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The
platform would be separate from the NYSE itself, which operates
only on weekdays, and allow for instant settlement of
transactions, orders sized in dollar amounts and stablecoin-based
funding, NYSE owner Intercontinental Exchange said Monday.
Tokenization uses blockchain technology that powers
cryptocurrencies to create digital tokens as stand-ins for
things like stocks, bonds, real estate or even fractional
ownership of a piece of art that can be traded like crypto by
virtually anyone, anywhere at any time. Stablecoins, which are a
type of cryptocurrency typically bought and sold for $1, have
helped fuel the appetite to tokenize other financial assets.
Assuming it meets regulatory scrutiny, the platform would power
a new NYSE venue that would support trading of tokenized
versions of company shares, the exchange said.
The development of the platform is part of Intercontinental
Exchange's bid to broaden its transaction clearing capabilities
to handle 24/7 trading of tokenized securities and, potentially,
the integration of tokenized collateral.
Intercontinental Exchange said it's working with Citigroup, Bank
of New York Mellon and other lenders to support tokenized
deposits across the company's six clearinghouses around the
globe.
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