OKX and ICE Launch 247 Blockchain Market for Tokenized U.S. Stocks

OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, are launching a blockchain-based market for tokenized U.S. stocks. The platform will allow 24/7 trading of more than 60 major stocks, including Nvidia, Tesla, Apple, Microsoft, and Amazon, among others. Each tokenized stock will be backed one-for-one by an underlying share, ensuring investors receive economic and shareholder rights, such as dividends and voting privileges.

The new market will operate on OKX’s XLayer blockchain and utilize decentralized exchange Uniswap’s infrastructure. Investors will trade tokenized stocks using stablecoins like USDC, USDT, and USDG instead of traditional currencies. Prices will be determined by blockchain-based liquidity pools, where automated market makers (AMMs) adjust prices based on supply and demand, similar to decentralized crypto exchanges.

While the platform promises round-the-clock trading, its success remains uncertain. TD Securities analysts note limited near-term relevance for institutional investors due to existing efficient access to listed stocks, weak corporate interest, and regulatory uncertainty. The SEC’s five-year relief period may deter large financial firms from investing in the platform, fearing potential regulatory changes. The biggest challenge will be maintaining price alignment with traditional stocks, especially during off-market hours.

Harvey Li, founder of Tokenization Insight, emphasizes that the significance of this launch lies in testing different tokenization models for U.S. equities. OKXICE could become a key player in determining which model scales fastest and becomes the dominant market structure.