The NYSE's recent move into tokenization could actually present interesting opportunities rather than competitive threats. Here's why: their infrastructure isn't designed as a rival blockchain system. Instead, they're positioning it to work across multiple chains—think of it as a unified trading hub that handles settlement and custody operations without being locked into a single blockchain.

This distinction matters. NYSE is building a trading venue, not the underlying settlement layer itself. They're creating interoperability rather than monopoly. For projects focused on decentralized settlement infrastructure, this approach leaves room for different layers to coexist and complement each other. The exchange handles order matching and liquidity; the protocols handle the actual chain logic.

Multi-chain support is becoming table stakes anyway. The tokenization wave isn't about one winner—it's about infrastructure that can route across ecosystems.