随着华尔街走向链上，DeFi 面临无法回避的 3300 亿美元信任考验

Wall Street spent the first quarter of 2026 systematically narrowing DeFi's claim to the future of finance. In January, ICE announced NYSE was building a tokenized securities platform with 24/7 operations, instant settlement, dollar-based order sizing, and stablecoin funding, with BNY and Citi providing tokenized deposits for clearinghouse funding outside normal banking hours. Related Reading Why Wall Street is overhauling stock dividends with crypto NYSE is moving to "continuous" settlement, leaving traditional banking hours in the dust forever. Jan 20, 2026 · Liam 'Akiba' Wright In February, WisdomTree launched 24/7 trading and instant settlement for tokenized money-market fund shares under SEC relief. In March, the Fed, FDIC, and OCC jointly said that eligible tokenized securities should receive the same capital treatment as their non-tokenized counterparts, calling the framework technology -neutral. The SEC then approved Nasdaq's proposal to trade certain securities in tokenized form , with settlement through DTC. NYSE and Securitize followed with a partnership to build digital transfer-agent infrastructure around institutional operating standards. That sequence did something concrete to DeFi's competitive position. Regulated exchanges , broker-dealers, and bank-backed clearinghouses can now package 24/7 trading and on-chain settlement inside a supervised market structure, with the capital treatment to match. The base pool of on-chain capital these moves target already exceeds $330 billion, including stablecoins at roughly $317 billion, tokenized US Treasuries at nearly $13 billion, and tokenized stocks at $1 billion. That pool will attract institutional capital regardless of which rails it flows through. Why this matters: the contest is no longer over whether finance will move on-chain. It is over who captures the capital once it does. If regulated venues can offer blockchain-based trading and settlement without DeFi’s governance and control-layer risks, open p