A new wave of U.S. tokenized equity venues is taking shape around a simple launch model: one venue, one blockchain. Over the past week, three separate platforms have aligned with three different networks, highlighting how issuers and exchanges are approaching the market under tight U.S. securities rules.

The most prominent of those moves came from the New York Stock Exchange. The Wall Street Journal reported that NYSE selected Avalanche as the sole settlement chain for its planned 24/7 tokenized stock platform. That decision places Avalanche alongside Canton Network and Solana as networks chosen by separate U.S. venues announced within days of one another.

Three venues, three chains

According to the report, NYSE plans to use Avalanche exclusively for settlement on its tokenized stock platform. Earlier this month, $CNTN became the first U.S. equity to trade under the SEC’s Innovation Exemption when Five North sold tokenized $CNTN shares to DRW Cumberland on TSV, a permissioned venue built on the Canton Network.

A third development arrived on Monday, when Formation notified the SEC that it intends to run a tokenized stock venue on Solana, with a target launch in early 2027. Taken together, the announcements show that different operators are making distinct infrastructure choices rather than converging on a single chain standard for U.S. tokenized equities.

Why launches are staying single-chain

The source article argues that no U.S. venue is going multichain at launch because of the operational and regulatory burden involved. Adding multiple networks would increase compliance complexity at a time when tokenized stock trading is already subject to strict oversight.

There is also a market-structure reason for concentrating activity on one chain. Splitting trading and settlement across several networks could make it harder to build meaningful liquidity while remaining within the SEC’s 0.25% average daily volume cap per asset, as cited in the report.

Market share is following distribution power

The article says the blockchains that have gained the most tokenized stock volume so far are those backed by major exchanges and their existing customer bases. BNB Chain’s growth has been tied to Binance’s bStocks, Base’s rise has been linked to Coinbase, and Solana’s tokenized stock volume has largely been associated with Kraken’s xStocks.

That pattern suggests chain selection alone may not determine winners. In this market, distribution, issuer support and venue reach appear to matter at least as much as underlying network design.

Tokenized stocks continue to expand

By the numbers cited in the article, tokenized stocks have tracked the early growth path of stablecoins relatively closely. About 240 days after crossing $1 billion in size, stablecoins were at roughly $4 billion, while tokenized stocks had reached $3.7 billion. Tokenized Treasuries were at $2.5 billion at the same point and have since lagged behind.

The market is also broadening. The number of tokenized stocks and ETFs worth more than $1 million rose from three in January 2025 to 287 as of November 8, spread across about 4,400 tokenized assets and a total market of $3.7 billion. The report also noted that HTX launched spot trading in bStocks on Monday with 20 names, including NVDA, TSLA, QQQ and CRCL.

What comes next

The latest venue announcements point to a fragmented but expanding U.S. landscape, where each operator is choosing a single network and trying to build liquidity under close SEC constraints. That makes upcoming launches and early trading activity important tests for whether this model can scale.

For now, the next confirmed milestones are Formation’s planned early-2027 launch on Solana and the continued rollout of NYSE’s proposed Avalanche-based platform. The source article also highlights broader product expansion, noting that Strategy and SpaceX are now the most tokenized issuers by asset count, a sign that market breadth remains one of the clearest indicators to watch.

Source: www.theblock.co