OKXICE files to trade 60+ tokenized US stocks around the clock, with prices set by pools, not an order book

OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the owner of the New York Stock Exchange, has filed with the Securities and Exchange Commission to run a blockchain-based market for tokenized US stocks, Fortune reported on Monday. CoinDesk, which read the filing, says it lists more than 60 securities, among them Nvidia, Tesla, Apple, Microsoft, Amazon, Alphabet, Coinbase, Circle, Robinhood, JPMorgan, Goldman Sachs, Walmart and Netflix.

Nothing is live. The platform needs regulatory clearance, and a listing in the filing is not a promise that a stock will trade.

How it would work

According to CoinDesk's reading of the filing, each token would be backed one-for-one by a share held at a registered broker-dealer, and holders would be entitled to the economic and shareholder rights of the stock, including dividends and voting rights. Trades would settle in stablecoins (USDC, USDT and USDG), run on OKX's XLayer blockchain, and use Uniswap's pool technology.

The difference from a normal exchange is the price mechanism. There is no order book matching a buyer to a seller. Tokens and stablecoins sit in pools, and a buy removes tokens and adds dollars, pushing the price up, with a sell doing the reverse. Pools use rules to set the price, and CoinDesk says more sophisticated versions can let trading firms adjust prices and inventory actively.

The venue would be open nights and weekends. In CoinDesk's example, an investor could trade a tokenized Nvidia share on a Sunday afternoon while Nasdaq is closed, at a price formed in the pool rather than copied from the last Nasdaq print. Users would face identity and anti-money-laundering checks.

The things that could stop it

• Company objections. Companies get a 30-day window to object to being included. Cerebras already has, per the filing as reported by CoinDesk. TD Securities analysts wrote: "No symbol is a given."
• Temporary legal footing. Fortune says the SEC in mid-September created a five-year program letting firms offer blockchain-based versions of stocks under a temporary exemption from some exchange rules. CoinDesk notes that a five-year window could make large firms reluctant to spend on connecting systems.
• Thin interest. TD Securities sees "limited near-term relevance for institutional investors," since US investors already have efficient access to listed shares, and says the larger test is whether enough participants keep pool prices close to the real stock price.

Why a weekend price matters to a trader

The most interesting consequence is price discovery when the main market is shut. A weekend token price would be a live read on how traders value a stock before Monday's open, but it would also be set by a pool that may be thin, which is exactly the problem CoinDesk and TD Securities flag. A gap between the weekend token and Monday's opening print would be the first real test of whether the pools track the stock.

For scale, Fortune cites a Dune report that tokenized assets topped $35 billion this year and that tokenized stocks grew 2,000%, with more than one million active holders. That is growth from a small base, and it is one analytics firm's count.

The filing arrives days after the Senate failed to advance the CLARITY Act, Fortune notes, and the same day the CFTC opened its own consultation. See our report on the CFTC's 60-day comment period. Fortune also notes OKX pleaded guilty in February 2025 to Justice Department charges over anti-money-laundering failures and agreed to pay roughly $500 million; it relaunched in the US two months later. For related price data see crypto prices.

Sources: Fortune, October 5, 2026; CoinDesk, October 5, 2026. We did not read the filing ourselves; its contents are as reported by those outlets. This is market information, not investment advice.