OKX Tokenized Stock Venue Launches With 67 Tech Objections

A new tokenized equities market is moving forward with its launch despite facing widespread opposition from major technology firms, according to Decrypt. Following an innovation exemption created by the SEC in September, venues are permitted to trade tokenized versions of U.S. stocks unless a company objects in writing within 30 days.

Launch Details and Asset Selection

The OKXICE venue is scheduled to launch on November 23, listing more than 70 assets, though 59 of them consist of Direxion ETFs. The approved individual stocks include Coinbase, Circle, Robinhood, Strategy, BitGo, Securitize, and Better.com, with Strategy also tokenizing preferred shares. Securitize handles the tokenization process, ensuring each token is backed one-for-one by a real share with attached dividends and voting rights, utilizing Uniswap v4 pools on OKX's Ethereum layer-2 network, X Layer.

Corporate Objections and Competing Venues

Corporate pushback has grown steadily, with objections rising from 22 in October to 50, then 56, and reaching 67 by the November 5 notice. Notably, every member of the Magnificent Seven is included on the objection list. Meanwhile, competitors are advancing alternative tokenized offerings. The New York Stock Exchange selected Avalanche for clearing and settlement on its upcoming platform, while the DTCC launched a tokenization service on the Canton Network with participants including Bank of America, Citi, JPMorgan, and Citadel Securities.

Key facts

• OKXICE is set to launch its tokenized equities venue on November 23.
• The platform lists more than 70 assets, including 59 Direxion ETFs and seven crypto-aligned companies.
• Sixty-seven companies, including every member of the Magnificent Seven, have filed written objections against third-party tokenization.
• Trading operates through Uniswap v4 pools on X Layer, OKX's Ethereum layer-2 network.