OKX and ICE Joint Venture Plans Tokenised U.S. Stock Market With AMM Trading
Key points
- OKXICE, a joint venture between OKX and NYSE owner Intercontinental Exchange, filed regulatory documentation listing more than 60 U.S. equities it plans to offer in tokenised form.
- Each token would be backed one-for-one by an underlying share held at a registered broker-dealer, with holders retaining dividend and voting rights.
- Trading would be conducted against AMM-based liquidity pools using stablecoins USDC, USDT and USDG, replacing traditional order-book matching.
- Cerebras has already objected to inclusion of its stock during the 30-day corporate objection window, illustrating that filing inclusion does not guarantee availability.
- TD Securities analysts argue that actively managed AMM designs, specifically Prop AMMs and managed Multi-Pool Venues, are more consequential for equity liquidity than conventional constant-product models.
A joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has filed regulatory documentation outlining plans for a blockchain-based marketplace called OKXICE that would offer more than 60 tokenised U.S. equities for round-the-clock trading. Securities listed in the filing include Nvidia, Tesla, Apple, Microsoft, Amazon, Alphabet, JPMorgan, Goldman Sachs, Netflix, Boeing and Walmart, alongside crypto-linked names such as Coinbase, Circle, Robinhood, Strategy and Securitize.
Each stock token would be backed one-for-one by an underlying share held by a registered broker-dealer, with token holders retaining economic and shareholder rights including dividends and voting. Trades would be settled in stablecoins, with USDC, USDT and USDG listed as supported instruments, and executed not through a conventional order book but through blockchain-based automated market makers (AMMs) that algorithmically price assets against pooled liquidity.
Inclusion in the filing is not a guarantee of availability. Companies have a 30-day window to object to tokenisation of their shares, and Cerebras has already done so according to the filing. TD Securities analysts flagged that no listed symbol is certain to trade, and raised questions about liquidity design, noting that more actively managed AMM structures, which they label “Prop AMMs” and “managed Multi-Pool Venues,” are likely to prove more consequential for equity trading than conventional constant-product models because liquidity providers can actively adjust prices and inventory, reducing exposure to stale-price arbitrage.
Whether the platform achieves meaningful adoption will depend on corporate participation rates, the depth and design of liquidity pools, and the durability of whatever regulatory relief the venue operates under. The project tests a specific thesis: that 24/7 stablecoin-settled equity trading, delivered through AMM infrastructure rather than legacy matching engines, can attract institutional and retail flow that current market hours and settlement rails leave unserved.
More on the wire
- ICE and OKX Joint Venture Files to Trade Tokenised US Stocks via Uniswap Pools
- OKX and ICE joint venture files with SEC for 24/7 tokenised US stock trading
- Payward and Singapore Gulf Bank launch 24/7 dollar settlement for institutional crypto clients
- BlackRock and Ondo put entire investment portfolios onchain as tokenisation enters its next phase