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USDG OKX and Intercontinental Exchange Group (ICE) jointly filed an announcement with the U.S. SEC to launch a tokenized U.S. stock trading venue
Cryptocurrency trading platform OKX and Intercontinental Exchange Group (ICE, parent company of the New York Stock Exchange) have jointly filed a public announcement with the U.S. Securities and Exchange Commission (SEC), planning to launch a trading venue for trading tokenized U.S. stocks. The announcement was submitted on October 4 by OKXICE LLC, a joint venture in which the two parties each have a 50% stake.
Under the proposal, the exchange venue will provide a blockchain-based 24/7 share trading service covering 63 U.S. listed companies, with each tokenized stock paired with a stablecoin. The project is co-chaired by former New York Gov. Andrew Cuomo.
Subject matter and mechanism for OKXICE plan transactions
announcement describes a permission-based automated market maker system built based on the Uniswap v4 pool and deployed on OKX's Layer-2 network XLayer. Prices follow Uniswap's constant product formula, and smart contracts do not rely internally on oracle or external data sources.
Only addresses holding Soulbound Tokens issued by OKXICE can conduct transactions or provide liquidity, and the issuance of these tokens requires identification verification and sanctions screening. Each tokenized stock will be paired with a stablecoin in USDC, USDG or USDT, and transactions will support uninterrupted operation 7×24 hours a day.
拟上市的63只股票包括英伟达（Nvidia）、苹果（Apple）、微软（Microsoft）、特斯拉（Tesla）和Coinbase等知名企业，同时也包含美国稀土（USA Rare Earth）和应用光电（Applied Optoelectronics）等较小市值的公司。
在技术架构方面，合同升级等关键功能需要多重签名批准，而日常运营则使用独立的管理密钥，以确保安全性。
风控措施与后续流程
OKXICE明确表示，该交易场所不会运营订单簿、不持有客户资产、不提供信贷服务，也不进行一级市场发行——其业务范围仅限于二级市场交易。
作为“代币化服务商”的注册经纪交易商必须确保每一枚流通的代币都有对应比例的基础股票作为支撑（1:1托管）。代币持有者将享有与传统股东相同的分红权和投票权。
上市公司拥有30天的时间对自家股票被代币化提出异议。目前，芯片制造商Cerebras Systems已在公告中提出了一例异议。此外，根据SEC豁免条款的规定，Tier 1类交易场所最多可容纳75个代码符号，且交易量不得超过前一个月平均每日成交量的0.25%。OKXICE还必须在每笔交易发生后10分钟内发布机器可读的交易数据。如果基础股票在主要交易所停牌，对应的代币化股票交易也将同步停止。
押注链上股票的长期战略
The filing relies on the "Innovation Exemption" introduced by the SEC in September, which provides a five-year window for eligible trading venues to trade tokenized National Securities Market System (NMS) shares.
OKX and ICE established the joint venture in June this year, several months after ICE took a stake in OKX. The move follows Blockchain.com's previous partnership with the New York Stock Exchange (NYSE) on tokenized securities and marks that Wall Street is accelerating the relocation of its stock assets to blockchain platforms.
