OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange (NYS) parent Intercontinental Exchange, has notified the U.S. Securities and Exchange Commission of plans for a tokenized securities trading venue under the innovation exemption.
In a public notice dated October 4, OKX announced that the new platform is designed to offer permissioned trading of U.S. tokenized stocks on its XLayer blockchain, with operations planned for 24/7.
The proposed lineup covers more than 60 U.S.-listed stocks, including Apple, Amazon, Coinbase, Circle, Microsoft, Nvidia, Robinhood, and more. Issuers will have 30 days to opt out, The Block reported.
“This is a landmark step toward a truly global, 24/7 Wall Street — and toward keeping the future of digital finance anchored here in the United States,” said Andrew Cuomo, OKXICE’s cochair and former New York governor.
Trading Through Blockchain Liquidity Pools
The venue would use Uniswap v4 liquidity pools, pairing tokenized stocks with USDC, USDG, or USDT. Retail and institutional users would need to complete identity, sanctions, and wallet checks before gaining access.
For shares tokenized by an unaffiliated provider, the notice describes backing each token with one underlying share held through a registered broker-dealer.
It also warns of pool price differences from underlying stock prices, particularly outside regular trading hours or when liquidity is thin.
SEC Exemption Shapes the Rollout
The proposal relies on the SEC’s innovation exemption, announced September 17. The framework permits qualifying venues to trade tokenized U.S. stocks using automated market makers and liquidity pools.
Conditions include limits on trading volume, equivalent shareholder rights, and an opportunity for issuers to object. The exemption is temporary and runs for five years.
The plan builds on ICE’s March investment in OKX, which valued the exchange at $25 billion.
The agreement outlined access to ICE futures and NYSE tokenized equities, subject to regulatory approval. It connected OKX’s users with established securities markets through a broader strategic partnership.
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