Crypto infrastructure company Chainlink is set to roll out support for 24/5 trading of US stocks and exchange-traded funds (ETFs), which it says could bring the $80 trillion US market on-chain.
Chainlink said on Tuesday that its 24/5 US Equities Streams will be added to its existing market data services aimed at crypto platforms, which will bring “fast and secure market data across all major US equities and ETFs — 24 hours per day, 5 days per week.”
It added that the product allows traders to buy, sell, or lend blockchain-based stocks and ETFs through crypto exchanges beyond standard US trading hours and brings data such as volumes, along with bid and ask prices.
Crypto and traditional exchanges have been racing to offer around-the-clock trading of the US market, including on the weekends, as demand for US stocks and commodities has risen worldwide.
Chainlink said that US equities “remain significantly underrepresented on-chain” as they “trade across fragmented sessions during dedicated market hours,” instead of all the time as cryptocurrencies do.
“As onchain markets mature and global participation grows, such as via equity perps, there is increasing demand for continuous, high-fidelity equity data that reflects real-world market dynamics at all times, beyond just standard trading hours,” it added.
Several platforms to launch 24/5 stock trading
Chainlink said at least eight crypto protocols are already using its new data streams, including Lighter, BitMEX, ApeX, HelloTrade, Decibel, Monaco, Opinion Labs and Orderly Network.
The New York Stock Exchange said on Monday that it is developing a new blockchain-based platform for the 24/7 trading and instant settlement of tokenized stocks and ETFs.
Related: State Street rolls out new crypto tokenization tools
US regulators are also looking at the possibility of shifting markets to be always on, with the Securities and Exchange Commission and the Commodity Futures Trading Commission saying in September that they were exploring allowing 24/7 markets.
In April, the CFTC sought public comment on the implications and risks if it allowed 24/7 commodities trading.
Chainlink said its newest 24/5 data stream “is just the beginning” and it would expand coverage to other asset classes, countries, and the possibility of 24/7 on-chain coverage.
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