Avalanche’s AVAX leads crypto gains following NYSE tokenization deal
Avalanche’s AVAX token rose as much as 10% after the NYSE selected its blockchain to support settlement on a planned tokenized stock trading platform.
Avalanche's AVAX token surged by up to 10% on Monday after the New York Stock Exchange (NYSE) announced plans to utilize its blockchain for trading tokenized stocks 24/7. AVAX reached a high of $8.86, up over 8% for the day, according to CoinGecko data. The token has a market capitalization of approximately $3.95 billion, with $439.7 million traded over the past day.
The Avalanche blockchain's total value locked (TVL) stands at $633 million, a 4% increase in the last 24 hours. NYSE's digital issuance head, Dennis Lee, emphasized the company's exploration of blockchain technology to enhance its equity offerings and expand trading opportunities outside regular market hours. The NYSE's new platform will allow investors to trade digital versions of stocks across various blockchains, with Avalanche ensuring the security, speed, and predictability of transactions.
The platform's launch could occur before the end of 2026, pending regulatory approval. Other financial firms, such as Nasdaq, DTCC, and Progmat, are also exploring blockchain technology for faster and more accessible stock trading.
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