securities

The SEC released a document (34-105260) disclosing the rule change application submitted by the NYSE, intending to formally introduce a framework for trading tokenized securities.According to the proposal, the NYSE plans to add Rule 7.5, allowing eligible securities to be traded and settled in a blockchain-based tokenized form in addition to traditional forms. The relevant arrangements will operate under the DTC pilot program. The core mechanisms include: tokenized securities and traditional stocks will share the same trading code (CUSIP) and rights structure, and will be fully interchangeable; in the matching system, tokenized and traditional securities will have the same execution priority, and the order of transactions will not be affected by the different forms; trading participants can choose to settle and clear in an on-chain form through a tokenization flag, with specific processing carried out by custodians. Additionally, the NYSE also plans to simultaneously modify order sorting, routing, and clearing rules to accommodate the trading process of tokenized securities, ensuring seamless integration with the existing market structure.From a market perspective, this proposal signifies that traditional U.S. securities exchanges are officially exploring the introduction of blockchain technology into the core trading and settlement systems. If approved, it could become an important milestone for on-chain securities entering mainstream financial infrastructure.

According to documents from the U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE) submitted a rule change proposal to the SEC (File No. SR-NYSE-2026-17) to add Rule 7.5 and amend related provisions, allowing eligible securities to be traded in tokenized form on the exchange.The proposal is based on the three-year tokenization pilot program by the Depository Trust Company (DTC) and is modeled after similar rules previously approved by the SEC for Nasdaq. According to the proposal, tokenized securities must share the same CUSIP number, trading code, and shareholder rights as traditional securities to trade with equal priority on the same order book. The initial scope is limited to components of the Russell 1000 Index and ETFs tracking major indices, with a settlement cycle remaining unchanged at T+1, and existing regulatory rules will also apply to tokenized securities.

The "2026 Digital Asset Institutional Investor Survey" released by financial giant Nomura Securities shows that nearly 80% of institutional investors plan to allocate 2% - 5% of their total managed assets to the cryptocurrency sector. 65% of the surveyed institutions view cryptocurrencies as a diversification tool on par with stocks, bonds, and commodities.The survey covered institutional investors and family offices managing over $60 billion in assets. In terms of investment direction, more than two-thirds of respondents hope to earn returns through DeFi mechanisms such as staking, 65% are focused on lending and tokenized assets, and 63% are exploring derivatives and stablecoins. Additionally, 63% of respondents believe that stablecoins have practical uses for managing cash, cross-border payments, and investing in tokenized assets, with stablecoins issued by major financial institutions being the most trusted.Nomura Securities stated that regulatory clarity, increased awareness, and improved risk control frameworks are key to expanding investments. Although challenges such as the lack of clear methods for asset valuation and regulatory uncertainties still exist, the development of diversified investment products and improvements in risk management practices are accelerating institutional adoption.

According to Jinshi News, a research report from CITIC Securities states that the overall inflation in the U.S. in March rose significantly due to soaring oil prices, while core inflation showed moderate performance. It is expected that the April CPI may continue to record a relatively high growth rate month-on-month due to compensatory increases in rental inflation. If the pace of oil price decline is slow, the U.S. CPI year-on-year may continue to exceed 3% for the remainder of the year. CITIC Securities still expects the Federal Reserve to cut interest rates by 25 basis points within the year, and the dollar may experience weak fluctuations in the near term.

According to Jinshi News, CITIC Securities pointed out that the U.S. non-farm payroll data showed that 178,000 new non-farm jobs were added in March, exceeding expectations, partly driven by the repair of short-term disturbances. Although the structure of employment growth has improved compared to February, many industries still show low growth. If the U.S.-Iran conflict continues, it is expected to put pressure on the global supply chain, and U.S. employment may still face pressure in the future. Currently, the upward risk of inflation is squeezing the Federal Reserve's space for interest rate cuts.

