹配引擎与交易后使用的基于区块链的系统相结合。交易所表示，其设计能够支持用于结算和托管的多个网络。

The New York Stock Exchange also pointed out that the venue can handle both tokenized versions of traditionally issued securities and securities issued in tokenized form from the beginning. Its plan requires tokenized shareholders to retain traditional dividend and governance rights. According to the model described by the exchange, access to the venue will be through qualified broker-dealers.

Peter Smith, executive chairman and CEO of Blockchain.com, said connecting to the venue extends access to tokenized stocks to users in the company's international network. Lynn Martin, president of the New York Stock Exchange Group, described Blockchain.com's customer coverage and digital asset operations as a great fit for the exchange's planned platform. Neither executive announced that the deal had begun.

U.S. stock tokens raise shareholder rights concerns

For U.S. readers, although the two companies describe Blockchain.com's customer network as international, the proposal involves shares and ETFs listed on U.S. exchanges. Tokens bound to U.S. stocks do not necessarily have the same legal rights as the stock itself. The structure of the product determines what the holder owns and whether the holder can receive dividends, voting rights, or assert interest in the underlying stock.

今年9月，美国证券交易委员会（SEC）针对合格交易场所交易的代币化股票制定了五年豁免期的条件。SEC表示，符合条件的代币化全国市场系统（NMS）股票必须保留相应传统股份所附带的权利。仅跟踪股价的产品不符合该豁免条件。监管机构此举为美国代币化股票交易提供了背景信息，但Blockchain.com和纽约证券交易所并未表示其拟议的安排已获得该豁免下的批准。

纽约证券交易所还采取了另一项独立步骤，涉及其现有交易所。今年4月提交给SEC的关于代币化交易的备案文件，确立了合格证券在存款信托公司（DTC）试点期间与传统股份并行以代币化形式交易的规则。对该备案文件的报道指出，在此安排下的交易仍按通常的下一个工作日结算。纽约证券交易所提议的全天候交易场所是一个不同的项目，旨在实现即时结算，且仍在等待监管批准。

现有的Ondo产品展示了不同的接入路径

Blockchain.com已通过Ondo Finance在某些市场提供挂钩股票代币。今年2月，两家公司将代币化股票访问权限扩展至30个欧洲经济区国家的符合条件用户，用户可以通过Blockchain.com DeFi钱包访问超过200只美国股票和ETF。Blockchain.com表示，此前已向非洲和南美洲部分地区的用户推出了Ondo产品。

According to Blockchain.com, its tokens linked to Ondo track the return on the underlying asset, including price changes and reinvested dividends after taxes apply. Therefore, the structure of existing Ondo products should be considered separately from the New York Stock Exchange's plans for regulated digital venues. The September 23 announcement from Blockchain.com describes potential connections to this future venue; it does not state that the two types of products will have exactly the same ownership terms.

Blockchain.com's geographical expansion also includes a regulatory step taken in Nigeria. The company announced its inclusion in the Nigeria Securities and Exchange Commission (SEC)'s Accelerated Regulatory Incubation Program, a supervisory avenue for eligible digital asset companies. Its September 23 agreement with the New York Stock Exchange did not list Nigeria, Europe or any other region as a confirmed market for the proposed service.

ICE and Blockchain.com will also exchange market data

In addition to transaction access, the memorandum of understanding also covers two-way data distribution. As part of the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, ICE Data Services plans to provide Blockchain.com's cryptocurrency market data and insight analysis to its subscribing customers. At the same time, Blockchain.com plans to add selected ICE and NYSE exchange data streams to its application.

Blockchain.com表示，应用程序集成将使其超过4400万已确认账户的用户能够访问实时股票信息。公告还列出了自公司成立以来创建的超过9500万个钱包；这一数字与其已确认账户的数量是不同的。