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BREAKING: NYSE Taps Avalanche to Settle Its Planned Tokenized Stock Platform

Regular US stock trading runs six and a half hours a day, five days a week, and a trade usually takes a business day to settle.

On Monday the New York Stock Exchange picked Avalanche to help change all three.

Avalanche's technology will be the ledger that records and settles trades on NYSE's planned tokenized-stock venue, which is meant to run around the clock and could open before the end of this year if regulators sign off.

(Settlement is the back office of a stock trade, where the buyer gets the shares and the seller gets the cash.)

NYSE will keep matching orders on its own trading engine and move clearing, settlement and custody onto the blockchain, with trades funded in stablecoins.

That's the slow part of a stock trade, and on one shared ledger the shares and the cash can swap in the same instant.

AVAX, Avalanche's token, jumped as much as 10% on the news.

But NYSE won't be settling on Avalanche's public network.

It'll run its own custom chain built on Avalanche's technology, and NYSE decides who gets to take part.

DTCC, which sits at the centre of US stock settlement, took a similar route last month, launching its tokenization service on its own private chain and the Canton Network.

JPMorgan made the opposite call in October, putting its deposit token on Ethereum's main network because that's where the liquidity is.

And on the same Monday, Formation told the SEC it plans to run the first tokenized stock venue on Solana, starting with Galaxy and Exodus shares in early 2027.

Stocks issued on other blockchains will be able to plug into NYSE's venue, but everything still settles on the one chain NYSE runs, which keeps the exchange in the middle of every trade… 🚀

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Ray Dalio says the midterms changed who'll be handling Washington's problems, but not the problems themselves.

He's the founder of Bridgewater Associates, the largest hedge fund in the world, and the most studied voice on long-term debt cycles alive today.

Here's what he posted on Monday:

Dalio expects more fighting and more dysfunction, and the first fights he names are over the government's money.

Temporary government funding runs out on December 11, the federal debt is projected to hit its limit in March 2027, and the Treasury is projected to run out of options by fall 2027.

He thinks those fights will be brutal and will push up Treasury bill yields, because investors don't want any doubt about getting paid on time.

(Treasury bills are short-term US government IOUs, and they're pledged as collateral right across the financial system.)

He also expects fights from Elizabeth Warren running the Senate Banking Committee, which oversees the banks, the Fed and crypto.

A Warren aide said on Monday she'll focus on prediction markets, the Trump family's crypto businesses and a looming potential financial crisis when she takes the gavel in January.

Dalio's note also has the part Bitcoin holders lean on, since he points out governments can always print to lighten their debts, which waters down what that debt is worth.

The near-term picture is rougher…

When money gets tight, investors usually dump their riskiest holdings first, and Bitcoin has been trading like one, dropping about 5% last Thursday as the Nasdaq fell 5.5%.

Printing is still the long-run case for Bitcoin, but the first date on Dalio's calendar is December 11, and that one looks more like a cash squeeze… 📅

Back to the ETF flow data, our weekly read on institutional appetite.

Green means money flowing in, red means it's heading out.

Both sets of funds had four red days out of five, and Wednesday was the only green session for either.

US spot Bitcoin ETFs lost about $1.28 billion across five sessions, their worst week since late June.

That's more than six times the $202 million that left the week before.

BlackRock's IBIT lost $1.21 billion on its own, about 94% of the total, and it was in the red all five days.

Fidelity's FBTC went the other way, taking in $93 million thanks to a $237 million Wednesday.

Ether's losses eased a little.

The ether funds lost about $365 million, down from $431 million the week before.

BlackRock's ETHA lost $346 million, though its $33 million on Wednesday was its first inflow after 26 straight sessions without one.

That's six red weeks in a row for the ether funds, and about $2.02 billion gone over that run.

The Bitcoin funds have now lost money two weeks running, and BlackRock's fund is where most of it left. 📊

MARA posts $634 million Q3 net profit on bitcoin gains, sells 13,597 BTC to pay off loans. The sale raised about $1.1 billion after the quarter ended, with $750 million going to fully repay its bitcoin-backed loans.

Binance Hack Launderers Mint Elon Musk and Animal Meme Coins to Move Stolen Crypto. Elliptic traced about $430,000 through six throwaway tokens on Near, each costing roughly $90 to create, with more than $3 billion still unlaundered.

A Bitcoin block just neared a 2015 transaction record, but paid only $180 in fees. AntPool's block packed in 11,255 transactions, 984 short of the record, and fees made up less than 0.1% of the miner's payout.

PNC Bank tests turning USDC payments into dollar deposits. The eighth-largest US bank by assets will let eligible corporate clients accept USDC on Ethereum through Coinbase, converted to dollars before deposit.

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