Financial powerhouses including the New York Stock Exchange (NYSE), the Depository Trust & Clearing Corporation (DTCC), and crypto exchange Coinbase are actively pushing to tokenize traditional financial assets. This movement aims to transform stocks and other securities into digital tokens that can be traded on blockchain networks.
The DTCC, which handled $4.7 quadrillion in transactions in 2025, is a central figure in this initiative. It plans to launch its tokenization network in October 2026, allowing investors to convert stock and ETF holdings into digital assets. This network will enable these tokenized assets to be used across various member blockchains and platforms, potentially revolutionizing how financial collateral is managed by shifting towards a "just-in-time" deployment model to improve capital efficiency.
The NYSE has also made significant strides, with its rule SR-NYSE-2026-17 becoming operative in late May 2026. This rule permits the listing and trading of tokenized versions of Russell 1000 stocks, major ETFs (like S&P 500 and Nasdaq-100 trackers), and U.S. Treasury products. These tokenized shares will share the same ticker, CUSIP, and order book as their conventional counterparts, with initial token-settled trades expected in Q3 2026 potentially involving BlackRock as a first issuer.
Coinbase is entering the tokenized stock race by promising to introduce real, 1:1 backed tokenized stocks representing direct ownership of U.S. equities. These will allow users to own, trade, hold, and redeem securities on-chain, automatically receiving dividends. Coinbase emphasizes that its offering represents true ownership, distinguishing it from other tokenized products that might be structured as derivatives or synthetic exposures. These tokenized stocks will first be available in eligible jurisdictions outside the U.S.
