OKX-ICE venture plans tokenized trading in 60-plus US stocks

More than 60 U.S.-listed companies are on the planned menu for OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange. In its Oct. 4 public notice, the venture outlined a permissioned, onchain venue for tokenized stocks on X Layer.

The figure is the planned number of companies, including Nvidia, Apple, Amazon, Coinbase, Circle and SpaceX, according to The Block’s report. Issuers have 30 days to object to their stock being included.

For you, the key shift is that a crypto-linked venture is preparing to bring tokenized shares into U.S. markets under a temporary SEC framework.

How would trading work on X Layer?

Trades would run through permissioned automated market maker pools, rather than an order book. The pools use Uniswap v4 contracts on X Layer, and pair each tokenized stock with a supported stablecoin: USDC, USDG or USDT.

Access is screened. The notice says participants must pass identity and sanctions checks, verify control of a self-custodial wallet, and receive a non-transferable soulbound token that permits trading. The venue says it will not hold participants’ assets or provide credit.

What would the tokens represent?

The notice describes tokens that represent shares, not synthetic exposure to stock prices. Where an unaffiliated third party tokenizes a stock, it must hold the underlying shares one-for-one through a registered broker-dealer, according to the notice.

OKXICE says it will check that token holders receive the same rights and privileges as holders of the equivalent traditional shares, including dividends and voting rights. The venture’s notice also says it had received an objection from Cerebras Systems as of Oct. 4.

What does the SEC exemption allow?

The SEC issued its temporary, conditional Innovation Exemption on Sept. 17. It lets qualifying tokenized securities venues trade certain U.S. stocks through permissioned liquidity pools, subject to conditions including limits on symbols and trading volume, issuer notice, and stopping token trading when the underlying stock’s primary exchange halts trading.

The exemption expires five years after publication. OKXICE’s notice says the venue is not registered with the SEC for these activities; the plan is not confirmation that trading has started. Its launch would put a new onchain venue inside a time-limited regulatory framework while regulators gather public comment.

References

• Oct. 4 public notice — okx.com
• The Block’s report — theblock.co