OKX and ICE Plan 247 Tokenized Stock Trading in the U.S.
OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, have filed plans with the U.S. Securities and Exchange Commission (SEC) to launch a new trading venue for tokenized U.S. stocks. The joint venture, OKXICE, aims to offer blockchain-based shares of over 60 U.S.-listed companies, allowing 24/7 trading and faster settlement while maintaining traditional dividend and voting rights.
The proposal hinges on a new five-year SEC exemption issued on September 17, which permits qualifying venues to trade tokenized U.S. stocks using automated market makers and liquidity pools. The plan includes a 30-day window for companies to object to the tokenization of their shares. Former New York Governor Andrew Cuomo, co-chair of the venture, highlighted the potential of combining traditional market infrastructure with blockchain technology.
Tokenized stocks are digital representations of regular shares that exist on a blockchain, enabling trading outside traditional market hours and quicker settlement. While crypto exchanges like OKX have previously offered tokenized U.S. stocks to international customers, this initiative seeks to bring the trading onshore under regulated U.S. conditions. The market for tokenized stocks has grown rapidly, with a current value of approximately $3.2 billion, up 15% in the past month.
The launch of this venue remains contingent on regulatory approvals and the completion of the objection period. Cuomo expressed optimism about the venture’s potential, stating, 'And we're just getting started.'