OKX and ICE Plan 24/7 Tokenized Stock Venue Under SEC Exemption
OKX and Intercontinental Exchange are launching a joint venture to trade 63 tokenized US stocks around the clock, testing whether on-chain liquidity can provide price signals outside of traditional market hours.
Intercontinental Exchange and OKX are moving to establish a 24/7 trading venue for tokenized US securities. The joint venture, known as OKXICE, notified the Securities and Exchange Commission on Oct. 4 of its intent to launch the platform under the regulator's Innovation Exemption.
The proposed venue aims to support 63 securities, including major names like Nvidia, Tesla, Apple, Microsoft, JPMorgan, Goldman Sachs, Coinbase, and Circle. By operating continuously, the platform seeks to allow tokenized shares to reflect market information during nights and weekends when traditional cash markets are closed.
OKXICE co-chair Andrew Cuomo described the initiative as a step toward a 24/7 Wall Street, while OKX CEO Star Xu characterized the filing as a market-structure experiment. The platform will utilize decentralized finance infrastructure, specifically Uniswap v4 liquidity pools deployed on the X Layer network, rather than a traditional order book.
Prices on the venue will be determined by the ratio of assets in liquidity pools rather than relying on NYSE or Nasdaq data. While external data may be used for displays and trading-halt checks, it will not feed directly into the smart contracts that set executable prices. Investors will trade against stablecoins, including USDC, USDT, and USDG, using self-custodial wallets.
Access to the platform will be restricted to users who pass identity, anti-money-laundering, and sanctions screenings. The venue will not take custody of assets or extend credit. To ensure the tokens remain linked to the underlying shares, third-party tokenizers must maintain a one-to-one backing, with minting and redemption channels available to eligible participants.
The SEC has imposed volume and listing caps on the experiment. Tier 1 securities are limited to 75 symbols per venue, with trading volume for any individual stock capped at 0.25% of its prior month's average daily volume. If a venue exceeds these thresholds, it must halt trading for that token for three months. The exemption is currently set to run through Sept. 17, 2031.
The platform cannot launch immediately, as the SEC requires a 30-day notice period following the filing. Additionally, companies have the right to object to their shares being tokenized, a power already exercised by Cerebras Systems. The coming month will determine which of the proposed listings move forward and whether liquidity providers can sustain price discovery during off-market hours.
