OKX and ICE Seek SEC Approval for Tokenized Stock Trading Platform

OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, have filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a blockchain platform for round-the-clock trading in tokenized U.S. stocks. The platform, called OKXICE, aims to offer trading in over 60 U.S. company stocks if approved. Users will be able to buy and sell tokens using stablecoins, which are cryptocurrencies designed to maintain a fixed value against the U.S. dollar.

Each token will be backed by an underlying share, meaning the token will represent ownership rights in an actual share rather than just tracking its price. Trading will take place through the OKX-affiliated XLayer blockchain. This initiative is based on an SEC program introduced in mid-September, which allows companies to organize trading in blockchain versions of stocks under a temporary exemption from some requirements that apply to traditional exchanges, including Nasdaq and NYSE.

Former New York Governor Andrew Cuomo became co-chair of OKXICE about three months before the application was filed. In March, ICE announced an investment in OKX at a valuation of $25 billion for the crypto exchange; according to Bloomberg, the investment amounted to about $200 million. Cuomo began advising OKX in 2023, when the crypto exchange was under investigation by the U.S. Department of Justice over possible violations of anti-money-laundering rules. In February 2025, OKX pleaded guilty and agreed to pay about $500 million to settle the case, and two months later resumed operations in the United States.