60 Major U.S. Stocks Set for 24/7 Blockchain Trading on OKXICE Platform
More than 60 U.S. stocks, including major names like Nvidia, Tesla, Apple, and Microsoft, are poised to become available for 24/7 trading on a new blockchain-based platform. The venture, OKXICE, is a joint effort between crypto exchange OKX and Intercontinental Exchange, the owner of the New York Stock Exchange. A recent regulatory filing outlined the plan to offer these stocks in tokenized form, allowing investors to trade them using stablecoins like USDC, USDT, and USDG.
The tokenized stocks will function as digital representations of traditional shares, backed one-to-one by actual stock holdings managed by a registered broker-dealer. Investors will retain all economic and shareholder rights, including dividends and voting privileges. However, not all listed stocks are guaranteed to be included, as companies have a 30-day window to object. Cerebras, for example, has already raised objections to its inclusion.
The new platform will operate differently from traditional stock markets. Instead of matching buyer and seller orders, tokenized stocks and stablecoins will be held in blockchain-based pools. Trading will adjust the supply of tokens in these pools, influencing prices dynamically. This innovative approach aims to provide continuous trading opportunities beyond the standard market hours.