NYSE Owner and OKX File With the SEC: Nvidia, Tesla and 60-Plus U.S. Stocks Head Onchain for 24/7 Trading
On October 5, OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange, notified the U.S. SEC of plans to tokenize more than 60 U.S. stocks for round-the-clock trading.
Three key facts
OKXICE was formed in June as a 50-50 venture, with former New York Governor Andrew Cuomo as co-chair. The first batch of 60-plus stocks includes Nvidia, Tesla, Apple, Microsoft, Amazon, Alphabet, Coinbase, JPMorgan and Goldman Sachs. Trading runs 24/7, settlement is faster than the traditional market, and each token is backed 1:1 by shares held at a registered broker-dealer, with dividends and voting rights preserved.
The plumbing is crypto-native: the venue runs on XLayer, OKX's own chain, and matches trades through automated market makers and liquidity pools built on Uniswap infrastructure rather than an order book. Settlement is in USDC, USDT and USDG. Anonymous users are out. Every investor must clear identity and anti-money-laundering checks first.
The legal basis is the SEC innovation exemption issued September 17: temporary relief lasting five years, with a 30-day window for any tokenized company to object. One already has. AI chipmaker Cerebras objected to its shares being included. CoinDesk puts the entire tokenized stock market at about $3.2 billion, up 15% over the prior month. Cuomo's line: tokenization is gathering real momentum.
WangDou's Take
Look at the lineup first: the NYSE's parent, a crypto exchange and a former governor at the head of the table. The word decentralized does not appear anywhere in the filing. Crypto chanted that slogan for a decade, and the moment the grown-ups showed up it quietly left the room. Using Uniswap's pools is not decentralization. It is borrowing Uniswap's wheels to drive a Wall Street car, with a KYC lock on the door. Then look at the scale. The whole market is $3.2 billion. Nvidia alone trades more than that in a single day. A 15% monthly rise on an ant-sized base is still two ants. Trading at 3 a.m. sounds like freedom, but the real shares sit 1:1 in a broker's vault. What you are buying is a warehouse receipt that can change hands at night. The funniest part is who objected first: Cerebras, an AI chip company that wants no part of its stock being flipped around the clock on an AI-era chain. And the SEC granted a five-year temporary exemption, not a law. Translation: go play, and we will tighten things up if something breaks.
Source: CoinDesk · OKXICE files for round-the-clock tokenized trading in U.S. stocks · CoinDesk · Here's how OKX and ICE's new market will work