OKXICE, a joint venture of crypto exchange OKX and NYSE parent ICE, has filed with the Securities and Exchange Commission to launch a blockchain-based platform for 24/7 trading of tokenized U.S. stocks. The platform plans to offer more than 60 equities, allowing users to trade them with stablecoins on X Layer, OKX's proprietary blockchain.
Each token will be backed by an underlying share, representing direct ownership of the actual stock. The initiative operates under a new SEC exemption, unveiled in mid-September, that permits regulated on-chain stock trading venues to bypass certain traditional exchange rules for five years.
Andrew Cuomo, the former New York governor, serves as cochair of OKXICE, a role he took on roughly three months ago. "The market never sleeps, so why should trading? Ownership shouldn't have office hours," Cuomo said. "We've said tokenized securities are part of what comes next, and this filing is a big step toward it."
The filing marks an escalation of OKX's push into regulated U.S. markets. ICE invested approximately $200 million into OKX in March, valuing the crypto exchange at $25 billion. Cuomo had advised OKX since 2023 before taking the cochair role.
OKX faced a Justice Department investigation into potential anti-money-laundering violations, resolving the case in February 2025 by pleading guilty and agreeing to pay $500 million. The exchange relaunched U.S. operations in April 2025.
The SEC's September exemption came days after the Senate failed to advance the CLARITY Act, which aimed to establish a national market structure framework for crypto and define regulatory jurisdiction for digital assets.
Tokenized equities represent a direct entry point for stablecoin liquidity into traditional assets. By operating on X Layer and tapping 24/7 settlement, OKXICE could redirect capital from idle stablecoin reserves into tokenized stock exposure, potentially affecting yields across lending protocols.
