OKX and NYSE owner's OKXICE files to list 60+ tokenized U.S. stocks
In brief
- OKXICE's regulatory filing lists more than 60 U.S. securities planned for tokenized trading.
- Each token would be backed one-for-one by a share held at a registered broker-dealer.
- USDC, USDT and USDG would pair with tokens in AMM pools, not an order book.
- Cerebras has already objected; companies can object within 30 days, according to the filing.
What's on the list
The filing also names crypto-linked companies Coinbase, Circle, Robinhood, Strategy and Securitize, alongside JPMorgan, Goldman Sachs, Walmart, Netflix, Reddit and Boeing.
Being on the list doesn't mean a stock will trade. Companies can object to having their shares included during a 30-day window, and Cerebras objected to the inclusion of its stock, according to the filing.
The filing said the underlying stock would be held by a registered broker-dealer on a one-for-one basis, so each token is backed by one share. Holders would be entitled to the economic and shareholder rights that come with the stock (dividends and voting rights included).
Pools, not an order book
This is where it gets different.
OKXICE plans to support three stablecoins: USDC, USDT and USDG. Instead of matching buy and sell orders, the stock tokens and those digital dollars would sit in blockchain-based pools that investors trade against. Buying tokens pulls them out of the pool and adds dollars, which pushes the price higher; selling does the reverse. In crypto these pools are known as automated market makers (AMMs), and they use rules to set the prices at which investors can buy or sell.
Trades would take place on XLayer, a blockchain developed by OKX, and the pools would use Uniswap's infrastructure. It also won't stop when Wall Street closes, since OKXICE plans to operate around the clock.
TD Securities on AMM design
More sophisticated AMM designs can let professional trading firms actively adjust prices and the amount of stock available, which could make the market behave more like a conventional exchange. On the narrower question of pool design, TD Securities analysts said those actively managed versions could matter more for stock trading than formula-based ones.
“We see Prop AMMs and managed Multi-Pool Venues as much more consequential than conventional AMM models,” the analysts said
They were also careful about the lineup itself. "No symbol is a given," the analysts wrote.
Frequently asked questions
How would trading work on OKXICE's tokenized stock venue?
According to OKXICE's filing, stock tokens and stablecoins would sit in blockchain-based pools that investors trade against, instead of a traditional order-matching system. Buying tokens removes them from the pool and adds digital dollars, pushing the price higher. Selling does the reverse.
Are the tokenized stocks backed by real shares?
The filing said a registered broker-dealer would hold the underlying stock on a one-for-one basis, so each token is backed by one share. Token holders would be entitled to the stock's economic and shareholder rights, including dividends and voting rights.
Will every stock in the filing be tradable?
Not necessarily. Companies can object to having their shares included during a 30-day window, and Cerebras objected to the inclusion of its stock, according to the filing.
Which stablecoins and blockchain would OKXICE use?
OKXICE plans to support USDC, USDT and USDG for trading. Trades would take place on XLayer, a blockchain developed by OKX, and the pools would use Uniswap's infrastructure.
