Yesterday, the New York Stock Exchange (NYSE) made a significant move by launching blockchain-based tokenized stock and ETF markets, marking a key milestone in the evolving Real World Asset (RWA) space. This groundbreaking initiative aims to bring the extensive $80 trillion U.S. stock market on-chain, opening new opportunities for the financial industry.
Chainlink’s Role and Impact
For years, Chainlink has been recognized as a crucial player in the crypto industry. The company has established dominance in blockchain-powered oracle services, collaborating with major financial giants like Swift. Chainlink provides fast and secure data feeds for U.S. stocks and ETFs, facilitating seamless operations in this space.
The newly announced product will deliver 24/5 market data for U.S. stocks and ETFs. Stock exchanges, decentralized platforms, and financial firms can leverage these feeds to enhance their services, supporting a wide range of on-chain usage scenarios.
“We are thrilled to announce the launch of Chainlink 24/5 U.S. Equities Streams, an extension of Chainlink Data Streams, providing fast and secure market data for U.S. stocks and ETFs in all trading sessions. The on-chain stock markets, always available and at an institutional level, are now unlocking significant potential. For the first time, DeFi provides secure access to U.S. stock market data across all sessions, bringing the $80 trillion U.S. exchange on-chain.” – Chainlink
Major exchanges such as Lighter and BitMEX, along with ApeX, HelloTrade, Decibel, Monaco, Opinion Labs, and Orderly Network, are adopting this solution for perpetual RWA markets.
Chainlink’s role in the RWA sector is expected to further strengthen once the NYSE activates its blockchain-based exchange.
Current State of LINK Coin
Despite Chainlink’s vast endeavors and collaborations, the LINK Coin hasn’t seen significant entrance into ETFs following the NYSE announcement. According to SoSoValue, although it saw approximately half a million dollars in inflows on January 15, its cumulative net inflow remains at just $66 million, with Grayscale’s GLKN drawing about $64 million.
The LINK Coin price is nearing the $12 support level due to a Bitcoin decline. As long as tensions between the EU and the US persist, this weakness might continue, with potential dips down to $8.1 if excessive selling occurs.