The New York Stock Exchange (NYSE) and Blockchain.com have signed a memorandum of understanding that could bring tokenized U.S. stocks and exchange-traded funds to Blockchain.com's user base of more than 44 million confirmed crypto accounts. The agreement outlines a distribution and data-sharing plan, though the NYSE's digital alternative trading system required for the service has not yet launched.
Under the deal announced on September 23, Blockchain.com users would eventually be able to trade tokenized NYSE-listed equities through NYSE's planned digital marketplace, which is designed to feature 24/7 trading, fractional shares, dollar-sized orders, stablecoin funding, and onchain settlement. The arrangement requires regulatory approval before any tokenized stocks can begin trading.
Dual Benefits for Both Parties
For Blockchain.com, the partnership offers direct access to NYSE infrastructure rather than relying exclusively on third-party tokenization providers. Peter Smith, Blockchain.com's executive chairman, CEO and co-founder, stated that the NYSE connection could bring tokenized assets to "tens of millions of Blockchain.com users around the world." Blockchain.com reports supporting more than 95 million wallets and processing over $1.1 trillion in crypto transactions.
The arrangement also benefits the NYSE and its parent company, Intercontinental Exchange (ICE). ICE Data Services plans to distribute Blockchain.com's crypto market data and analytics to traditional finance customers, while selected NYSE and ICE equity data feeds would be integrated into Blockchain.com's app. This would provide Blockchain.com users with live stock prices alongside cryptocurrency information.
Regulatory Context and Timeline
The announcement follows an SEC decision on September 17 to create a temporary five-year Innovation Exemption allowing qualifying venues to trade certain tokenized National Market System stocks through permissioned automated market makers and liquidity pools. The relief includes conditions designed to preserve shareholder rights.
NYSE's digital alternative trading system remains in development and requires its own regulatory approvals. Currently, no ticker list, fee schedule, custody model, or launch date has been announced. The memorandum of understanding represents an agreement in principle rather than an operational marketplace.
Analysts point to significant long-term potential for tokenized assets. Citi Institute's base case estimates the tokenized assets market could reach $5.5 trillion by 2030, driven by benefits including fractional ownership, round-the-clock markets, and faster settlement.
