OKX and NYSE Owner Plan 24/7 Tokenized Stock Trading Venue
OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, have notified U.S. regulators of plans to launch a 24/7 trading venue for tokenized versions of over 60 U.S.-listed stocks. The joint venture, OKXICE, aims to operate under the SEC's new innovation exemption, which allows qualifying venues to trade tokenized stocks without registering as exchanges. The notice lists 63 stock symbols, including Nvidia, Tesla, Apple, SpaceX, Coinbase, and Circle, each paired with stablecoins like USDC, Global Dollar, or Tether for trading on X Layer, a layer-2 blockchain.
Trading would run continuously, with only verified wallets allowed to participate after passing identity, anti-money-laundering, and sanctions checks. An unnamed third party would issue the tokens against shares held one-for-one at a registered broker-dealer. The notice, dated Oct. 4, does not specify a launch date, and listed companies have 30 days to object to the tokenization of their shares. Chipmaker Cerebras Systems has already opted out of the venue.
Andrew Cuomo, co-chair of OKXICE and former New York governor, called the plan 'a landmark step toward a truly global, 24/7 Wall Street.' He described blockchain, liquidity pools, and smart contracts as a more efficient way to trade stocks. Star Xu, founder and CEO of OKX, emphasized that tokenization could make public markets more open and accessible. The plan would bring tokenized stock trading onshore, as current offshore rules exclude U.S. investors.
The SEC's exemption, issued on Sept. 17, allows qualifying venues to trade tokenized U.S. stocks for five years. Tokens must carry the same dividend and voting rights as ordinary shares. The notice follows months of deal-making between OKX and ICE, including ICE's $25 billion valuation investment in OKX earlier this year and the formation of OKXICE in June to build infrastructure for tokenized financial products.