Tokenization · Wall Street · New York · CoinDesk
The New York Stock Exchange even closed on Wednesdays for part of 1968 to let firms catch up
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The crisis helped drive a redesign of U.S. post-trade infrastructure, including centralized securities depositories and the formation of the Depository Trust Company.
Key facts
- The global market for tokenized equities has grown to roughly $2 billion, from less than $500 million at the end of the first quarter, though it remains a rounding error compared with the more
- Fairmint, an SEC-registered transfer agent that says it has processed more than $1.6 billion of equity natively onchain since 2019, instead puts the shareholder record itself onchain, Delanoue said
- If an investor puts money into a layer-10 SPV structure before an IPO, Delanoue said Fairmint's system would know exactly what that investor is entitled to at the “moment of the waterfall,” something
- The New York Stock Exchange even closed on Wednesdays for part of 1968 to let firms catch up
Summary
Tokenized stocks are solving a real access problem, but Delanoue says the industry is moving faster on distribution than on ownership records and market infrastructure. A token that tracks a stock is not necessarily the stock. Delanoue says interoperability, rather than rival exchanges building closed systems, will determine whether onchain equities become durable market infrastructure or another source of fragmentation. Crypto’s tokenized-stock boom risks creating a digital version of the “paper crisis” that brought Wall Street’s settlement machinery close to breaking point more than half a century ago, according to Joris Delanoue, CEO of onchain securities infrastructure provider Fairmint. In the late 1960s, booming U.S. stock trading overwhelmed a market reliant on clerks processing paper share certificates.