Financial markets are at an inflection point. For decades, the rhythms of trading were set by institutional working hours, meaning fixed weekday trading windows followed by overnight batch processing. Market infrastructure, from payments to surveillance, has historically been designed around this schedule. Now, the rise of digital assets means that liquidity flows across time zones and asset classes around the clock. Markets no longer sleep. Recognizing that legacy infrastructure built for old paradigms is struggling to keep up, financial institutions and regulators are now laying the foundations for this new generation of finance.
Why banks lead the digital asset infrastructure evolution
Responding to client demand and market opportunity, leading banks are developing the capabilities to support 24/7 trading. Where cryptocurrencies and tokenization were once side experiments, they are now becoming the backbone of new financial infrastructure.
UBS has piloted a blockchain-based Digital Cash system for cross-border payments, capable of instant settlement on a private Ethereum network. This solution aims to eliminate the delays and complexities of traditional correspondent banking. HSBC has rolled out custody solutions for tokenized assets, building on its Orion platform for issuing digital securities and positioning itself as a bridge between traditional and digital finance.
Citigroup is experimenting with 24/7 blockchain-based dollar payments between New York, London, and Hong Kong, while weighing custody services for stablecoin reserves – a recognition that institutional demand for continuous settlement is accelerating. JPMorgan has rebranded its Onyx blockchain division as Kinexys, expanding capabilities to include on-chain foreign exchange. This enables near-continuous clearing of currency trades that previously required business-hour processing.
Even the most traditional custody players are adapting. Goldman Sachs and BNY Mellon have joined forces to tokenize money-market fund shares, exploring how blockchain can transform one of the most conservative corners of the market. BNY Mellon has also launched a product to broadcast fund accounting data directly onto public blockchains.
These examples reflect a strategic shift. Institutions aren’t just preparing for crypto – they are preparing for a financial system where all assets, from equities to funds to currencies, can be tokenized and traded around the clock.
Exchanges close the gap between traditional and digital asset markets
Market infrastructure providers such as brokers and exchanges are also reshaping their platforms to capture this convergence. Coinbase is seeking SEC approval to list tokenized equities, potentially opening the door to 24/7 trading of traditional stocks via blockchain. In Europe, Euronext has begun clearing crypto ETPs through its central counterparty. In Asia, the Singapore Exchange is preparing to launch Bitcoin perpetual futures for institutional investors, while in Switzerland, SIX Group now allows clients to post Bitcoin and other digital assets as collateral through its Digital Collateral Service.
This wave of innovation underscores how exchanges are positioning themselves to serve both traditional and digital asset markets in parallel, competing for liquidity that increasingly moves seamlessly between the two.
How global regulators respond with digital asset infrastructure upgrades
Recognizing the transformation underway, regulators are now upgrading their own capabilities. The U.S. Commodity Futures Trading Commission offered one of the clearest signs of this shift in August, announcing plans to deploy Nasdaq’s advanced market surveillance technology across its regulated markets. The upgrade addresses a fundamental reality: legacy monitoring systems weren’t built to oversee nonstop, global crypto and derivatives markets. By embracing next-generation tools, the CFTC is acknowledging that safeguarding market integrity in the 24/7 era requires new infrastructure.
The regulatory response extends beyond surveillance. In July 2023, the Federal Reserve launched FedNow, a real-time interbank payments platform enabling instant settlement 24/7/365. While not explicitly designed for digital assets, FedNow reflects the same demands that crypto and stablecoins have pushed into the mainstream – the need for real-time, always-on money movement. These regulatory upgrades validate the infrastructure transformation already underway in the private sector.
Operating legacy infrastructure will cost market share
For banks, brokers, and asset managers still relying on outdated systems, the implications are clear. Market leaders are building 24/7 capabilities. Infrastructure providers are enabling seamless integration of traditional and digital assets. Regulators are upgrading their oversight to match the new reality. The firms that act first are already reaping benefits – from faster settlement and reduced counterparty risk to new revenue streams in tokenized markets.
The infrastructure gap isn’t just operational; it’s strategic. Institutions operating on legacy rails will face increasing difficulty competing for institutional flows that expect instant settlement, cross-border efficiency, and 24/7 availability.
Wyden powers institutional digital asset offerings: Fast, flexible, scalable
The Wyden platform empowers financial institutions to accelerate their journey from legacy systems to modern, 24/7 digital asset market readiness – with deployment timelines measured in months rather than years, allowing institutions to compete effectively in the evolving landscape. Wyden provides banks, brokers, and other institutions – including Garanti BBVA Kripto, flatex, and Banque Delubac – with modular trading infrastructure designed specifically for their compliant digital asset services and offerings.
The 24/7 market is not a future scenario. It is already here. Digital assets have set new standards for speed, transparency, and availability, and those standards are spreading across the financial system. The institutions investing in modern infrastructure today will be best positioned to capture liquidity, meet regulatory expectations, and stay ahead of shifting client demands tomorrow.
The only question is whether your infrastructure is ready for it.
Contact us today for an initial discussion about your firm’s needs.