Are Traditional Financial Giants Jumping into RWA, Should Web3 Companies Really Panic?
I. Introduction
The capital markets have recently sent out a series of strong signals.
On September 8, 2025, the Nasdaq exchange announced it had filed an application with the U.S. Securities and Exchange Commission (SEC), planning to enter the tokenized securities trading market. Then, on January 19, another heavyweight player—the New York Stock Exchange (NYSE)—revealed its latest strategic move.
The NYSE plans to launch a tokenized securities trading and on-chain settlement platform, aiming to support 24/7 trading of U.S. stocks and ETFs, fractional share trading, stablecoin-based fund settlement, and instant settlement, while integrating traditional trading systems with blockchain settlement systems.
As the world's two most influential exchanges make their moves in succession, one question can no longer be avoided: How will this change affect Web3, especially the overall landscape of equity RWA?
II. What Exactly is the NYSE's "On-Chain Stock"?
Based on currently disclosed information, the NYSE's plan is not radical but very "pragmatic," which can be broken down into three core directions.
First, it is building a platform for "regulated securities + on-chain settlement."
The platform will support 24/7 trading of U.S. stocks and ETFs, fractional share trading, and introduce stablecoins as a settlement method. However, it is important to emphasize that order matching will not be fully moved on-chain; instead, it will continue to utilize the NYSE's mature trading system.
Second, tokenized stocks are not "shadow assets."
According to the NYSE's plan, tokenized stocks will enjoy the same dividend and governance rights as traditional securities, rather than being simple price-mapped derivatives.
Third, the fund and clearing systems are also being upgraded simultaneously.
The NYSE's parent company, ICE, has partnered with banks such as BNY Mellon and Citi to explore tokenized deposits and clearing infrastructure, supporting cross-timezone, round-the-clock fund and margin management.
More importantly, the NYSE explicitly stated in its announcement that the relevant plan has been communicated in advance with regulators like the SEC, with the goal of obtaining legal status for the platform within the existing securities legal framework, such as registering as a regulated Alternative Trading System (ATS).
The signal this sends is very clear: this is a market upgrade being pushed forward within the rules, not a "regulatory gray area experiment." This also means that the NYSE's move is not a single-point innovation but could have a ripple effect on the entire RWA ecosystem.
III. What Does the NYSE's Entry Mean for RWA?
Founded in 1792, the NYSE is seen as a symbol of the modern capital market. Any major shift by such an institution will have an amplified effect on the industry.
First, there is the change at the liquidity level. After the passage of the GENIUS Act, stablecoin trading volume has reached $33 trillion, a 72% year-on-year increase. The NYSE's explicit introduction of stablecoins as a settlement method effectively opens up a top-tier application scenario for stablecoins—the stock market. The massive liquidity brought by stock exchanges is highly likely to create a spillover effect across the entire RWA field.
Second, it expands corporate financing pathways. Listed companies can enhance trading efficiency and liquidity through tokenization; companies with financing or listing needs will also see a new possibility.
The core value brought by a tokenized securities platform lies in efficiency:
- Instant settlement (T+0) reduces capital lock-up
- 24/7 trading connects to global capital
- On-chain shareholder registries and automated dividends reduce long-term operational costs for companies.
For companies, the tokenized securities solution launched by the NYSE is more suitable for the stage of moving towards public markets and accepting broader investor participation. While enhancing liquidity and trading efficiency, this also means a more open and dispersed equity structure.
Beyond this, companies that still wish to control the pace of equity dilution and avoid premature or excessive dilution can continue to explore through more flexible equity RWA solutions. The two paths are not opposing but represent choices corresponding to different development stages and financing goals.
Meanwhile, platforms like Robinhood and Kraken, as well as some Web3 exchanges including Binance, have also begun exploring directions related to equity RWA. The NYSE's entry is not the "unified answer" but complements these Web3 solutions, offering companies diverse pathways from private to public domains, and from flexible to standardized approaches.
IV. This is Not the Endgame, But a New Starting Point
Bloomberg noted in its related coverage that this move signifies: "The mainstream financial world's approach to asset tokenization has moved from conceptual discussion to the stage of substantive infrastructure construction." Asset tokenization and blockchain settlement are transitioning from "value-adds" to "fundamental capabilities."
The development of the RWA track is also evolving from individual project model innovation to long-term competition centered around compliance capabilities, institutional trust, and system integration capabilities.
For the industry, this is not a stress test but a confirmation of direction. When top-tier financial institutions begin to enter the arena, the only truly important thing is to read the signals clearly and understand the trends thoroughly.
