OKXICE publishes plan for a permissioned tokenized U.S. stock market

OKXICE, the venture between OKX and New York Stock Exchange parent Intercontinental Exchange, has published an October 4 notice for a tokenized U.S. stock trading venue. The proposed market would operate around the clock, using blockchain liquidity pools instead of an order book.

Bloomberg reported Sunday that the venture had filed with the SEC and that launch timing depends on completing a 30-day issuer opt-out period and meeting other requirements. The announcement establishes a plan, with trading still ahead.

Who can trade, and what the token represents

The notice identifies OKXICE LLC as a Texas company owned equally by ICE and OKC USA Holding. It lists 63 stock symbols, including Nvidia, Apple, Coinbase and Circle, for trading against USDC, USDG or USDT.

Approved participants would use Uniswap v4 pools on XLayer. Identity, sanctions and wallet checks precede issuance of a non-transferable access token. The venue says it would neither take custody of participants’ assets nor extend credit.

For shares tokenized by an unrelated provider, the notice describes one underlying share held through a registered broker-dealer for each outstanding token. It also requires arrangements to pass through dividends and voting rights. The tokenizer is not named.

OKXICE says Cerebras Systems has already submitted an objection. That makes issuer consent a concrete part of the rollout, alongside technical implementation.

Conditional relief, with trading limits

The SEC’s September 17 Innovation Exemption permits limited, permissioned trading of tokenized National Market System stocks through automated market makers and liquidity pools. Commissioner Mark Uyeda described conditions covering public notice, transaction transparency, trading-stoppage coordination, records and technology safeguards.

The framework also limits symbols and volume. It gives the SEC an opportunity to study these venues while considering longer-term rules.

The OKXICE notice says its pool prices depend on the assets inside each pool. They can diverge from underlying stock prices outside regular hours or when liquidity is thin. It also states that the venue is not SEC-registered for activities under the exemption and that the SEC has not endorsed the notice’s disclosures.

For the proposed market, the immediate questions are which issuers remain eligible after the objection process, who provides tokenization, and when the venue can meet the conditions to begin trading.

Sources

OKXICE public notice, October 4

Bloomberg: OKX files for tokenized U.S. stock venue

SEC: statement on the Innovation Exemption