NEW YORK, Jan. 24, 2026 — The familiar opening and closing bells of the New York Stock Exchange may be headed toward symbolic status as major US market operators accelerate plans for near-continuous trading, powered by blockchain-based “tokenized” versions of listed shares.
Intercontinental Exchange (ICE), the owner of the NYSE, said it is developing a new digital platform that would support 24/7 trading and instant, on-chain settlement of tokenized securities, subject to approval by the US Securities and Exchange Commission (SEC).
Under ICE’s design, investors would trade digital tokens that represent ownership interests “fungible with traditionally issued securities,” while retaining conventional shareholder rights such as dividends and governance participation. The platform is intended to combine NYSE’s Pillar matching engine with blockchain-based post-trade systems and stablecoin-based funding. ICE said it is working with major banks including Citigroup and Bank of New York Mellon to support tokenized deposits across its clearing infrastructure to help manage funds outside traditional banking hours.
ICE’s announcement reflects intensifying competition for global order flow as demand for US equities increasingly spans time zones—and as retail investors grow accustomed to “always open” crypto markets. Off-hours participation has already surged: NYSE research found that in Q4 2024 extended-hours trading averaged more than $61 billion per day, and by January 2025 it accounted for over 11% of total US equity trading volume.
Rivals are also pushing the boundaries of the traditional trading day. Nasdaq has sought SEC approval to expand to 23 hours a day, five days a week, creating a nightly session with an hour-long weekday pause for maintenance and certain corporate actions. Nasdaq has also indicated the overnight window would have fewer order types and reduced protections compared with regular hours.
Supporters argue the most material change may not be trading hours but settlement speed. US equities currently settle on a T+1 standard (one business day after trade date). ICE’s proposal to move settlement “instantaneously” on-chain could reduce counterparty risk and unlock efficiencies in collateral and funding—particularly during volatile markets or across jurisdictions.
Skeptics, however, warn that overnight liquidity can be thin, widening spreads and increasing execution risk, while round-the-clock operations complicate market surveillance, corporate action processing and staffing—especially on weekends when banks and parts of the financial plumbing still slow down.
