区块链平台将提供特斯拉、英伟达及60余只美股的24小时不间断交易服务

OKX and ICE, the parent company of the New York Stock Exchange, have jointly established OKXICE to build a digital securities trading venue.

Cryptocurrency exchange OKX and Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE), have established a joint venture, OKXICE, to build a digital securities trading platform. Currently, more than 60 U.S. companies have been included on the potential tokenization list, including industry giants such as Nvidia, Tesla, Apple and Microsoft.

The proposed market platform will operate round-the-clock and accept stablecoins as a medium of exchange rather than traditional fiat currencies. Digital tokens will maintain a one-to-one correspondence with the actual share of shares held by registered broker-dealers.

Breaking news: Cryptocurrency exchange OKX and NYSE owner ICE have formally submitted applications to the U.S. Securities and Exchange Commission (SEC) to list 63 NYSE stocks. According to Bloomberg, its joint venture, OKXICE, hopes to provide tokenized shares in companies listed on the New York Stock Exchange.

Document disclosures and preliminary progress

This week, OKXICE filed relevant documents with the U.S. Securities and Exchange Commission. The document outlines the specific operating mechanism of the proposed trading system and clarifies the equity objects that can be traded initially.

Which companies were selected?

More than 60 companies are listed in the application documents. In addition to well-known technology giants, the list also includes Amazon, Alphabet, JPMorgan Chase, Walmart, Netflix and Boeing.

In addition, several companies related to the cryptocurrency business were also successfully selected, including Coinbase, Circle, Robinhood, Strategy and Securitize. However, appearing in the declaration document does not mean that trading services for these assets will ultimately be provided on the platform. Relevant companies have the right to formally oppose the tokenization of their securities within 30 days. For example, Cerebras has objected to its inclusion in the proposal. Analysts at TD Securities emphasized that no ticker symbol should be considered confirmed at this time.

Token-based equity trading mechanism

Participants do not need to obtain securities through traditional brokerage channels, but rather purchase digital representation linked to underlying stock positions. According to regulatory documents, each digital token corresponds to one actual share of stock that should be held by a registered broker-dealer. Users holding these tokens will enjoy the same rights as traditional equity holders, including dividend payments and shareholder voting rights.

On this platform, transactions will be settled through stablecoins rather than traditional U.S. dollars. OKXICE plans to accept three specific stablecoins: USDC, USDT and USDG.

The system will bypass the traditional orderbook model (i.e. matching individual buyers and sellers). Instead, digital tokens and stablecoins will be stored in blockchain-backed liquidity pools, with participants executing transactions directly against assets in the pool. Buying tokens will withdraw tokens from the liquidity pool and deposit them in stablecoins, creating upward price pressure; selling the opposite, creating downward pressure on valuation.

This infrastructure is called an automated market maker (AMM). Pricing mechanisms rely on mathematical algorithms or proactive management by professional trading entities. TD Securities pointed out that for equity transactions, proactively managed liquidity pools may be more important than purely algorithm-driven alternatives. Using proactively managed professional trading operations can recalibrate pricing and inventory levels based on real market conditions.

All transactions will be performed on the blockchain infrastructure XLayer developed by OKX. The liquidity pool architecture will leverage the technology of the decentralized exchange protocol Uniswap.

Continuous availability and regulatory challenges

One of the fundamental differences between traditional securities markets is their continuous availability. Whether or not Nasdaq suspends operations, the platform will remain active at night, weekends and holidays. Valuations for non-standard periods will reflect trading dynamics within the platform's liquidity pool, rather than just copying recent Nasdaq settlement prices.

The platform requires user verification, and participants must meet anti- money laundering （AML）协议才能获得交易权限。TD Securities指出，该平台可能不会立即吸引大量机构参与。这家金融机构引用了对上市证券现有的便捷访问途径以及监管不确定性作为可能阻碍早期采用的因素。

允许此交易模式的SEC豁免期为五年，而非确立永久性的监管清晰度。这种临时状态可能会 discourages 大型金融机构投资于一个可能修订的基础设施框架。Tokenization Insight创始人Harvey Li评论称，真正的衡量标准将是该平台能否证明哪种代币化方法最有效地将股权带入区块链网络。他认为OKXICE可能是此类市场设计的早期重大实验之一。

OKXICE联合主席Andrew Cuomo将该倡议描述为迈向全球无中断金融系统的进步。OKX创始人兼首席执行官Star Xu表示，代币化有望使公开股权市场更加普及且全天候运行。