A Public Blockchain Enters Securities Clearing as Exchange Tokenization Race Heats Up
Today’s Focus
The NYSE embeds Avalanche as the clearing and settlement layer of its planned tokenized securities venue for the first time in exchange history, targeting a Q4 2026 pilot — public-chain competition shifts from asset custody to settlement authority. Formation simultaneously notifies the SEC of its intent to run the first tokenized securities venue on Solana, pitting the “issuer-led” route against OKXICE’s third-party model. Supply accelerates in parallel: Ondo’s tokenized Treasuries top $4 billion on RWA.xyz, Franklin Templeton’s Stellar fund passes $1.1 billion, and tokenized Treasuries cross $5 billion.
Industry Flash
10 items
NYSE picks Avalanche for clearing and settlement — WSJ exclusive: off-chain matching plus on-chain atomic settlement (DvP), targeting a Q4 pilot with 24/7 trading and stablecoin funding
Formation plans first TSV on Solana — SEC notification filed, tokenized EXOD/FWDI/GLXY shares due in early 2027, openly diverging from OKXICE’s third-party model
Ondo tokenized Treasuries top $4 billion — 484 assets lead RWA.xyz as BUIDL’s shrinking float reshuffles the top rankings
Alpaca custodies 91% of tokenized US stocks’ underlying shares — $41.7 billion of the $4.6 billion market sits with one broker as vertical integration reshapes the four-way separation of powers
Franklin Templeton’s Stellar fund tops $1.1 billion — BENJI takes in $200 million in a single day, with Stellar holding roughly ten times more holders than XRP Ledger
Japan’s Progmat teams with Canton on JGB tokenization — tJGB enters phase-two trials of 24/7 DvP, with MUFG and three group units participating
37-bank European consortium Qivalis secures EMI license — Dutch central bank approval clears the MiCA hurdle for an euro stablecoin, launch due within months
Securitize moves to acquire River One — Q3 average tokenized assets of $5 billion, as Morgan Stanley also eyes transfer agent Vinyl
Digital Asset CEO: Treasury issuance onchain within 2-5 years — Canton clears $300-400 billion in repo daily, and tokenized Treasuries grew 2.5x in a year
Tokenized Treasuries cross $5 billion for the first time — Up $1 billion in two weeks, with BUIDL and Franklin’s BENJI capturing the largest institutional flows
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