OKX-ICE venture files notice for tokenized stock venue

OKXICE, the 50-50 venture between OKX and Intercontinental Exchange, filed notice on Oct. 4 to offer tokenized U.S. stocks through a permissioned venue on XLayer, according to OKXICE’s public notice. The filing describes how the venue plans to operate under the SEC’s temporary exemption for trading tokenized stocks.

How would OKXICE trade the tokenized shares?

The venue would use automated market-maker liquidity pools built with Uniswap v4 on XLayer, rather than an order book, the notice says. Each stock token would trade against USDC, USDG or USDT. Trading and liquidity provision would be limited to approved wallets holding a non-transferable token issued after identity, anti-money laundering and sanctions checks.

The notice says tokens may be issued by a company or an unaffiliated third party. In the latter case, the third party’s registered broker-dealer would hold one underlying share for each token. OKXICE says token holders would receive the same rights as holders of the corresponding shares, including dividends and voting rights.

Which stocks are on the planned list?

The notice lists more than 60 U.S.-listed stocks, including Nvidia, Apple, Microsoft, Amazon, Coinbase, Robinhood, Circle and SpaceX. Each would be paired with one of the three stablecoins named in the filing.

OKXICE disclosed that it had received an objection from Cerebras Systems. The SEC exemption gives issuers 30 days to object before a venue offers tokenized versions of their shares, Decrypt reported; Cerebras does not appear on OKXICE’s proposed list.

When could trading begin?

The notice gives no launch date. OKXICE says the venue will operate under the exemption’s conditions and remain subject to SEC oversight; the next step is the issuer objection period before any listed tokens can be offered.

References

• OKXICE’s public notice — okx.com
• Decrypt reported — decrypt.co