NYSE and Blockchain.com sign memorandum to debut tokenized stocks

The New York Stock Exchange and Blockchain.com signed a memorandum of understanding to debut tokenized stocks. If approved, Blockchain.com users would be able to trade tokenized U.S.-listed stocks and exchange-traded funds on the NYSE's planned digital alternative trading system. Blockchain.com executive chairman and CEO Peter Smith said the arrangement would expand access to digital assets for tens of millions of users around the world. NYSE Group President Lynn Martin said capital markets would combine traditional finance's trust with the innovation and accessibility of digital assets. The NYSE said in January that it was building a platform for trading tokenized U.S.-listed equities and exchange-traded funds. The platform would settle trades on the blockchain 24/7. Intercontinental Exchange, the NYSE's parent company, announced an investment in crypto exchange OKX earlier this year. The U.S. Securities and Exchange Commission approved tokenized stock trading last week. In January, the S&P 500 approved crypto platform Trade[XYZ] for a derivative contract on decentralized exchange Hyperliquid. The contract would let traders trade the stock index 24/7. Last month, Payward, the parent company of crypto exchange Kraken, and SoFi Technologies announced an agreement to route SoFi customers' crypto orders through Kraken's institutional trading platform. The agreement also covers listing SoFi's stablecoin on the exchange.