The New York Stock Exchange has spent approximately one year testing Avalanche blockchain technology as part of its plans to build an on-chain platform for tokenized U.S. equities and ETFs. While Ava Labs President Charley Cooper and ICE executive Michael Blaugrund confirm a close working relationship and that Avalanche meets many requirements, the exchange has not yet selected a final blockchain. The initiative aims to leverage blockchain for 24/7 trading and instant settlement, supported by recent SEC regulatory exemptions.
NYSE Avalanche blockchain testing
- ▪The New York Stock Exchange has not officially selected Avalanche or any other specific blockchain network to support its planned tokenized securities platform first disclosed in January 2026
- ▪Ava Labs President Charley Cooper stated that the New York Stock Exchange evaluated both the technology and economics of Avalanche to ensure Ava Labs understood the New York Stock Exchange's business model
- ▪The New York Stock Exchange has spent approximately one year testing Avalanche blockchain technology and working with Ava Labs to develop infrastructure for tokenized securities.
Tokenized securities platform development
- ▪In August 2026, Intercontinental Exchange agreed to invest in tZERO and license its blockchain patents, naming tZERO as a design partner for the planned tokenized securities platform.
- ▪The New York Stock Exchange signed a memorandum with Securitize in March 2026, naming the company as its first digital transfer agent eligible to mint blockchain-native securities.
- ▪The proposed New York Stock Exchange digital venue, first disclosed in January 2026, combines its Pillar matching engine with blockchain-based post-trade infrastructure to support continuous trading, immediate settlement, and fractional shares
- ▪The New York Stock Exchange announced in January 2026 that it was developing a platform for the trading and onchain settlement of tokenized U.S. equities and exchange-traded funds.
ICE blockchain evaluation criteria
- ▪Intercontinental Exchange operates the New York Stock Exchange, 12 other exchanges, and six clearing houses globally across multiple asset classes.
- ▪Intercontinental Exchange is designing the post-trade architecture for its planned tokenized securities platform to support multiple blockchain networks for settlement and custody rather than relying on a single network
- ▪Intercontinental Exchange Head of Strategic Initiatives Michael Blaugrund stated that Avalanche satisfies many of the requirements the exchange operator has established for its plans to build an onchain platform for trading and blockchain-based settlement of tokenized U.S. equities and ETFs, first disclosed in January 2026
Alternative Trading System infrastructure
- ▪Intercontinental Exchange is evaluating blockchain technology to support an on-chain Alternative Trading System designed for 24/7 trading of tokenized stocks with instant settlement.
- ▪On September 17, 2026, the U.S. Securities and Exchange Commission granted a five-year conditional exemption allowing eligible venues to trade tokenized U.S. stocks through permissioned automated market makers.
- ▪Ava Labs President Charley Cooper expects some smaller trading venues to offer 24-hour weekday trading of tokenized equities within the next year, though major exchanges may not follow the same timeline.
Debatable claims
- ▪The SEC should allow automated market makers to trade U.S. equities
- ▪U.S. stock markets should transition to 24/7 trading
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