OKX and NYSE Parent Launch 24/7 Tokenized Stock Trading Platform

OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, have formed a joint venture called OKXICE to launch a 24/7 blockchain-based platform for trading tokenized stocks. The venture aims to offer more than 60 U.S. stocks, including major tech companies like Nvidia, Tesla, Apple, and Microsoft, as digital tokens. Unlike traditional markets, trading on this platform will use stablecoins such as USDC, USDT, and USDG instead of U.S. dollars, and operate continuously, including nights, weekends, and holidays.

Each token on the platform will be backed one-to-one by an actual share held by a registered broker-dealer, ensuring that token holders retain the same rights as traditional shareholders, including dividends and voting rights. The platform will use automated market makers (AMMs) to set prices, with trading pools managed by formulas or active trading firms. The technology for these pools will be sourced from the decentralized exchange Uniswap, and the trades will occur on XLayer, a blockchain developed by OKX.

Despite the innovative approach, analysts at TD Securities caution that near-term interest from large investors may be limited due to regulatory uncertainty. The SEC’s exemption allowing this type of trading is only valid for five years, which could deter institutional investors from developing new systems for a potentially temporary framework. Additionally, companies like Cerebras have already objected to being included in the initial filing, highlighting the potential for further exclusions.

Harvey Li, founder of Tokenization Insight, noted that the platform’s success will depend on proving which tokenization model works best for stocks moving on-chain. Andrew Cuomo, OKXICE’s co-chair, described the venture as a step toward a 24/7 global financial system, while OKX founder Star Xu emphasized that tokenization could make public markets more open and accessible.