OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, has taken a major step toward launching an around-the-clock tokenized U.S. stock market. A public filing outlining the proposed venue details plans for blockchain-based trading 24 hours a day, seven days a week, with more than 60 tokenized U.S. securities expected to be available to eligible investors.
The move comes as U.S. regulators experiment with frameworks intended to support tokenized securities while traditional exchanges also explore substantially longer trading hours.
Key Overview
- OKXICE plans to operate its tokenized securities venue 24 hours a day, seven days a week.
- More than 60 securities are included in the initial plan, covering major U.S. listed companies.
- Tokenized shares could be traded against approved payment stablecoins.
- The platform would use permissioned automated market maker liquidity pools rather than a conventional exchange order book.
- Eligible tokenized shares must be backed by corresponding underlying securities and preserve relevant shareholder rights.
- The initiative follows a five-year regulatory exemption covering certain tokenized U.S. securities trading.
- Major traditional exchanges are separately working toward longer or near-continuous trading sessions.
OKXICE Targets a 24/7 U.S. Stock Market
OKXICE has filed plans for a Tokenized Securities Venue designed to make U.S. equities available for continuous trading. The regulatory filing describing the structure outlines a platform intended to serve investors, institutions, market makers and liquidity providers.
The proposed lineup includes securities linked to major U.S. companies across technology, financial services, consumer goods and industrial sectors. Nvidia, Tesla, Microsoft, Broadcom, AMD, Alphabet, Apple, Amazon, Netflix, JPMorgan, Goldman Sachs, Coca-Cola and Boeing are among the names identified in the filing.
Unlike a conventional stock exchange, the venue would not depend primarily on a traditional central-limit order book. Instead, investors would trade through permissioned automated liquidity pools, with tokenized securities paired against approved payment assets such as stablecoins.
The platform is intended to operate 24 hours a day, seven days a week, going beyond the extended-hours systems currently used by traditional U.S. equity markets.
Blockchain settlement would also allow the securities token and payment asset to move within the same transaction, potentially reducing some of the operational steps associated with conventional securities settlement.
Tokenized Shares Must Represent Underlying Securities
A central part of the proposed structure concerns how tokenized stocks relate to the conventional shares they represent.
Where a third party tokenizes a security, the underlying stock must generally be supported by corresponding shares held through regulated infrastructure. Blockchain ownership records would then need to remain consistent with the records maintained by the entity responsible for issuing or administering the tokenized security.
The framework is designed to ensure that tokenization does not merely create an unrelated synthetic instrument tracking a company’s share price.
Eligible tokenized securities are also expected to preserve economic rights associated with the underlying stock, including distributions and other shareholder entitlements where applicable.
That distinction is important because tokenized-stock products offered in some international markets have historically varied significantly in the rights they provide to investors.
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SEC Framework Opens a Five-Year Experiment
The initiative follows the introduction of a five-year regulatory exemption for tokenized securities, providing a framework under which qualifying platforms can experiment with blockchain-based trading while remaining subject to specific conditions.
The framework includes safeguards covering the relationship between a token and its underlying security, technology standards and investor protections.
Trading in a tokenized security may also need to stop when trading in the corresponding underlying stock is halted on its primary market.
OKXICE’s filing makes clear that the proposed venue would operate under the specific conditions of the exemption rather than simply functioning as an ordinary national securities exchange.
The structure also carries additional risks. Tokenized shares could trade at prices that temporarily differ from their underlying securities, particularly during periods when the conventional market is closed and liquidity is thinner.
Investors using blockchain wallets may additionally face risks associated with private-key management, smart contracts and blockchain infrastructure.
Traditional Exchanges Are Extending Trading Hours
The OKXICE filing comes as established securities exchanges also move toward longer trading sessions.
Nasdaq has been developing plans for substantially expanded weekday trading hours, reflecting rising international demand for access to U.S. equities outside traditional market hours.
The New York Stock Exchange has similarly been working on expanded trading through NYSE Arca, extending access well beyond the traditional U.S. trading day.
European market operators are also exploring longer trading windows and tokenization. The London Stock Exchange Group has outlined plans around extended-hours market infrastructure while separately advancing work involving tokenized equity structures.
These developments suggest that demand for continuous market access is increasingly influencing both cryptocurrency-linked platforms and traditional securities exchanges.
Tokenization Moves Closer to Mainstream Finance
OKXICE’s proposal illustrates how blockchain infrastructure is beginning to move beyond cryptocurrencies and into conventional capital markets.
If the venue launches as planned, investors could potentially access recognizable U.S. securities through blockchain infrastructure at almost any time of the week, while payments and settlement could take place using digital assets.
The broader significance will depend on liquidity, investor adoption, regulatory oversight and how closely token prices remain aligned with their underlying stocks.
The five-year regulatory experiment could therefore become an important test of whether tokenized securities can evolve from a specialized digital-asset product into a meaningful part of mainstream financial-market infrastructure.
Sources: Reuters / U.S. Securities and Exchange Commission / OKX / Nasdaq / New York Stock Exchange / London Stock Exchange Group
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