Lede
On Tuesday, Chainlink announced the rollout of support for 24/5 trading of United States stocks and exchange-traded funds (ETFs), an initiative that the company claims could bring the vast $80 trillion US market on-chain. This new product, officially called 24/5 US Equities Streams, is being integrated into Chainlink’s existing suite of market data services which are primarily aimed at cryptocurrency platforms. The service is designed to deliver fast and secure market data across all major US equities and ETFs, operating 24 hours per day, five days per week. This development addresses the historical limitation where traditional markets were restricted to specific sessions, unlike the continuous nature of digital assets.
According to the company, the product enables traders to buy, sell, or lend blockchain-based versions of these stocks and ETFs through crypto exchanges, even when traditional US markets are closed. By providing data such as trading volumes alongside real-time bid and ask prices, Chainlink ensures that on-chain platforms can maintain accurate and high-fidelity pricing for tokenized traditional assets. This move is a response to the growing global demand for US assets, as both crypto and traditional exchanges are currently in a race to offer around-the-clock trading opportunities. By extending the availability of equity data beyond standard sessions, Chainlink is providing the necessary infrastructure for a more integrated financial ecosystem that operates on the schedule of the digital asset world rather than being restricted by traditional session hours.
Context
Chainlink’s decision to launch these streams is rooted in the observation that US equities remain significantly underrepresented in the on-chain environment. Currently, these assets trade across fragmented sessions during dedicated market hours, which stands in contrast to the 24/7 nature of the cryptocurrency market. Chainlink noted that as on-chain markets mature and global participation increases, there is an increasing demand for continuous, high-fidelity equity data that reflects real-world market dynamics at all times, beyond just the standard trading window. The company highlighted that traditional assets are often trade-locked during fragmented sessions, while digital assets enjoy constant liquidity.
This industry shift is occurring alongside significant interest from United States regulators who are exploring the possibility of allowing markets to stay open at all times. Specifically, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stated in September that they were exploring the potential for 24/7 markets. This follows earlier actions by the CFTC, which in April sought public comment on the implications and potential risks associated with allowing 24/7 trading for commodities. These regulatory explorations indicate a broader institutional interest in modernizing market hours to accommodate a global, always-on trading community. The transition toward continuous markets represents a significant change in the structural philosophy of traditional finance, driven by the rise of blockchain-based asset representation and the desire for instant settlement.
Impact
The immediate impact of this rollout is evidenced by the fact that at least eight cryptocurrency protocols have already begun using Chainlink’s new data streams. These early adopters include:
- Lighter
- BitMEX
- ApeX
- HelloTrade
- Decibel
- Monaco
- Opinion Labs
- Orderly Network
By integrating these high-fidelity streams, these platforms can now offer their users more sophisticated blockchain-based financial products like equity perpetuals. The impact is also being mirrored in the traditional financial sector, where major institutions are beginning to adopt blockchain for settlement. For instance, the New York Stock Exchange (NYSE) said on Monday that it is developing its own blockchain-based platform dedicated to the 24/7 trading and instant settlement of tokenized stocks and ETFs. This parallel development from the NYSE underscores the competitive pressure to provide around-the-clock access to the US market. The addition of the 24/5 US Equities Streams to Chainlink’s existing data services allows crypto platforms to bridge the gap with traditional finance by providing the same level of market data quality found in institutional settings. As more protocols adopt these streams, the liquidity and accessibility of tokenized traditional assets are expected to increase, further blurring the lines between decentralized finance and the established $80 trillion US equity market.
Outlook
Chainlink has characterized the release of its newest 24/5 data stream as just the beginning of a larger expansion. The company intends to broaden its coverage significantly, with plans to include other asset classes and additional countries in its data offerings. There is also a clear focus on moving toward full 24/7 on-chain coverage, which would allow for the trading of tokenized stocks and ETFs every day of the week, mirroring the schedule of the cryptocurrency markets. Chainlink envisions a future where US equities are no longer underrepresented on-chain and can be accessed by anyone with an internet connection at any time of day.
As on-chain markets continue to mature, the demand for high-fidelity data that reflects real-world dynamics at all times is expected to grow, particularly as global participation in equity perps and other complex instruments increases. Chainlink’s roadmap suggests a future where the fragmentation of traditional trading sessions is replaced by a continuous, unified market infrastructure. This evolution would facilitate the migration of significant portions of the $80 trillion US equity market onto blockchain platforms, providing greater efficiency and accessibility for investors worldwide. By laying this technical foundation now, the industry is preparing for a scenario where regulatory approval for always-on markets meets a fully functional and secure on-chain data infrastructure, potentially leading to a permanent shift in how global equities and exchange-traded funds are traded and settled across the world.
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