NYSE Tests Avalanche Blockchain for Tokenized Stocks
The New York Stock Exchange (NYSE) has been testing Avalanche blockchain technology for about a year as part of its plans to launch tokenized U.S. stocks and exchange-traded funds (ETFs).
Ava Labs President Charley Cooper disclosed the testing during the Avalanche Summit in New York, stating that NYSE had been examining how Avalanche technology could connect with the exchange's existing systems.
The relationship between Ava Labs and NYSE parent Intercontinental Exchange (ICE) is described as close, but Cooper clarified that Avalanche has not been selected for the tokenization project yet. ICE Head of Strategic Initiatives Michael Blaugrund also discussed the relationship during the Avalanche Summit, stating that ICE was engaged with the Avalanche team while assessing different blockchain platforms.
NYSE plans to support on-chain trading and settlement of tokenized U.S. stocks and ETFs, subject to regulatory approval. The exchange aims to combine its existing Pillar matching engine with blockchain-based systems handling processes after a trade is completed.