A plan is in the works to bring more than 60 US-listed stocks, including Nvidia and Tesla, onchain as tokenized assets that trade around the clock. The venue would run 24/7 and settle trades in stablecoins, according to details of the proposal. It would also rely on blockchain-based liquidity pools rather than a conventional order book.
Why the order book gets replaced
Most stock trading today runs through an order book: buyers post bids, sellers post asks, and a matching engine pairs them during market hours. The planned venue skips that entirely. Pricing and fills would come from onchain liquidity pools, the automated reservoirs of tokens that traders already use on decentralized exchanges. For tokenized equities, that means a share of Nvidia could sit in a pool alongside a stablecoin, with the pool's algorithm setting the price as trades flow in and out.
The upside is continuous trading. No opening bell, no closing bell, no halt at 4pm ET. The tradeoff is that liquidity pools behave differently from order books. Large orders can move the price more sharply, and there's no specialist or market maker obligated to step in the way there is on a traditional exchange.
The stablecoin settlement angle
Trades would be conducted against stablecoins, which keeps the cash leg of each transaction inside the crypto rails. That's a deliberate design choice. It means a trader doesn't have to wire dollars back and forth between a bank and the venue, and it means settlement happens on the blockchain rather than through the multi-day clearing process that underpins conventional equities.
Stablecoins have become the default settlement layer for a lot of crypto-native trading already. Extending that to tokenized megacap stocks is the more ambitious part.
Sixty names, two of them enormous
Nvidia and Tesla are the marquee names on the list, which isn't accidental. Both are among the most heavily traded stocks in the US market and both have a retail investor base that's comfortable with crypto-adjacent products. Tokenized versions of those two would likely draw the most volume if the venue launches.
The rest of the list runs to more than 60 tickers, though the full roster hasn't been detailed. That's a big enough basket to look like a real market rather than a gimmick, but it's also a small slice of the thousands of names listed in the US.
What's still unresolved
Plenty. The facts so far cover the shape of the venue, not the plumbing behind it. There's no word on who operates it, which blockchain it runs on, when it goes live, or how the tokenized shares would be issued and backed. The regulatory question is the largest one: tokenized US equities sit at the intersection of securities law and crypto rules, and no framework has been settled for trading them around the clock against stablecoins.
Until those details land, the plan is a design, not a market. The next concrete step would be disclosure of the operator and a launch timeline.
