Joint venture of OKX and NYSE parent ICE files for 24/7 tokenized U.S. stock trading

Joint venture of OKX and NYSE parent ICE files for 24/7 tokenized U.S. stock trading

OKXICE, the joint venture of OKX and ICE, plans to launch tokenized U.S. stocks under SEC's new innovation exemption.

OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange, has notified the Securities and Exchange Commission of plans for a tokenized stock trading venue. The venue would initially offer blockchain-based shares of more than 60 U.S.-listed companies, enabling round-the-clock trading and faster settlement while preserving dividend and voting rights. The plan relies on a new five-year SEC exemption, and its launch remains subject to regulatory steps, including a 30-day period for companies to object to the tokenization of their shares.

Wall Street just took a step toward trading stocks around the clock.

OKXICE, a joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE), has notified the U.S. Securities and Exchange Commission (SEC) that it plans to launch a tokenized stock trading venue. Former New York Gov. Andrew Cuomo, the venture's co-chair, announced the move on X.

The venue will start with more than 60 companies listed on U.S. stock exchanges.

“Tokenization is gathering real momentum, and we’re beginning to see what happens when the infrastructure of traditional markets meets blockchain technology. OKX and ICE bring together deep expertise from both sides of that equation. The opportunity now is to build on this first step and show how 24/7, onchain markets can make trading and settlement more efficient, accessible and global,” Cuomo told CoinDesk.

Tokenized stocks are digital versions of regular shares that live on a blockchain. That means they can trade outside normal market hours and settle faster than traditional stocks.

The plan builds on a new SEC rule. On Sept. 17, the agency issued an “Innovation Exemption” that lets qualifying venues trade tokenized U.S. stocks using automated market makers and liquidity pools. The exemption is temporary and runs for five years.

It comes with guardrails. Tokenized shares must carry the same rights as regular stock, including dividends and voting. Companies whose shares are listed also get 30 days to object to their stock being tokenized. OKX and ICE formed the 50-50 joint venture in June to build infrastructure for tokenized financial products.

The NYSE owner's involvement shows tokenization is moving into the mainstream. Crypto exchanges have offered tokenized U.S. stocks for some time, but only to customers outside the country.

OKX itself lists more than 70 such tickers. They're issued under offshore rules, so U.S. investors can't buy them. Even so, the market has grown fast. Tokenized stocks are now worth about $3.2 billion, up 15% in the past month, according to RWA.xyz.

Now OKXICE wants to bring that trading onshore, to a regulated U.S. venue, so that tokenized versions of stocks carry the same dividend and voting rights as regular shares.

For investors, the big question is timing. That depends on the 30-day objection period and other regulatory steps. Cuomo, for his part, sounds confident.

“And we're just getting started,” he said.

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