Morning Minute: NYSE Leans Into 24/7 Tokenized Trading Onchain

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

• Crypto majors selloff amidst Trump tariff turmoil; BTC -2% at $91,100
• NYSE announces plans to launch 24/7 stock trading + tokenization
• Bermuda wants to bring its national economy onchain with Coinbase & Circle
• Pump Fun introduced its Pump Fund and upcoming Hackathon
• Trove fell over 90% in a disastrous TGE

🏛️ NYSE Leans Into 24/7 Tokenized Trading

Wall Street is finally capitulating into blockchain and around-the-clock trading.

📌 What Happened

The New York Stock Exchange is preparing infrastructure to support 24/7 trading of tokenized stocks and ETFs.

The effort is being developed under NYSE parent Intercontinental Exchange, and would allow traditional securities to trade continuously using blockchain-based rails, rather than the fixed market hours and delayed settlement that define today’s equity markets.

Key elements under consideration include:

• 24/7 trading, removing weekday-only market hours
• Tokenized representations of stocks and ETFs with the same economic rights as traditional shares
• Faster, potentially onchain settlement, reducing clearing and counterparty risk
• Compatibility with stablecoins and tokenized cash, enabling instant funding and movement of capital

The platform would still require regulatory approval and isn’t live yet, but moving in the right direction for the crypto natives who have been calling for this eventuality for years.

🗣️ What They’re Saying

“For more than two centuries, the NYSE has transformed the way markets operate. We are leading the industry toward fully on-chain solutions, grounded in the unmatched protections and high regulatory standards that position us to marry trust with state-of-the-art technology.” – Lynn Martin, President of NYSE Group

Back in December, BlackRock CEO Larry Fink and COO Rob Goldstein said that finance is “entering the next major evolution in market infrastructure,” one that could move assets “faster and more securely than systems that have served investors for decades.”

🧠 Why It Matters

The world’s most important stock exchange is building for a crypto-native market structure.

This is a big deal for a few reasons:

• First, it validates crypto’s core market thesis.
  • As Crypto matured it showed how outdated legacy market infrastructure is (9:30-4 trading hours, no weekends). The NYSE moving toward 24/7, programmable market shows crypto market design was directionally right.
• Second, tokenization is crossing the point of no return.
  • Once equities trade as tokens on the biggest exchanges it becomes harder for regulators, brokers, and institutions to argue that tokenization is fringe or experimental. And it will be hard to reverse.
• Third, this great convergence nears.
  • The NYSE leaning into blockchain for 24/7 trading and settlement for tokenized stocks is just the latest signal that TradFi is coming into crypto, and soon the two will be difficult (or impossible) to separate.

Now what does it mean for prices?

Again, it will be slow moving. But the blockchains that become the home of the majority of tokenization (potentially Ethereum and Solana) are set up to be winners.

And as the overall pie grows and crypto is taken more seriously, the bull case for crypto majors becomes easier to digest.

This won’t happen overnight.

But once the world’s most important exchange goes tokenized, there’s no looking back.

🌎 Macro Crypto and Markets

A few headlines that stood out:

• Crypto majors are red following Trump’s tariff turmoil; BTC -2% at $91,100; ETH -4% at $3,105, SOL -3% at $129; XRP -2% to $1.93
• CC (+12%), MYX (+5%) and SYRUP (+4%) led top movers
• The NYSE began preparations for 24/7 tokenized stock and ETF trading
• Steak ’n Shake revealed roughly $10M in Bitcoin exposure alongside the creation of a corporate BTC strategic reserve
• Vitalik Buterin called for more sophisticated DAO governance models to improve accountability, coordination, and long-term sustainability
• Bermuda outlined plans for a fully onchain national economy, working with Coinbase and Circle on payments, identity, and tokenized financial infrastructure

In Corporate Treasuries / ETFs

• The BTC ETFs saw $394M in net outflows on Friday breaking a 4-day inflow streak; ETH ETFs stayed green with $4.7M in inflows

In Memes / Onchain Movers

• Meme majors were red along with majors; Doge -1%, Shiba -1%, PEPE -2%, TRUMP -1%, Bonk -1%, Pengu -4%, SPX -12%, WIF -1% and Fartcoin -8%
• USOR (+70%), GSD (+50%), and Eliza Town (+800%) led onchain movers

💰 Token, Airdrop & Protocol Tracker

• Pump Fun announced its Pump Fund to invest in its ecosystem along with its first initiative the BiP Hackathon which will fund 12 projects with $250k at a $10m valuation
• MegaETH announced its Global Stress Test targeting 11B transactions in a week starting Jan 22, ahead of its mainnet launch
• Magic Eden announced that 15% of its revenue will go to ME buybacks and distributions to ME stakers
• Trove fell over 90% at TGE from $20M to

🚚 What is happening in NFTs?

• NFT leaders were red over the weekend following ETH’s selloff; Punks -1% at 28.9 ETH, Pudgy -4% at 4.94 ETH, and BAYC -4% at 6 ETH; Hypurr -1% 475 HYPE
• Good Vibes Club (+5%) and Grifters (+4%) led notable top movers
• An Ether Rock sold for 61 ETH