ICE and OKX Plan 247 Tokenized Stock Trading Platform

ICE and OKX have taken a major step toward mainstream adoption of tokenized stocks by filing a joint proposal with the U.S. Securities and Exchange Commission (SEC). The two companies plan to launch a 24/7 trading platform for tokenized U.S. stocks, backed by more than 60 publicly listed companies. The platform, called OKXICE, will be equally owned by ICE and OKX and will operate on Ethereum Layer 2 network, X Layer, using Uniswap v4 liquidity pools for settlements.

Tokenized stocks are digital representations of real shares, allowing investors to trade them around the clock and receive real-time dividends. The filing leverages the SEC’s Innovation Exemption, and the platform will not use an order book but instead facilitate trades through permissioned liquidity pools. The tokenized stocks will be traded against stablecoins like USDT, USDC, and USDG.

The underlying shares will be held by a third-party entity known as “the Tokenizer” through an SEC-registered, FINRA-member broker-dealer. This setup ensures that each tokenized stock is backed by a real share on a 1-to-1 basis. The move has been described as a milestone by former New York Governor Andrew Cuomo, co-chair of OKXICE, who emphasized its significance in creating a global, 24/7 Wall Street anchored in the United States.

If tokenized stocks continue to gain traction and deliver on their promise of continuous access and instant dividends, traditional exchanges may face increased competition. The partnership between OKX and ICE brings together a well-established crypto exchange and a major, heavily regulated financial institution, adding credibility to the initiative.