OKX-ICE venture sets out 24/7 tokenized stock venue

OKXICE, the 50-50 joint venture between OKX and Intercontinental Exchange (ICE), has notified the SEC that it intends to launch a venue for round-the-clock trading in tokenized US stocks. Its October 4 public notice describes how trades would run through permissioned liquidity pools on X Layer, using a temporary SEC exemption for certain tokenized securities venues.

How would the venue match stock buyers and sellers?

Instead of an order book, OKXICE plans to use automated market maker pools: buyers and sellers trade against assets held in each pool, with prices determined by the ratio of those assets. The pools would use Uniswap v4 contracts on X Layer, with an OKXICE smart-contract extension that checks whether a wallet is allowed to trade.

Access would require identity and sanctions screening, a self-custody wallet and approval from the token issuer or its agent. OKXICE would then issue the approved wallet a non-transferable soulbound token. The interface and pool contracts check for that credential before quotes, trades and other transactions. The notice says the venue will operate 24 hours a day, seven days a week, and pair stocks with USDC, USDG or USDT.

According to OKXICE’s public notice, the proposed list covers more than 60 stocks, including Nvidia, Tesla, Apple, Microsoft, Coinbase and SpaceX. Where an unaffiliated third party tokenizes a stock, it must hold the underlying shares one-for-one through a registered broker-dealer. The notice says each token represents an entitlement to one share, with the same dividends and voting rights as the equivalent stock.

What does the SEC exemption allow?

The SEC’s September 17 order provides temporary, conditional relief from the definition of an exchange for qualifying tokenized securities venues that use permissioned automated market maker pools. A venue must meet the order’s conditions to rely on that relief. OKXICE’s notice says its use of the exemption remains subject to SEC oversight; the agency has not registered the venue, and its notice says the SEC has not passed on the merits or accuracy of the disclosures.

The exemption also sets limits and safeguards. A venue must stop trading a token when trading in its underlying stock is halted. If a third party tokenizes the stock, the venue must notify the issuer and wait at least 30 days before trading can begin; the issuer can object. OKXICE’s notice says Cerebras Systems had already objected, so the venue cannot offer that company’s token under the stated process.

Has trading started?

No. The notice describes a proposed venue, not a live market. OKXICE says it does not hold users’ assets or issue the stock tokens itself. It would provide the pools and permission checks; a tokenizer would handle issuing and redeeming tokens against shares held in custody. Those moving parts would have to work together for a token trade to represent a claim on a real share.

Sources

• OKXICE’s public notice — okx.com
• SEC’s September 17 order — sec.gov