NYSE Tokenization: Crypto's Death Knell? The New York Stock Exchange (NYSE) is launching a tokenized securities platform offering 24/7 trading of stocks and ETFs, instant settlement, stablecoin funding, and full dividend/governance rights—features long touted as crypto exclusives. This move, developed by NYSE parent Intercontinental Exchange using its Pillar matching engine and private blockchains, seeks regulatory approval for a potential 2026 rollout. Bears argue it erodes crypto's core appeal, especially for perpetual DEXs like Hyperliquid, onchain trading, and RWA sectors, potentially undermining smart contract platforms such as Ethereum and Solana. Hyperliquid faces particular pressure as NYSE tokenized stocks could siphon demand from leveraged futures trading on such platforms. Yet, opportunities emerge: compliant stablecoins like USDC may boom from stock market integration, unlocking arbitrage and top-tier asset inflows to crypto.