OKXICE proposes a new tokenized stock venue
OKXICE, a 50/50 joint venture between NYSE parent Intercontinental Exchange (ICE) and cryptocurrency exchange OKX, has notified the U.S. Securities and Exchange Commission (SEC) of plans to launch a tokenized securities trading venue.
The proposed platform would allow retail and institutional participants to trade tokenized versions of U.S. National Market System (NMS) stocks around the clock. The venue is being proposed under the SEC's temporary Innovation Exemption, a framework designed to facilitate certain forms of onchain trading for tokenized securities. The SEC's Innovation Exemption announcement outlines the regulatory framework for qualifying tokenized securities venues.
Trading would run through Uniswap v4 on X Layer
The proposed OKXICE venue would use Uniswap v4 liquidity pools deployed on X Layer, OKX's Ethereum Layer 2 network. Instead of relying on a traditional stock-market order book, the proposed structure would use blockchain-based liquidity pools for trading.
Uniswap v4 provides customizable liquidity-pool infrastructure and automated market-making technology. Its architecture allows developers to create specialized pools through hooks, providing the technical foundation for different types of onchain markets.
The proposed OKXICE structure would combine that liquidity technology with a permissioned access layer. This means the underlying blockchain can remain public and permissionless while access to the tokenized securities market itself is restricted to approved participants.
Who would be allowed to trade?
Although the underlying blockchain infrastructure is public, participation in the proposed securities venue would not automatically be open to every wallet.
The platform would use KYC and KYB checks, sanctions screening, wallet whitelisting and wallet-bound credentials to control access. Retail and institutional users would therefore need to complete the required verification procedures before interacting with the tokenized securities venue.
The model creates two distinct layers: public blockchain infrastructure underneath and a permissioned securities market on top. The SEC's Innovation Exemption order establishes conditions for qualifying venues using permissioned liquidity pools for tokenized NMS stocks.
Tokenized stocks would represent underlying shares
The proposed tokens are intended to represent one-for-one security entitlements to underlying shares held through a broker-dealer.
That distinction matters because tokenized stocks can be structured in different ways. Some products provide economic exposure to stock prices, while the OKXICE proposal is designed around tokens representing security entitlements connected to underlying shares.
The SEC's framework specifically covers tokenized NMS stocks and establishes conditions for their trading through qualifying venues. The Innovation Exemption is temporary and conditional rather than a blanket authorization covering every tokenized stock product.
64 U.S. stocks are included in the proposal
The notice lists 64 proposed stocks, including major companies such as NVIDIA, Tesla and Apple.
The proposed securities would be paired with USDC, USDG or USDT, allowing participants to trade the tokenized stock assets against dollar-denominated stablecoins through the proposed liquidity pools.
This structure would connect traditional U.S. equities with blockchain-based trading infrastructure while maintaining the required access controls around the securities market.
Why 24/7 trading matters
One of the most notable elements of the proposal is its planned 24/7 secondary trading.
Traditional U.S. stock markets operate according to established trading schedules, while blockchain networks can process transactions continuously. A tokenized securities venue can therefore remain active outside conventional equity-market hours.
For users, this could provide access to tokenized stocks during evenings, weekends and other periods when traditional U.S. equity markets are closed. The actual trading experience would still depend on available liquidity, approved participants and the operating conditions of the proposed venue.
The use of Uniswap v4 would provide the automated market-making infrastructure for the proposed liquidity pools rather than relying exclusively on a conventional order-book model.
ICE and OKX combine traditional and crypto infrastructure
The proposed OKXICE venue brings together infrastructure from traditional financial markets and the digital-asset sector.
ICE is the parent company of the New York Stock Exchange, while OKX operates cryptocurrency trading and blockchain infrastructure. Their joint venture places tokenized U.S. equities at the intersection of established securities markets and onchain finance.
The proposed use of X Layer and Uniswap v4 adds another component by moving parts of the trading infrastructure onto an Ethereum Layer 2. The model could allow tokenized assets to interact with other onchain applications while maintaining permissioned access for the securities venue.
The SEC exemption provides the regulatory pathway
The proposal follows the SEC's September decision to establish temporary, conditional relief for certain tokenized securities venues.
Under the framework, qualifying venues can use automated market makers and liquidity pools for permissioned trading of tokenized NMS stocks. The SEC's official announcement said the exemption is intended to facilitate onchain trading while the agency considers broader regulatory approaches to tokenized markets.
For OKXICE, the framework provides a regulatory pathway for testing tokenized U.S. equities through blockchain infrastructure. The proposed venue is therefore structured around securities-market requirements, including identity verification, access controls and arrangements involving underlying shares.
What comes next for OKXICE?
The SEC notification represents a proposed market structure rather than a completed launch. Further steps will depend on the regulatory process and the conditions associated with the Innovation Exemption.
If the venue moves forward, its combination of tokenized U.S. stocks, permissioned access, stablecoin trading pairs, Uniswap v4 liquidity pools and X Layer infrastructure would create a new model for trading traditional securities onchain.
The proposal also illustrates how blockchain infrastructure is increasingly being connected to traditional financial markets. OKXICE's plans put that development into focus by targeting round-the-clock access to tokenized U.S. equities while maintaining regulated participation requirements.
