Avalanche’s AVAX rose as much as 10% on Monday as the New York Stock Exchange announced plans to use the blockchain to record and settle trades on a proposed round-the-clock tokenized-stock platform. The move made AVAX the strongest performer among the 100 largest cryptocurrencies by market capitalization, according to Cointelegraph’s report.
Original publication: November 10, 2026, at 01:41:02 UTC+8. The figures and project timelines below reflect that report, not current market conditions.
The rally and the market snapshot
AVAX later eased to $8.86, leaving it up more than 8% on the day, according to CoinGecko data as of 15:22 UTC. Its market capitalization stood at approximately $3.95 billion, with $439.7 million traded over the preceding day.
Avalanche’s total value locked reached $633 million, up 4% over 24 hours, according to DeFiLlama.
The price advance coincided with confirmation of Avalanche’s role in the NYSE project. Those figures establish the timing and scale of the move; they do not establish how much of the gain was caused by the announcement.
What NYSE selected Avalanche to do
According to Ava Labs, the planned platform will support digital versions of stocks issued on different blockchains. Avalanche will provide the ledger used to record trades and complete settlement—not necessarily the blockchain on which every supported stock is issued.
Dennis Lee, NYSE’s head of digital issuance, said the exchange needed a ledger that was fast and reliable, allowed control over participation, kept costs predictable and had a substantial developer community. He said Avalanche met those requirements.
NYSE first announced plans for the platform in January. In September, Ava Labs disclosed that the exchange had spent about a year testing Avalanche. Its final selection was not confirmed until Monday.
The platform could launch before the end of 2026, subject to regulatory approval, according to The Wall Street Journal. That makes the announcement a technology-selection milestone, rather than confirmation that the service was already operating.
John Nahas, Ava Labs’ chief business officer, told Cointelegraph that initial conversations with NYSE began nearly a year earlier. He described the project as an important step toward blockchain becoming foundational financial infrastructure.
A broader push toward tokenized markets
The project targets a different operating model from traditional US stock markets, which the report described as typically open from 9:30 a.m. to 4 p.m. EST on weekdays, with trades often taking at least one business day to settle.
Other financial firms were pursuing related initiatives, though with different roles and schedules:
- Nasdaq: In September, it announced plans to invest $100 million in Kraken parent Payward to launch tokenized stocks. That project was expected to launch in the second quarter of 2027.
- DTCC: In October, the securities-settlement infrastructure provider launched a service allowing financial firms to turn traditional securities into digital tokens. CEO Frank La Salla described it as bringing tokenized securities into a regulated framework backed by established market infrastructure.
- Progmat: In July, the Japanese financial technology company said it had moved more than 452 billion yen in digital securities onto a dedicated Avalanche blockchain.
- Aave Labs: In September, it announced plans for a lending service on Avalanche that would allow financial firms to borrow Tether’s USAT stablecoin against tokenized assets.
These initiatives share a focus on bringing traditional assets into blockchain-based systems. They are not interchangeable: stock trading, securities tokenization and collateralized lending serve different functions. For the NYSE project, regulatory approval and an eventual launch remained outstanding at the time of publication.
