OKXICE proposes 24/7 venue for tokenized US stocks

Investors who pass identity checks and connect a self-custodial wallet could trade tokenized versions of 63 U.S. stocks around the clock if OKXICE’s proposed venue goes ahead. In its Oct. 4 public notice, the OKX and Intercontinental Exchange joint venture says it plans to operate the venue on XLayer using permissioned liquidity pools.

For traders, the proposal offers access outside stock-market hours, but requires onboarding, a crypto wallet and acceptance of fees and pool prices that can diverge from the underlying shares.

The notice describes OKXICE LLC as a 50-50 venture between ICE and OKC USA Holding. The proposed venue would use Uniswap v4 automated market maker pools, where trades execute against a pool of assets instead of matching buy and sell orders on an order book. OKXICE says it would not custody participants’ assets or extend credit.

What would traders need to do to get access?

Prospective users would apply online, complete identity and sanctions screening, connect a self-custodial wallet and open an account with the token issuer, which the notice calls the “Tokenizer.” Approved wallets would receive a non-transferable token that allows them to trade; the venue says access would be permissioned, not open to every wallet.

Trades would be paired with USDC, USDG or USDT. Before a trade, the interface would show an indicative quote, expected execution value, slippage settings and applicable fees; users would confirm and sign the transaction with their wallet. Each trade carries a service fee, a pool fee and an XLayer network fee, but the notice points to a separate fee schedule rather than stating the rates.

How could token prices differ from stock prices?

The pools set token prices according to the ratio of assets held in each pool, rather than directly tracking the underlying stock market. OKXICE’s notice warns that prices may differ from the shares, especially outside regular market hours or when pool liquidity is low; a large trade could move the price substantially or fail.

The notice says third-party tokenizers would hold the underlying shares one-for-one through a registered broker-dealer, with tokens intended to provide equivalent shareholder rights, including dividends and voting. OKXICE says it will review the backing and rights, while the tokenizer handles corporate actions such as dividends and share splits.

What could delay or limit the launch?

OKXICE says the planned venue would operate 24 hours a day, seven days a week, under the SEC’s temporary, conditional “Innovation Exemption.” The SEC’s Sept. 17 announcement says the exemption lasts five years and comes with conditions, including limits on eligible stocks and trading volume, issuer notice and an opportunity to object.

The Block reported that the planned list includes more than 60 U.S.-listed companies. OKXICE’s notice names Cerebras Systems as having objected as of Oct. 4. The notice also says the SEC has not passed on its merits or accuracy, so the proposal does not mean the venue is already operating or that every named stock will be available.

Source material

• Oct. 4 public notice — okx.com
• Sept. 17 announcement — sec.gov