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Which stocks does the filing cover?

A new market for tokenized stocks is being prepared in the U.S. According to the regulatory filing by the joint venture called OKXICE, more than 60 U.S. securities, including Nvidia, Tesla, Apple and Microsoft, could be traded on a blockchain-based platform. The partnership was formed by crypto exchange OKX and Intercontinental Exchange, the owner of the New York Stock Exchange.

The filing also lists Amazon, Alphabet, Coinbase, Circle, Robinhood, Strategy, Securitize, JPMorgan, Goldman Sachs, Walmart, Netflix, Reddit and Boeing. However, being included in the filing does not mean a stock will definitely be traded. Companies can object during a 30-day review period before their shares are added to the platform; Cerebras was among those that opposed inclusion.

  • On the technology side, Nvidia, Apple, Microsoft, Amazon and Alphabet stand out.
  • Crypto-linked companies include Coinbase, Circle, Robinhood, Strategy and Securitize.

How will the new market work?

Stocks will be tokenized one to one against the underlying share

The model is based on buying a digital token that represents the relevant share instead of purchasing stock through a traditional brokerage account. According to the filing, the underlying stock will be held one to one at a registered broker, meaning one Nvidia token will correspond to one Nvidia share. Token holders are also expected to gain access to economic and shareholder rights such as dividends and voting rights.

Payments will be made in stablecoins, with prices set in pools

Trading on the platform is expected to use stablecoins such as USDC, USDT and USDG instead of dollars. Orders will not be matched by a conventional exchange engine, but through liquidity pools on the blockchain. Known in crypto markets as AMMs, these systems remove the token from the pool and add stablecoins on the buy side, while working in reverse on the sell side to set prices based on pool balance.

Transactions are planned to run on the XLayer blockchain, while Uniswap technology will be used for the pool infrastructure. This would allow the market to stay open after Wall Street closes, letting investors buy and sell tokenized stocks 24/7, including on weekends. Prices would also be shaped not only by the Nasdaq closing price, but by supply and demand within the platform.

What could the regulatory framework and market impact be?

The system will not be open to anonymous users. The filing says investors will have to complete identity verification and anti-money-laundering checks before trading. Even so, the market is seen as likely to have only a limited short-term impact on institutional investors, since access to listed U.S. shares is already efficient.

Another question mark is regulation. The exemption granted by the U.S. Securities and Exchange Commission is limited to five years, which could make large financial institutions cautious about integrating the new system. The real test will be how closely prices hold to shares on traditional exchanges during overnight and weekend trading, and how much interest both investors and companies show in the model.

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