NYSE’s Parent Company Enters the Cryptocurrency Trading Arena, Establishing a U.S. Stock “Gateway”
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NYSE’s Parent Company Enters the Cryptocurrency Trading Arena, Establishing a U.S. Stock “Gateway”
The second half of 2026 will be a period of intensive rollout for tokenized stock products.
Navigating Web3 tides with focused insightsAuthor: Claude, TechFlow
TechFlow Introduction: ICE and OKX have formed a 50:50 joint venture aiming to enable OKX’s 120 million users to directly trade ICE futures and NYSE-tokenized equities. But this is more than just a routine joint venture announcement.
This year, nearly half of Kraken’s newly listed tokens are tokenized equities; Robinhood has already rolled out over 200 U.S. equities as tokens across the EU; and the NYSE itself is building a 24/7 blockchain-based trading platform… A battle for “who will serve as the front-end interface for global retail investors buying U.S. equities” has officially begun.
Who will become the front-end interface for global retail investors buying U.S. equities in the future—brokerage apps, crypto exchanges, or the NYSE itself?
Over the past six months, this question has shifted from theoretical speculation to tangible reality. On June 22, Intercontinental Exchange (NYSE: ICE), the parent company of the NYSE, and crypto exchange OKX announced the formation of a joint venture co-led by ICE Senior Vice President Trabue Bland and former New York Governor Andrew Cuomo. The venture aims to connect OKX’s 120 million global users to ICE futures and NYSE-tokenized equity markets. According to the BusinessWire announcement, the joint venture will hold equal 50:50 ownership and, pending regulatory approval, operate as a U.S.-registered broker-dealer and futures commission merchant (FCM).
Viewed in isolation, this is simply a collaboration between a major traditional exchange and a leading crypto platform. Placed within the industry context of H1 2026, however, it represents another strategic move in the race for tokenized access—and notably, one where traditional finance is stepping directly onto the battlefield to seize positioning.
The NYSE Enters the Arena: 24/7 Trading, Instant Settlement, Stablecoin Deposits
In January, the NYSE announced it is developing a blockchain-based tokenized securities trading platform designed to support 24/7 trading, instant on-chain settlement, dollar-denominated order entry, and stablecoin deposits.
According to a CoinDesk report dated January 19, the platform integrates NYSE’s Pillar matching engine with a blockchain-based clearing and settlement system. It supports a multi-chain architecture, ensuring interoperability (fungibility) between tokenized equities and traditional securities, while preserving shareholders’ dividend rights and voting rights.
Michael Blaugrund, ICE’s Vice President of Strategic Initiatives, stated plainly at the time: “Supporting tokenized securities is a critical step in ICE’s strategy to operate on-chain market infrastructure in the new era of global finance.”
This signals that the NYSE does not intend to cede distribution rights for tokenized equities to crypto platforms—it intends to build its own trading venue. Yet a key question remains:
Where will the NYSE acquire its users?
The NYSE excels at institutional-grade infrastructure and matching engines but lacks expertise in acquiring global retail users. OKX’s 120 million users represent one solution—the joint venture essentially leverages ICE’s product capabilities and OKX’s user traffic.
CEXes’ Collective Pivot: From Cryptocurrencies to Multi-Asset Trading
OKX is not the only crypto exchange pursuing this direction. In H1 2026, virtually every top-tier crypto platform is moving in the same direction.
According to CoinGecko data, of the 147 new spot tokens launched by Kraken from January to April this year, 66 were tokenized equities (xStocks) or real-world asset (RWA)-related assets—representing approximately 45%. Following its December 2025 acquisition of tokenized equity issuer Backed Finance, Kraken launched tokenized trading for over 60 U.S. equities and ETFs in the EU. As reported by DL News on April 2, tokenized equities have become “the fastest-growing subsegment within the crypto industry’s $25 billion RWA赛道.” Kraken has also launched commission-free U.S. equity trading and crypto futures in the U.S., effectively transforming itself into a multi-asset trading platform.
Robinhood is taking a different path. In June 2025, Robinhood launched over 200 tokenized U.S. equities and ETFs on Arbitrum and is currently developing its own Layer 2 chain—Robinhood Chain—built on Arbitrum’s technology stack. As reported by CoinDesk on May 5, Johann Kerbrat, Robinhood’s Senior Vice President, stated that global investor demand for U.S. equities is rising, and tokenization combined with 24/7 trading will allow investors to “build global investment portfolios—not ones confined to a single country.”
Platforms including Bitget, Binance, Hyperliquid, and Bitpanda are also rolling out perpetual contracts or spot tokens for tokenized equities. According to CoinGecko’s 2026 RWA Report, as of Q1’s end, the spot market size for tokenized equities had reached $487 million, while total quarterly trading volume for RWA perpetual contracts stood at $524.8 billion.
In other words, crypto exchanges are no longer content to serve solely as venues for crypto-asset trading. They aspire to become the primary gateway for users to trade all financial assets—equities, futures, commodities, ETFs—all through a single app and account, around the clock.
Competitive Landscape
Currently, “enabling ordinary individuals to buy U.S. equities via crypto platforms” is advancing along three parallel tracks:
The first track involves crypto exchanges building their own infrastructure.
After acquiring Backed Finance, Kraken directly issues xStocks; Robinhood deploys tokenized equities on Arbitrum; Bitget and Binance list equity perpetual contracts. These platforms already possess user bases and trading infrastructure but lack supply of traditional assets and regulatory compliance.
The second track is led by traditional exchanges.
The NYSE is building its own blockchain-based trading platform, while Nasdaq has also filed with the SEC to trade tokenized equities. These incumbents possess underlying assets, regulatory licenses, and institutional trust—but lack retail distribution channels and 24/7 operational experience.
The third track is exemplified by the ICE–OKX joint venture model: Traditional finance and crypto platforms invest equally, combining complementary strengths. ICE contributes products and regulatory credibility; OKX provides users and technical infrastructure.
Which track advances most rapidly depends on two variables: first, the actual pace of U.S. regulatory progress (the joint venture requires broker-dealer and FCM licenses; the NYSE’s tokenized platform likewise needs SEC approval); and second, the speed of user behavior migration.
After all, for a retail investor in India or Brazil, how much does the user experience truly differ between buying tokenized Apple stock on OKX versus buying AAPL via a local brokerage app?
What is certain is that H2 2026 will mark a period of intense product rollout for tokenized equities—from the NYSE’s 24/7 platform and the OKX joint venture’s broker-dealer license application, to Kraken’s expansion of xStocks offerings and Robinhood Chain’s launch. Every participant in this space is racing against the clock.
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