Avalanche to Record Trades on NYSE Digital Platform Designed for 24/7 Trading
Key Facts
Ava Labs announced on November 9 that Avalanche technology had been selected to provide the core ledger for the clearing company in a planned digital trading platform linked to the New York Stock Exchange (NYSE). The company said the platform is designed to support trading, clearing and settlement around the clock, subject to regulatory approvals. The announcement defines the technology’s role in the clearing and settlement ledger; it does not make Avalanche the operator of the entire platform. Nor does it mean tokenized stocks will be issued on the public Avalanche network. CoinDesk reported that NYSE will operate a dedicated chain built on Avalanche technology to record and settle trades.
The platform is expected to support stocks listed across a range of blockchains, while the Avalanche ledger will record and settle trades. NYSE said the platform’s design combines its Pillar matching engine with blockchain-based post-trade systems. This includes the ability to support multiple chains for settlement and custody. The design therefore separates the chains on which stocks may be listed from the ledger used for clearing and settlement. NYSE has not announced that all stocks will be issued on Avalanche.
NYSE’s head of digital issuance said the settlement ledger should be fast and reliable, allow the platform to control participants and keep costs predictable. The executive added that the platform will support stocks listed on different chains, while the settlement ledger must meet operational needs. The founder and chief executive of Ava Labs said dedicated infrastructure would support the needs of continuous, around-the-clock atomic settlement. He added that it would provide predictable performance and costs alongside operational and regulatory controls. The remarks place participant control, reliability and cost stability among the platform’s design requirements.
The Block reported that Avalanche was selected after about a year of testing, during which NYSE was evaluating the technology’s suitability and economics for the project. The selection announcement followed NYSE’s expansion of its transfer-agent partner network on November 2. It added Broadridge, Computershare, Equiniti and Superstate to Securitize and tZERO. The exchange said these firms collectively serve nearly 5,000 listed companies, including close to 99% of S&P 500 companies. The network provides operational backing for the platform’s plans for tokenized securities and shareholder services.
According to NYSE, the platform will include third-party-custodied tokens and issuer-sponsored tokenized securities. The exchange said holders of tokenized stocks will receive the same shareholder rights as holders of traditional stocks, including rights related to distributions and governance. Broadridge announced on November 2 that its planned services include on-chain shareholder governance and digital transfer-agent services. The company tied the launch of those services to obtaining regulatory approval. These plans remain subject to the approval process before the platform begins operating.
The move follows the U.S. Securities and Exchange Commission’s September 17 grant of temporary, conditional relief to eligible platforms for trading tokenized stocks. The SEC imposed controls including limits on the number of tokens and trading volumes, as well as a requirement to verify equivalence in shareholder rights. The agency said the exemptions expire five years after publication. The order also requested public comment on potential amendments and next steps. The launch of NYSE’s proposed platform remains subject to the regulatory approvals that apply to it.
The announcement was reflected in AVAX trading on November 9; CoinDesk reported that the token rose about 5% on the news, despite a decline in the broader cryptocurrency market at that moment. EL7 data showed AVAX/USD closed at $8.656 that day, compared with $7.936 on November 8. Those figures are daily closes, while CoinDesk’s percentage describes the move observed by the source at the time of the news. The data provided do not give a reliable figure for the token’s move on November 10. The Block cited The Wall Street Journal as saying the platform is targeting a launch in the fourth quarter of 2026, with the timing still subject to regulatory approval.