In January, the New York Stock Exchange and its parent company Intercontinental Exchange announced plans to build a 24/7 tokenization platform supporting instant settlement and blockchain-based post-trade infrastructure. However, no launch timeline or technical framework has been disclosed, leaving questions about whether it will operate in a permissioned or permissionless environment.

For now, Hougan argues that institutions seeking round-the-clock market access have little choice but to adapt to crypto-native platforms. Hedge funds and banks wanting to remain competitive may need to set up stablecoin wallets and engage directly with decentralized derivatives markets. If the weekend’s trading surge is any indication, the shift toward on-chain finance may already be happening faster than Wall Street expected.