The New York Stock Exchange signed a memorandum of understanding with Securitize on Tuesday to co-develop the infrastructure behind its planned Digital Trading Platform, a blockchain-based venue designed for 24/7 trading of tokenized U.S. equities and ETFs. Securitize, backed by BlackRock and Ark Invest and registered with the SEC as a transfer agent, is expected to be among the first firms eligible to mint tokenized securities on the platform.

The partnership positions NYSE in direct competition with Nasdaq, which has already obtained regulatory approval for its own tokenized stock framework and tapped Kraken to distribute stock tokens globally. The two exchanges are taking meaningfully different architectural approaches. Nasdaq is layering tokenization onto its existing clearing infrastructure. NYSE is building a separate blockchain-based venue from scratch, one designed for instant settlement, stablecoin-based funding, and fractional share purchases.

This story is an excerpt from the Unchained Daily newsletter.

Securitize brings institutional credibility and operational track record. The firm handled the issuance infrastructure for BlackRock’s tokenized fund and is aiming to go public this year via a SPAC deal with Cantor Equitize Partners. Its broker-dealer arm could also participate in trading on the platform, giving it a role across both issuance and market activity. “As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect,” said NYSE Group President Lynn Martin.

The platform still requires SEC and FINRA approval, with a target of late 2026. But the institution most associated with traditional equity markets is now building a blockchain competitor to its own infrastructure, a development that would have been unthinkable even two years ago.