OKX and ICE Venture Files to Launch 24-7 Tokenized Stock Venue

OKXICE LLC, the 50-50 venture of crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange, published a notice dated Oct. 4 saying it intends to launch a 24-7 Tokenized Securities Venue under the SEC Innovation Exemption. Co-chair Andrew Cuomo announced the filing on X on Oct. 5, calling it a landmark step toward round-the-clock trading, Decrypt reported in its Oct. 5 coverage.

The venue would run 24 hours a day, seven days a week, the notice says. It lists 63 stock tokens at launch, covering more than 60 companies on United States exchanges, including Nvidia, Tesla, Apple, and Microsoft alongside crypto-linked names Coinbase, Circle, Strategy, Robinhood, BitGo, and Securitize, according to that report.

Each token would trade against one of three dollar stablecoins, USDC, USDG, or USDT, the notice says. The filing does not name a launch date, Decrypt noted in the same piece.

The plan relies on an exemption the SEC issued on Sept. 17. The five-year temporary regime lets qualifying venues trade tokenized stocks without registering as exchanges, with firms notifying the agency rather than seeking individual approval, according to a CoinDesk report on the filing. The exemption permits automated market maker and liquidity-pool trading for National Market System stocks, that report added.

Unchained described the same structure in its Oct. 5 account, with trades running through permissioned Uniswap v4 pools on XLayer, the OKX public blockchain. Prices come from each pool formula, with no order book and no external price feed inside the contracts, according to that write-up.

Only wallets holding a non-transferable soulbound token can trade or supply liquidity. The token is issued after identity, anti-money laundering, sanctions, and wallet checks run by an OKX affiliate, with approval by the tokenizer, and users keep assets in their own wallets while each trade settles onchain at execution, Unchained wrote in the same article.

The notice warns that pool prices may diverge from underlying shares, particularly outside regular exchange hours. Trading in a token stops whenever its underlying stock is halted on its listing exchange, according to that coverage.

The tokens come from an unaffiliated third party identified only as the Tokenizer. That party holds the underlying shares one-for-one through an SEC-registered broker-dealer, the notice says, and holders receive the same dividends and voting rights as ordinary shareholders. A Cointelegraph summary of the filing listed the same custody and rights terms, with 63 proposed symbols including Nvidia, Apple, Microsoft, Tesla, Strategy, Coinbase, Circle, and BitGo.

Under the exemption, a venue must notify a company at least 30 days before trading its shares, and the company can object. One already has. OKXICE said it received an objection from Cerebras Systems, which does not appear on the token list, according to the Unchained report. If an issuer objects, its tokens cannot trade on that venue.

Volume is also capped. For stocks in Tier 1 of the Limit Up-Limit Down volatility plan, a venue may offer at most 75 symbols and trade no more than 0.25 percent of a stock prior-month average daily volume, the notice says.

Cuomo told CoinDesk that tokenization is gathering momentum and that OKX and ICE bring expertise from both sides, with a chance to show how onchain markets can make trading and settlement more efficient, accessible, and global, in comments carried by the outlet. He added that the group was getting started, according to that report.

ICE and OKX formed the venture in June, three months after ICE took a minority stake in OKX at a 25 billion dollar valuation. The pair had already brought crypto-native perpetual futures for oil to non-United States customers, Decrypt recounted in its article. Cuomo, a former New York governor and state attorney general, has worked with OKX since 2023, according to that account.

The SEC issued the exemption after Chair Paul Atkins walked back a January target following pushback from Wall Street groups, and days after the Clarity Act failed to advance in the Senate. Officials described the measure as a temporary bridge toward permanent rulemaking, acting within statutory authority, that report added.

Crypto exchanges have offered tokenized United States stocks for some time, but only to customers outside the country. OKX itself lists more than 70 such tickers under offshore rules, unavailable to United States investors, while tokenized stocks overall are now worth about 3.2 billion dollars, up 15 percent in the past month, per RWA.xyz data cited by CoinDesk in its coverage.

The notice gives no launch date.