According to Jinshi News, a report by TD Securities strategists stated that the sustainability of the recent rise of the dollar may be more limited than in 2022 due to the impact of energy price shocks triggered by the Iran war. They pointed out that when the Russia-Ukraine conflict drove up oil prices in 2022, the dollar's rise was slow and steady, but it continued to strengthen even after oil prices fell. TD Securities expects that if inflation slows down, the Federal Reserve will consider resuming interest rate cuts in the third quarter of 2026, and the dollar is expected to decline by the end of the year.

According to a report by Jinshi, Huatai Securities' research indicates that the duration of the current Middle East conflict and its impact on global supply and demand have exceeded "temporary" shocks, leading to substantial breaks in funding and supply chains. It is expected that the US dollar and oil prices will be stronger than anticipated this year, while the global liquidity easing will be lower than expected, and the potential for valuation increases will also be below expectations. The market may experience a psychological process of shifting from tracking news to returning to fundamentals, with increased focus on material shortages, supply chain, and cash flow risks. Huatai Securities recommends maintaining a certain level of caution towards volatility.

According to Jinshi reports, Huatai Securities believes that the better-than-expected rebound in March's non-farm data shows the resilience of the U.S. labor market. However, under the conflict in the Middle East, the impact of high oil prices on inflation expectations is more critical for the Federal Reserve's monetary policy.Recently, the ongoing conflict in the Middle East has intensified, and the oil supply gap caused by the blockade of the Strait of Hormuz has driven up oil prices and inflation expectations. Inflation is currently the core variable of the Federal Reserve's monetary policy.

According to Herald Economy, Korea Investment & Securities is considering acquiring shares in the digital asset exchange Coinone to respond to competitor Future Asset Group's acquisition of Korbit. Korea Investment & Securities is currently communicating with financial authorities and political circles, and has not yet reached an agreement on specific terms with Coinone representatives.Coinone is the third-largest cryptocurrency exchange in South Korea, with a market share in the double digits, but has reported losses for three consecutive years. Financial authorities are advancing restrictions on major shareholders of exchanges, and some of the 53.44% shares held by Coinone representatives are expected to be sold. Korea Investment & Securities has previously been less active in the digital asset space, and this acquisition would make it a "game changer." Coinone stated that it has not yet determined the specific cooperation model or partner.

According to market news, South Korea's leading brokerage, Korea Investment & Securities, is conducting a preliminary review for the acquisition of shares in Coinone, the country's third-largest cryptocurrency exchange. They are currently working to persuade financial regulatory authorities and the National Assembly's Administrative Committee, following a path similar to that of Mirae Asset Group's acquisition of Korbit.The current CEO of Coinone, Cha Myung-hoon, holds 53.44% of the shares, but the upcoming regulatory new rules may set the upper limit for major shareholders' holdings at 15% - 20%, creating an entry window for external buyers.

Ant Group has completed the acquisition of Hong Kong stablecoin concept stock Yau Choy Securities, obtaining a 50.55% stake for HKD 2.814 billion. The board of Yau Choy Securities has been completely restructured, with Zheng Yanlan, the current head of the overseas business preparation team of Ant Group's Ant Wealth division, Huang Hao, the current senior vice president of Ant Group, and Liu Zheng, the current chief financial officer of Ant Group, appointed as executive directors.

According to Jinshi reports, Nomura Securities expects the Federal Reserve to cut interest rates by 25 basis points in September and December, while the previous forecast was for June and September.

Cryptocurrency payment company Alchemy Pay announced that its strategic investment target in Hong Kong, HTF Securities Limited, has received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its Type 1 (Securities Trading) license to virtual asset trading services, covering both professional and retail investors.Previously, both parties had jointly completed the upgrade of the Type 4 license to VA and are advancing the application for the upgrade of the Type 9 license. In addition, the stablecoin payment public chain Alchemy Chain launched by Alchemy Pay has gone live on the testnet this year, with over 150,000 test addresses since its launch.

