The New York Stock Exchange is exploring a blockchain-based version of U.S.-listed shares with Blockchain.com, according to market reports, placing one of Wall Street’s oldest market operators alongside a growing effort to bring regulated equities into always-on digital trading systems.
The reported initiative would seek to make tokenized stocks available on-chain, potentially allowing shares or regulated digital representations of shares to move through blockchain infrastructure rather than solely through conventional brokerage and clearing channels. The reports did not provide a launch date, product structure, eligible securities, or details on custody and settlement.
Tokenized equities remain a difficult category to scale because the underlying shares must remain tied to established securities rules, shareholder records, corporate actions, and market-surveillance requirements. An NYSE-linked project would face those same constraints, but could add institutional infrastructure to a market that has so far been dominated by smaller platforms and limited product offerings.
MoonPay targets regulated securities infrastructure
MoonPay has also moved toward tokenized securities through an agreement to acquire Utah-based North Capital Investment Technology in an all-stock transaction valued at more than $60 million, according to a person with knowledge of the matter.
North Capital holds registrations associated with broker-dealer, alternative trading system, transfer-agent, and investment-adviser services. Those registrations could give MoonPay a route into regulated issuance and trading services for tokenized securities, rather than limiting its role to payment and crypto-access products.
The deal illustrates how tokenization is becoming as much a licensing and market-structure challenge as a blockchain-development exercise. Platforms seeking to offer digital versions of securities need mechanisms for investor eligibility, recordkeeping, transfers, compliance checks, and secondary trading. Acquiring a firm that already operates within those frameworks can be faster than building an entirely new regulated operation.
Kalshi has separately filed a proposed rule change with the U.S. Securities and Exchange Commission to list perpetual securities futures linked to U.S. stocks and ETFs. The proposed contracts would have no fixed expiry date and would use periodic funding payments intended to keep their prices close to the relevant cash-market price.
Kalshi said the contracts would clear through Kalshi Klear and generally represent 100 shares. Its proposed listing standards include a deliverable supply exceeding 20 million shares, a market capitalization of at least $100 billion, and average daily trading value of at least $450 million over the previous six months. The thresholds would initially confine the products to large, liquid U.S. securities.
Institutional crypto allocations held through drawdown
Interest in blockchain-based securities is emerging while large institutions appear to be maintaining existing exposure to cryptoassets despite a difficult market period. Bitwise said none of 15 large institutions it interviewed reduced their crypto holdings during an approximately 50% broader-market drawdown from the fourth quarter of 2025 through the second quarter of 2026.
According to Bitwise, the firms’ crypto allocations ranged from 0.5% to 13% of investable assets, while most of the sample held between 1% and 2%. Every institution in the survey that held crypto owned Bitcoin.
The survey is a small and selective sample rather than a measure of all institutional portfolios, but it suggests that the recent decline did not prompt the interviewed firms to abandon their allocations. Their exposure levels also show that Bitcoin remains the common entry point, even as institutions examine other digital-asset strategies and tokenization products.
U.S. spot Bitcoin exchange-traded funds recorded $715 million in net inflows on Sept. 22, according to SoSoValue, extending their inflow streak to four consecutive trading days. The platform put total net assets across the funds at $110.84 billion and cumulative net inflows at $56.875 billion.
BlackRock’s IBIT accounted for $350 million of the day’s net inflow and had accumulated $64.856 billion in historical net inflows, SoSoValue said. Fidelity’s FBTC added $257 million, bringing its historical net inflows to $10.858 billion. The concentration of daily flows in the two largest products shows how the U.S. ETF market has become a major channel for regulated Bitcoin exposure.
Risk assets retreat as macro pressure builds
Crypto prices weakened over the past 24 hours, with Bitcoin down 2.01%, Ethereum down 2.58%, XRP down 4.68%, Solana down 2.94%, Dogecoin down 7.41%, and PEPE down 10.59%, according to the market data supplied. NEAR rose 2.00%, while ZEC was unchanged.
The move came alongside pressure in traditional markets. The U.S. Treasury said it would repurchase up to $6 billion of longer-dated government bonds on Thursday after expanding its buyback program from the $2 billion level outlined in early August. During trading linked to the announcement, the 30-year Treasury yield touched 5.38%, close to an earlier-month high near 5.40% and its highest level since 2007, according to the supplied market report.
The dollar also rose to its highest level since late July as markets priced in further Federal Reserve tightening. Brent crude moved back above $100 a barrel in European afternoon trading, while uncertainty over the Strait of Hormuz added to concern about energy supplies.
Federal Reserve Governor Michael Barr said further tightening may be needed to bring inflation back to the central bank’s 2% target in a timely manner. The supplied information said the federal funds target range was raised by 25 basis points to 3.75% to 4.00% on Sept. 16, with Boston Fed President Susan Collins supporting the move and citing inflation risks.
Higher yields, a stronger dollar, and elevated oil prices can tighten financial conditions across markets, leaving speculative tokens especially sensitive to abrupt shifts in risk appetite. That backdrop has also exposed weaknesses in decentralized finance: Blockaid monitoring showed Polygon-based QiDao Protocol’s miMATIC trading near $0.86, roughly 14% below its intended $1 peg.
Hyperliquid’s open interest reached a record $18 billion, according to the supplied derivatives data. Rising open interest during a price decline can signal heavy use of leverage, raising the likelihood that rapid market moves trigger liquidations.
The contrast between sustained ETF inflows and falling token prices points to a split market. Regulated Bitcoin products and tokenized-security infrastructure are attracting attention from established financial firms, while the more leveraged and thinly supported parts of the on-chain market remain exposed to macro shocks and peg failures.
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