The NYSE recently made a big move, announcing the launch of a new platform dedicated to trading tokenized securities, claiming to operate 24/7 year-round and settle with stablecoins. This news has sparked quite a discussion in the crypto community—traditional finance is starting to get serious.

In simple terms, this marks a significant moment of traditional finance embracing blockchain technology. But there's a pressing question: once stocks can be traded around the clock, won't the original advantage of cryptocurrencies—"no trading hours restrictions"—be taken away?

According to a statement from Intercontinental Exchange (ICE), this system requires approval from the U.S. Securities and Exchange Commission before going live. The core logic is straightforward—not about decentralization, but about using blockchain to make clearing, settlement, and collateral management processes faster and more efficient. Essentially, it's leveraging blockchain as a shell to optimize backend operations.

On the technical side, Blockworks analyst Dan Smith has a clear understanding. NYSE is not using a full on-chain matching model (like DeFi approaches), but rather a hybrid scheme of "off-chain matching, on-chain settlement"—similar to the design concept of prediction markets like Polymarket. It also supports multi-chain settlement and cross-chain interoperability, which means the ecosystem will be more open.

The platform will use NYSE's proprietary Pillar matching engine combined with a private blockchain post-trade system. It sounds very professional, but simply put, it's a combination of the high efficiency of centralized exchanges and the settlement advantages of blockchain. This will indeed be attractive to institutional investors and could impact the overall market landscape.