Avalanche (AVAX) rose 12.7% after the New York Stock Exchange (NYSE) selected the network to settle tokenized stocks for an upcoming trading platform, according to a press release. The announcement coincided with Avalanche's strongest third quarter to date.
Avalanche to serve as core ledger
Avalanche will be the core ledger for the clearing firm behind the NYSE-affiliated platform, meaning every trade will be cleared and settled on the network. The stocks themselves can be issued on other blockchains.
NYSE's Pillar engine will continue to handle trading. The plan includes round-the-clock trading, instant settlement, and funding with stablecoins, though it remains pending regulatory approval.
Dennis Lee, who heads digital issuance at NYSE, said the exchange wanted a ledger that settles fast, keeps costs predictable, and allows them to decide who gets in.
Strong third-quarter metrics
The NYSE news follows Avalanche's best Q3 on record. According to data from Blockworks and Avalanche, Pharaoh's DEX volume doubled from Q2 to Q3 to $5.33 billion, while spending on Avalanche-linked cards rose 74%.
On-chain credit increased 34% to $37.4 million, and tokenized treasuries on the network climbed 14%. Dinari's stock purchases rose 34% to 9 million. The mainnet has processed 1.6 billion transactions in total.
AVAX price action
AVAX spent most of the morning drifting around $8.00 after bottoming near $7.83. It then surged from $8.10 to $8.45 and continued to roughly $8.93 before settling near $8.83, marking a 12.7% gain above its daily low.
The RSI exceeded 90 during the spike before falling to 62.5 at press time, just below the Signal Line. The DMI showed an ADX of 56.7, indicating a strong trend, with buyers leading as +DI stood at 29.7 against -DI at 13.1.
