Public Blockchains Enter Exchange Clearing as Tokenized Markets Reshuffle
Total Tokenized RWAs
$46.1B
Treasuries lead at 28.9%
Ondo Tokenized Treasuries
$4.07B
No. 1 on RWA.xyz
Canton Represented Assets
$320.7B
88% of $366B total
Tokenized Stocks
$4.64B
91.8% held by Western firms
NYSE Taps Avalanche as Clearing and Settlement Rails for Tokenized Securities
The Wall Street Journal exclusively reported that the New York Stock Exchange is preparing to launch a dedicated trading venue for tokenized securities, naming the Avalanche blockchain as its exclusive technology partner for clearing and settlement infrastructure; Ava Labs subsequently confirmed the collaboration in an official announcement. This marks the first time a top-tier global exchange has embedded public blockchain technology directly into its core securities settlement layer, widely viewed as a key step toward institutional-grade RWA adoption.
- The new venue is positioned as an alternative trading system (ATS), initially focused on compliant tokenized stocks and tokenized ETFs, with the Avalanche network as the single record of final ownership
- Architecture pairs offchain matching with onchain settlement: the execution layer retains the existing Pillar matching engine (microsecond latency), while Avalanche smart contracts perform atomic settlement (DvP), eliminating counterparty settlement risk
- Blueprint: subject to regulatory approval, the system targets 24/7 trading and settlement, with compliant stablecoins planned as the funding and onchain settlement medium
- Timeline: test pilot targeted for Q4 2026, with future compatibility for tokenized securities issued across multiple blockchains
Market Impact
A public chain enters an exchange’s core settlement layer for the first time, paving infrastructure for 24/7 traditional securities
Structural Trend
Matching and settlement decoupling becomes the mainstream exchange upgrade model, with atomic DvP replacing multi-day clearing
Ecosystem Signal
Avalanche gains exchange-level endorsement as chain competition moves from asset custody to clearing and settlement authority
Source: The Wall Street Journal via 120btc · Ava Labs · November 9, 2026
Formation Files With SEC to Run First Tokenized Securities Venue on Solana
Formation Securities formally notified the SEC of its intent to operate a tokenized securities venue (TSV) on the Solana blockchain, with trading expected to begin in early 2027 and initial listings of tokenized shares in Exodus (EXOD), Forward Industries (FWDI) and Galaxy Digital (GLXY). The venue operates under the SEC’s Innovation Exemption from September, charting a divergent path from OKXICE’s third-party tokenization model, which has drawn objections from 67 issuers.
- Technology licensed from Orca’s AMM software (which has processed over $550B in digital asset trades); each trade settles atomically onchain, with tokenized shares preserving the same voting and dividend rights as traditional stock
- Access limited to verified investors cleared through KYC, AML and sanctions screening, trading 24/7 against stablecoins; custodians include Anchorage Digital Bank, BitGo Bank & Trust and Fireblocks
- Superstate and Securitize are expected to make tokenized shares available; the plan builds on Project Open, proposed to the SEC’s Crypto Task Force in April 2025 by Orca, Superstate and the Solana Policy Institute
- Note: filing a notice is not SEC approval — the regulator has “not passed upon the merits or accuracy of the disclosures”; exemption conditions include caps on volume and listed securities
Market Impact
A fourth venue candidate emerges under the exemption framework on Solana, adding momentum to the institutional RWA narrative
Structural Trend
An issuer-driven route takes shape, openly competing with OKXICE’s third-party model
Risk Note
The venue is not live and issuer consent is unconfirmed; trading beyond exemption caps carries enforcement risk
Source: PR Newswire · crypto.news · November 9, 2026
Ondo’s Tokenized Treasuries Top $4B as BUIDL Shrinkage Reshuffles Rankings
Ondo Finance’s tokenized US Treasury products crossed $4B, holding the top spot on RWA.xyz with 484 assets; its lead over runner-up Securitize has widened to roughly $226M (Ondo $4.04B vs Securitize $3.81B). The ranking shift stems largely from shrinking outstanding supply in BlackRock’s BUIDL, which fell from about $2B on November 3 to roughly $1.8B five days later — and BUIDL is the largest component of Securitize’s platform value.
- Ondo’s core product USDY (backed by short-term US Treasuries and bank deposits) stands at about $2.39B, roughly 59% of its total; BUIDL accounts for about 47% of Securitize’s value — both platforms are heavily concentrated in a single Treasury product
- Onchain data shows Grove, a capital allocator in the Sky ecosystem, held 26.5% of BUIDL in August and fully exited by November 8, accounting for roughly three-quarters of the fund’s net decline over that period
- Ondo’s product catalog has grown to 486 assets, nearly 10x Securitize’s 50; but the leaderboard reflects flows into a handful of Treasury products more than demand across hundreds of assets
Market Impact
A duopoly dominates tokenized Treasuries; Ondo leads by scale but remains structurally concentrated
Structural Trend
A single product can decide platform rankings; redemption outflows can rewrite the top of the table overnight
Growth Outlook
USDY and BUIDL both anchor to Treasuries; yield competition and issuer distribution will decide the next phase of rankings
Source: Finance Magnates · CoinPaprika · November 9, 2026
Behind the $4.6B Tokenized Stock Market: One Broker Holds Over 91% of Underlying Shares
In the roughly $4.6B tokenized stock market, as much as $4.17B (over 91%) of the real underlying shares are concentrated in custody at a single US licensed broker, Alpaca Securities. Issuers including Binance bStocks, Ondo Finance, xStocks, Robinhood, RealityFi and Coinbase all plug into Alpaca’s brokerage and custody network underneath, reshaping Wall Street’s four-way separation of issuance, trading, brokerage and clearing through crypto-native vertical integration.
- Core reason: Alpaca offers a developer-friendly brokerage API dubbed “Stripe for securities trading” — onchain issuers complete compliant onboarding, bulk purchase of real US shares and segregated custody in a few lines of code, dramatically shortening time to market
- Token Terminal data: of the $4.64B tokenized stock market, US firms and ETFs account for 91.8%; Western institutions dominate, though offshore issuance structures highlight jurisdictional friction limiting global adoption
- Same-day expansion: Securitize added tokenized shares of Arista, ExxonMobil, Uber and Disney on Solana — an onchain debut for traditional blue chips rather than derivative wrappers
Market Impact
Behind the “decentralized” facade, underlying custody is highly concentrated, making single-point risk a regulatory focus
Structural Trend
Vertical integration overturns the four-way separation; issuer-broker binding becomes the standard architecture
Regulatory Watch
Top institutions are jointly pushing to modernize transfer-agent rules; the gap between onchain data and legal shareholder records remains unresolved
Source: TechFlow · Token Terminal / CryptoBriefing · November 9, 2026
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