Overview
- The proposed platform would combine the NYSE’s Pillar matching engine with blockchain post-trade systems to enable instant settlement and stablecoin-funded transactions.
- The venue is intended to support tokenized versions of U.S. equities and ETFs that are fully fungible with traditional shares, preserving dividends and voting rights.
- The design includes fractional ownership, orders denominated in dollars, and multi-chain support for settlement and custody.
- ICE is working with BNY Mellon and Citi on tokenized deposits to let clearing members move funds and meet margin requirements outside conventional banking hours.
- Access would flow through qualified broker-dealers on a non-discriminatory basis, with launch timing dependent on SEC review as Nasdaq filings and DTC tokenization pilots advance in parallel.