New Platform Plans 24/7 Tokenized Stock Trading
OKX and Intercontinental Exchange (ICE) owner are planning a blockchain-based market that will offer dozens of tokenized U.S. stocks, including major names like Nvidia, Tesla, Apple, and Microsoft. A regulatory filing from OKXICE, a joint venture between the two entities, listed more than 60 securities intended for the platform and detailed how the system will operate.
Other companies included in the filing are Amazon, Alphabet, Coinbase, Circle, Robinhood, Strategy, Securitize, JPMorgan, Goldman Sachs, Walmart, Netflix, Reddit, and Boeing. However, inclusion in the filing does not guarantee listing, as companies have a 30-day window to object. Cerebras has already objected to the inclusion of its stock, according to the filing.
How the Tokenized Market Works
Under the proposed structure, each stock token will be backed one-for-one by an underlying share held by a registered broker-dealer. Investors holding the tokens will be entitled to shareholder rights such as dividends and voting privileges.
Rather than using traditional fiat currency and legacy order books, trades on the platform will be conducted using stablecoins—specifically USDC, USDT, and USDG—against blockchain-based liquidity pools. The venue will utilize automated market makers (AMMs) operating on XLayer, a blockchain developed by OKX, leveraging decentralized exchange Uniswap’s plumbing.
The platform is designed to operate 24 hours a day, seven days a week, allowing trades to occur outside normal Wall Street operating hours. Users will still be required to complete identity and anti-money-laundering checks before gaining access.
Market Outlook and Potential Challenges
Analysts note that adoption may face hurdles. TD Securities pointed to limited near-term relevance for institutional investors who already have efficient access to listed equities, alongside weak corporate interest and regulatory uncertainty. The SEC relief supporting the initiative lasts for five years rather than establishing permanent rules, which may cause large financial institutions to hesitate before connecting their systems.
Despite these challenges, industry observers view the platform as an important real-world test for scaling U.S. equities onchain and determining viable market structures for tokenized assets.
