OKX and ICE Seek SEC Approval for 24/7 Tokenized Stock Trading

OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, have submitted a filing to the U.S. Securities and Exchange Commission (SEC) to launch a platform for trading tokenized U.S. stocks. The Oct. 4 notice from their joint venture, OKXICE LLC, outlines plans for 24/7 trading of blockchain-based shares in 63 U.S.-listed companies, each paired with a stablecoin. The venture is co-chaired by former New York governor Andrew Cuomo.

The proposed platform will use a permissioned automated-market-maker system built on Uniswap v4 pools deployed on XLayer, OKX’s layer-2 network. Prices will follow Uniswap’s constant-product formula, with no reliance on oracles or external feeds. Only wallets holding a soulbound token issued by OKXICE, after identity and sanctions screening, will be able to trade or provide liquidity. The 63-stock lineup includes major companies like Nvidia, Apple, Microsoft, Tesla, and Coinbase, as well as smaller names such as USA Rare Earth and Applied Optoelectronics.

OKXICE will not operate an order book, hold customer assets, extend credit, or conduct primary offerings. The venue is limited to secondary-market trading. A registered broker-dealer acting as the “Tokenizer” must hold underlying shares one-for-one against outstanding tokens, ensuring token holders retain the same dividend and voting rights as conventional shareholders. Issuers have 30 days to object to their shares being tokenized, and the filing already records one objection from chipmaker Cerebras Systems.

The SEC’s exemption caps Tier 1 venues at 75 symbols and 0.25% of prior-month average daily volume. OKXICE must also publish machine-readable transaction data within 10 minutes of each trade. Trading in a tokenized share will halt whenever the underlying stock halts on its primary exchange. The launch remains dependent on completing additional regulatory steps.