AVAX jumps 12.7% after NYSE picks Avalanche to settle tokenized stocks — Details

Avalanche [AVAX] wasn't having a great time. Then, NYSE decided to use Avalanche to settle tokenized stocks, and AVAX woke up fast! The timing worked out nicely too, with the platform walking out of its best quarter yet. What is happening exactly? Avalanche will keep the books for NYSE's tokenized stocks platform To put it simply, Avalanche is where the receipts will get written. According to a press release, Avalanche will be the core ledger for the clearing firm behind an upcoming NYSE-affiliated trading platform. Every trade will get cleared and settled on it. The stocks themselves can be issued on other blockchains. NYSE's own Pillar engine will still handle the trading. The plan is round-the-clock trading, instant settlement and funding with stablecoins, though it's pending regulator approval.

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