OKX and ICE plan 247 trading for tokenized US stocks
OKX and ICE, the owner of the New York Stock Exchange, are launching a joint venture to offer 24/7 trading of tokenized U.S. stocks. The platform will provide tokens representing over 60 securities, including major companies like Nvidia, Tesla, Apple, and Microsoft. Investors will be able to trade these stock tokens using stablecoins such as USDC, USDT, and USDG.
The system will operate differently from traditional exchanges by using on-chain liquidity pools to set prices, rather than relying on the last traded price on Nasdaq. This automated market maker model will adjust prices based on trading activity and pool rules, with the potential for professional market makers to refine pricing further.
Trading will take place on XLayer, a network developed by OKX, using Uniswap infrastructure. A key challenge will be maintaining liquidity, especially during off-hours, to ensure token prices remain close to those of traditional stocks. Each token will be backed one-to-one by actual shares held at a registered brokerage, granting holders shareholder rights like dividends and voting privileges.
However, not all companies are on board. Cerebras has objected to the inclusion of its shares, and the filing notes that companies have a 30-day period to voice any objections. Analysts from TD Securities also express skepticism, suggesting that institutional demand may initially be low due to existing market access and regulatory uncertainties.