OKX and New York Stock Exchange owner Intercontinental Exchange have notified U.S. regulators of plans for a 24/7 venue trading tokenized versions of more than 60 U.S.-listed stocks.
Key Points:
- OKXICE, the joint venture of OKX and Intercontinental Exchange, told the SEC it intends to open a tokenized securities venue.
- The notice covers 63 stock symbols, each paired with a stablecoin and traded around the clock on X Layer.
- No launch date is set, and listed companies have 30 days to object to tokenization of their shares.
OKXICE Notice Details
OKXICE, the companies' 50-50 joint venture, told the Securities and Exchange Commission it intends to open a tokenized securities venue under the agency's new innovation exemption.
Co-chair Andrew Cuomo, a former New York governor, announced the step Monday on X, and the venture published a public notice dated Oct. 4. The agency does not approve such venues one by one, so a firm that meets the exemption's conditions can operate after notifying it.
The notice lists 63 stock symbols, including Nvidia, Tesla, Apple, SpaceX, Coinbase and Circle. Each token would trade against one of three stablecoins, USDC (USDC), Global Dollar (USDG) or Tether (USDT), in permissioned Uniswap (UNI) v4 liquidity pools on X Layer, a layer-2 blockchain.
Trading would run 24 hours a day, seven days a week, the notice says. Only wallets that pass identity, anti-money-laundering and sanctions checks could trade or supply liquidity, and an unnamed third party would issue the tokens against shares held one-for-one at a registered broker-dealer. The notice sets no launch date.
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Cuomo, Star Xu Comments
Cuomo called it "a landmark step toward a truly global, 24/7 Wall Street." He separately described blockchain, liquidity pools and smart contracts as "a more efficient way" to trade stocks and said 24-hour global trading "has enormous advantages."
Star Xu, founder and CEO of OKX, said tokenization could make public markets "more open, seamless and always available."
The plan would bring that trading onshore, since crypto exchanges, OKX among them, sell such tokens abroad under offshore rules that shut out U.S. investors. The notice also warns that prices set solely by the pools may differ from the underlying shares, particularly outside regular exchange hours.
SEC Exemption, ICE Deal History
The SEC issued the exemption on Sept. 17, days after the Clarity Act failed to advance in the Senate, letting qualifying venues trade tokenized U.S. stocks for five years without registering as exchanges. Tokens must carry the same dividend and voting rights as ordinary shares, and issuers get 30 days to object, which keeps their tokens off the venue, a step chipmaker Cerebras Systems has already taken.
The notice follows months of deal-making between the two companies. ICE bought a stake in OKX in March at a $25 billion valuation. The partners formed OKXICE in June to build infrastructure for tokenized financial products, naming Cuomo and ICE executive Trabue Bland as co-chairs.
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