Crypto Long & Short: Tokenized equities: the model underneath the trade
This column explores the shift toward tokenized equities as a solution for achieving truly continuous, 24/7 financial markets. While current equity markets are extending hours, the author argues that on-chain settlement is necessary to reduce friction and improve efficiency.
Why it matters
Tokenization could fundamentally change how global equity markets operate by replacing legacy settlement systems with blockchain-based rails.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.
Happy Wednesday, This is your institutional newsletter, Crypto Long & Short. This week:
by Joshua DeVos , research lead, CoinDesk
Equity markets are moving toward continuous, around-the-clock trading, and the conversation has so far focused on exchange hours. Nasdaq now runs 23 hours a day; NYSE Arca has proposed the same; NSCC extended clearing to 24/5 in June 2026. These are real improvements, but they do not create genuinely continuous markets. Extending execution hours over a batch-cleared, T+1 settlement backbone can widen the gap between when a trade completes and when ownership formally changes hands, increasing friction rather than reducing it. The more important shift happens at the settlement layer itself; and that is where tokenized equities become highly relevant.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in