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USDG OKX and the parent company of the New York Stock Exchange announced plans to launch a round-the-clock tokenized U.S. stock trading venue
OKX and its partner, the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), have notified U.S. regulators that they plan to establish a round-the-clock (24/7) trading venue for trading tokenized versions of more than 60 U.S. listed stocks.
Core Points
- Institutional developments: OKXICE, a joint venture between OKX and Intercontinental Exchange Group (ICE), filed a notice with the U.S. Securities and Exchange Commission (SEC) of its intention to open a tokenized securities trading venue.
- Coverage: This notice covers 63 stock symbols, each token being paired with a stablecoin and traded 24/7 on the X Layer.
- Timetable and objection period: No specific launch date has been set yet. Listed companies have 30 days to object to the tokenization of their own shares.
OKXICE Notice Details
OKXICE, a 50:50 joint venture between the two companies, has notified the U.S. Securities and Exchange Commission (SEC) of its plans to open a tokenized securities trading venue under the regulatory agency's "innovation exemption" framework.
Former New York governor and current co-chairman Andrew Cuomo announced the move on social media X on Monday, and the joint venture subsequently issued a public notice dated October 4. According to the regulations, regulatory agencies do not approve such sites one by one. As long as companies meet the exemption conditions, they can operate after fulfilling their notification obligations.
The notice lists 63 stock symbols, including Nvidia, Tesla, Apple, SpaceX, Coinbase and Circle. Each token will be traded with one of three stablecoins: USDC, Global Dollar (USDG), or Tether (USDT). Transactions will be conducted in a permissioned Uniswap v4 liquidity pool built on the X Layer 2 blockchain.
Thenotice states that transactions will operate 24 hours a day, 7 days a week. Only addresses that have undergone identity verification, anti-money laundering review and sanctions screening can participate in transactions or provide liquidity. In addition, the tokens will be issued by an unnamed third-party institution and linked to shares held at a registered broker-dealer in a 1:1 ratio.
Currently, no specific launch date is set in the notice.
Como and Xu Xin's Views
Como called this "a landmark step towards truly global, all-weather Wall Street." He also pointed to blockchain, liquidity pools and smart contracts as "more efficient ways" to trade stocks, and emphasized the "huge advantages" of 24-hour global trading.
Xu Xin, founder and CEO of OKX, said tokenization will make public markets more "open, seamless and readily available."
The plan aims to bring related transactions back into the country. Previously, crypto exchanges, including OKX, sold such tokens overseas under offshore rules, thereby excluding U.S. investors. The notice also issued a warning that prices determined solely by the liquidity pool may differ from the underlying stock price, especially during regular exchanges closed.
History of SEC immunity and ICE cooperation
On September 17, days after the U.S. Clarity Act failed to pass the Senate, the SEC issued the exemption, allowing eligible exchanges to trade tokenized U.S. stocks for five years without registering as an exchange. Tokens must enjoy the same dividend rights and voting rights as common shares. The issuer has a 30-day objection period, and if an objection is filed, its tokens will be excluded from the trading venue. Chip maker Cerebras Systems has taken this step.
The notice came after months of negotiations between the two companies. In March this year, ICE acquired a stake in OKX at a valuation of US$25 billion. In June of the same year, the partners formed OKXICE to build infrastructure for tokenized financial products and appointed Cuomo and ICE executive Trabue Bland as co-chairmen.
