OKXICE Proposes 247 Market for 63 Tokenized US Stocks

OKXICE, a joint venture between Intercontinental Exchange and OKC USA, has proposed a 24/7 trading platform for tokenized versions of 63 U.S. stocks. The venue would operate on XLayer, using Uniswap v4 liquidity pools with an OKXICE smart-contract extension to control access. Each stock token would be paired with stablecoins like USDC, USDG, or USDT, and trades would occur against these pools rather than through a traditional order book.

The proposed marketplace would not hold participants’ assets in custody or offer credit. Only wallets that pass identity, compliance, and screening checks would gain access, receiving a non-transferable credential. The initial list of 63 stocks includes major names like Nvidia, Tesla, Apple, Microsoft, and Amazon, though Cerebras Systems has objected to its inclusion.

For tokens issued by third parties, a registered broker-dealer would hold one underlying share per token. Each token would represent ownership of one share, including rights like dividends and voting, subject to verification procedures. The proposal follows a Sept. 17 SEC order providing temporary relief to qualifying venues trading tokenized National Market System stocks, with conditions including issuer objection rights and trading halt coordination.

OKXICE is not registered with the SEC for these activities, and the agency has not reviewed the proposal. The joint venture’s launch date and final stock lineup remain undetermined.