The key ledger question in the NYSE’s planned tokenized-securities platform is not just where tokens are issued, but where trades are recorded and settled. According to Ava Labs, Avalanche will provide the “core ledger technology” for the clearing firm behind an NYSE-affiliated digital trading venue.
Decrypt reported the announcement on November 9, 2026, at 23:49:22 UTC+08:00. The platform remained subject to regulatory approval.
A ledger for clearing and settlement
NYSE parent Intercontinental Exchange had previously said it was developing the platform to support round-the-clock trading, clearing and settlement of tokenized securities. Tokenization represents traditional assets as blockchain-based tokens; this proposal extends blockchain use into the infrastructure that finalizes trades, rather than limiting it to an individual stock or fund.
Dennis Lee, the NYSE’s head of digital issuance, said the exchange was “picking the right technology for each job.” He said the planned platform would support equities listed across multiple blockchains, while its trade-recording and settlement ledger needed speed, reliability and control over who participates.
That distinction matters: support for securities on several blockchains is separate from the choice of ledger underpinning clearing and settlement. The report did not detail how participation controls would be implemented.
Ava Labs CEO and founder Emin Gün Sirer cited Avalanche’s “24/7 atomic settlement” and predictable costs as reasons blockchains could underpin trading infrastructure. These were the provider’s stated capabilities, not reported measurements of the planned venue’s performance.
Parallel efforts, uneven demand
The Avalanche selection was separate from other tokenization initiatives described in the report. The NYSE had tapped Blockchain.com to reach crypto investors with tokenized stocks and ETFs. ICE and OKX were also planning a 24/7 tokenized-stock venue under an SEC exemption, while Morgan Stanley had moved to tokenize securities.
The OKX–ICE effort faced issuer resistance. Decrypt reported that every Magnificent Seven stock, including Apple and Meta, had opted out of having its shares tokenized on that venue, “with 67 companies in all joining them.”
The report also cited an IMF study finding genuine demand for tokenized stocks, alongside volatility and illiquidity. Infrastructure development and market adoption therefore remained distinct questions—not evidence that a liquid, widely adopted market was already operating.