A joint venture between crypto exchange OKX and the owner of the New York Stock Exchange, Intercontinental Exchange, has filed plans to launch a 24/7 blockchain market for tokenized U.S. stocks. The filing, submitted by OKXICE, identifies more than 60 securities — including Nvidia, Tesla, Apple, Microsoft, Amazon, Alphabet, Coinbase, Circle, Robinhood, Strategy and Securitize — that could be represented by digital tokens backed one-for-one by underlying shares. The tokens would grant holders the same economic and shareholder rights as the original stocks, including dividend entitlements and voting power.

Trading would occur on XLayer, a blockchain developed by OKX, using liquidity pools modeled after decentralized exchange mechanics. Instead of traditional order matching, buyers and sellers would interact with pooled assets through automated market makers. Pricing would be determined algorithmically based on pool composition, with the possibility of active price management by professional market makers to reduce stale pricing.

Investors would use stablecoins — specifically USDC, USDT and USDG — to purchase these tokenized stocks. The platform would operate continuously, enabling trades at any time, even when U.S. exchanges are closed. Participation would be restricted to verified users who complete identity verification and anti-money-laundering checks.

While the filing signals growing interest in onchain equity markets, the path forward remains uncertain. Corporate objections, liquidity challenges, and limited institutional enthusiasm could constrain adoption. The SEC’s temporary regulatory relief for tokenized stocks spans only five years, and firms may hesitate to commit resources without long-term regulatory clarity.

Analysts note that success will depend on whether sufficient trading activity emerges to keep token prices aligned with their underlying equities, especially during off-hours. Whether this model becomes a dominant structure for tokenized U.S. stocks remains an open question, but the initiative marks one of the first coordinated efforts to test scalable onchain trading of traditional equities.