#Gate13周年现场直击

Entry into the mainstream? - NYSE applies for tokenized securities trading

The New York Stock Exchange (NYSE) submitted a rule change proposal to the U.S. Securities and Exchange Commission (SEC) on April 9, 2026, allowing qualified securities to be traded on the exchange in tokenized form. This could be one of the most overlooked major positive news this morning:

1. Enhancing regulatory recognition and mainstream adoption of the cryptocurrency industry

‌Accelerating regulatory framework maturity‌: The involvement of the world's largest exchange, NYSE, promotes the SEC and other regulators to adopt a "functional regulation" principle for tokenized assets (i.e., classifying based on asset nature rather than form), potentially facilitating the implementation of the "Digital Asset Market Clarity Act" (CLARITY Act), clarifying compliance pathways for digital securities and reducing regulatory uncertainty.

‌Increasing industry credibility‌: The participation of traditional financial institutions (such as NYSE competing with Nasdaq in tokenization models) provides endorsement for blockchain technology, reducing public doubts about blockchain applications and attracting more institutional capital inflows.

2. Driving demand and innovation in blockchain technology

‌Surge in stablecoin usage‌: Tokenized securities trading relies on stablecoins for real-time settlement and fundraising (e.g., orders denominated in USD and paid via USDC or other stablecoins), directly boosting the market demand and liquidity for stablecoins.

‌Upgrading blockchain infrastructure‌: NYSE plans to integrate multi-chain settlement and smart contracts (such as ERC-1400 standards), which may promote the development of more efficient cross-chain protocols and DeFi (decentralized finance) integration, for example, tokenized securities can access DeFi ecosystems for staking or lending.

‌Weakening the unique advantage of cryptocurrency exchanges‌: NYSE offers 24/7 trading and instant settlement services, eroding the core competitiveness of crypto exchanges that "never close," forcing them to shift toward differentiated innovation (such as enhanced derivatives or global services).

3. Expanding market size and capital flow

‌Releasing massive dormant capital‌: Tokenized securities can reduce transaction costs (such as clearing steps) and improve efficiency, estimated to free up $20 billion to $30 billion of idle capital in the U.S. market, while saving about $20 billion annually in bank reconciliation costs, some of which may flow into the crypto market.

‌Attracting traditional investors‌: Through tokenized stocks or ETFs (such as tokens tracking the S&P 500), retail and global investors can participate in the U.S. stock market at lower thresholds, expanding the use cases for crypto wallets and potentially indirectly increasing demand for assets like Bitcoin and Ethereum.

4. Potential challenges and risks

‌Compliance and security pressures‌: Tokenized securities must strictly adhere to KYC (Know Your Customer) and anti-money laundering requirements. The crypto industry may face stricter audit standards, and if on-chain anonymity conflicts with regulation, innovation could be limited.

‌Market structure reorganization‌: Tokenization led by traditional exchanges may squeeze out pure crypto exchanges, especially if the SEC expands approval scope (e.g., Nasdaq has already been approved for pilot programs). The industry may accelerate mergers and acquisitions.