The latest company to pursue tokenized trading in the United States has an unusual name: OKXICE. That mouthful of letters reflects a joint venture between the crypto exchange OKX and ICE, the parent company of the New York Stock Exchange, that was announced Sunday night. According to the company, it has filed with the Securities and Exchange Commission to launch a blockchain-based platform for trading tokenized versions of U.S. stocks around the clock.
The platform plans to offer more than 60 stocks and to let users buy and sell them with stablecoins, cryptocurrencies designed to maintain a fixed value against the U.S. dollar. Each token would be backed by an underlying share to represent ownership of a real stock rather than simply tracking its price. Trading would run on XLayer, a blockchain linked to OKX, under a new SEC exemption that allows certain regulated on-chain stock trading venues.