Cryptocurrency payment company Alchemy Pay announced that its strategic investment target in Hong Kong, HTF Securities Limited, has received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its Type 1 (Securities Trading) license to virtual asset trading services, covering both professional and retail investors. Previously, both parties had jointly completed the upgrade of the Type 4 license to VA and are advancing the application for the upgrade of the Type 9 license, gradually building a virtual asset licensing system in Hong Kong.In addition, the stablecoin payment public chain Alchemy Chain launched by Alchemy Pay has gone live on the testnet this March. Since its launch, the number of test addresses has exceeded 150,000, providing underlying support for the implementation of its stablecoin payment ecosystem.

According to the official blog, Plume Network's General Counsel Salman Banaei stated at a hearing held by the U.S. House Financial Services Committee that tokenized securities should not be viewed as a completely new asset class, nor should new rules or exemptions be created for them.He argued that regulation should be driven by the economic nature and risks of financial products, rather than the technology used, and thus should incorporate new technological realities into the existing regulatory framework through targeted amendments to current regulations.Salman pointed out that utilizing public blockchains and on-chain compliance tools (such as Plume's built-in protocol-level anti-money laundering screening) can significantly enhance market transparency, reduce costs, and decrease reliance on intermediaries while maintaining or even exceeding existing regulatory standards.Finally, Salman issued a warning: the competition for global tokenized infrastructure is accelerating, with regions like Hong Kong, Singapore, and the UAE actively positioning themselves. If the U.S. falls behind in regulation due to policy uncertainty, it risks losing its leadership position in the digital transformation of global capital markets, allowing this strategic opportunity to shift to foreign competitors with different geopolitical objectives.

The U.S. House Financial Services Committee will hold a hearing on "Tokenization and the Future of Securities" on March 25, 2026, at 22:00 (UTC+8) to discuss the impact of security tokenization on capital markets, investor protection, and regulatory frameworks, and to review a legislative proposal requiring the SEC and CFTC to study the tokenization market.Witnesses include SIFMA President Kenneth Bentsen, Blockchain Association CEO Summer Mersinger, DTCC Deputy General Counsel Christian Sabella, Nasdaq Chief Legal and Compliance Officer John Zecca, and Plume Network General Counsel Salman Banaei.

According to Businesswire, Nasdaq-listed Solana treasury company Solmate Infrastructure released an update on its digital asset reserves, disclosing that as of 2026, it holds 1,235,834 SOL and approximately 7.1 million dollars in crypto-related securities, as well as about 9.1 million dollars in cash. The company clarified that it has not sold SOL tokens to maintain operations and has no long-term debt.Based on the current market price of SOL, its total digital asset market value is approximately 129.4 million dollars.

According to the Wall Street Journal, the New York Stock Exchange is collaborating with Securitize to develop a tokenized securities platform.

The Hong Kong Securities and Futures Commission released the Q4 2025 report, which pointed out that the Hong Kong Securities and Futures Commission has officially become a member of the Hong Kong Police Force's Virtual Assets Intelligence Working Group, with strategic innovation promoting the continuous growth of Hong Kong's listed and digital asset markets.In terms of digital assets, the Hong Kong Securities and Futures Commission recognized that the asset management scale of tokenized retail money funds has grown to HKD 8.66 billion (USD 1.11 billion) since its launch in 2025, with a quarterly increase of 14% as of last December; additionally, since the launch of Asian virtual asset spot exchange-traded funds in the market in 2024, a total of 11 such ETFs have been listed in Hong Kong, with a total market value increasing by 142% to over HKD 5.4 billion (USD 702 million) since their listing. As of last December, the total market value of ETFs and leveraged and inverse products recognized by the Hong Kong Securities and Futures Commission surged by 33.7% year-on-year to HKD 618.7 billion.Furthermore, the net inflow of funds for funds registered in Hong Kong surged by 118.5% year-on-year to HKD 356.7 billion in 2025. As of last December, the assets under management of these funds grew by 38.3% year-on-year to HKD 22.8 trillion, while the total number of funds increased by 9.1% year-on-year to 1,041.