NYSE Tokenizes 63 US Stocks on Crypto Exchange: SEC Approval Opens New Era
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Key Takeaways
- The New York Stock Exchange and OKX filed an application with the SEC on October 4, 2026 for the joint venture OKXICE to trade 63 tokenized US stocks around the clock.
- The platform leverages the SEC Innovation Exemption that took effect on September 17, 2026, which permits Tokenized Securities Venues to trade tokenized NMS stocks for five years.
- Trading takes place with stablecoins and enables instant settlement, fractional shares, and orders in dollar amounts rather than whole units.
- The 63 companies named in the application have a 30-day opt-out period to object to the tokenization of their shares; the platform launch depends on how many companies remain involved.
- ICE is preparing its clearing infrastructure with partners BNY Mellon and Citi to support tokenized deposits and fund transfers outside traditional banking hours.
The New York Stock Exchange (NYSE) and crypto exchange OKX submitted an application to the US Securities and Exchange Commission (SEC) on October 4, 2026 for a joint trading platform where 63 tokenized US stocks are to be traded. The joint venture OKXICE is structured as a 50-50 partnership between OKX and Intercontinental Exchange Inc. (ICE), the parent company of NYSE.
NYSE announced the platform development officially on October 5, 2026. According to the parties involved, this is the first regulated trading platform for tokenized stocks in the US operating under an explicit federal regulatory exemption.
24/7 Trading with Stablecoins and Instant Settlement
The platform combines NYSE's Pillar matching engine with blockchain-based post-trade systems. The technical concept provides continuous round-the-clock trading in which investors can buy and sell US stocks and exchange-traded funds (ETFs) with stablecoins. A stablecoin is a cryptocurrency whose value is tied to a stable reference value such as the US dollar.
The tokenized stocks are to convey the same rights as traditional stocks, including dividend claims and voting rights. The platform enables fractional shares and accepts orders in dollar amounts rather than whole units. Settlement occurs instantly via tokenized capital, whereas traditional stock transactions in the US typically require two business days until final settlement.
SEC Innovation Framework as Legal Basis
The application is based on the so-called Innovation Exemption of the SEC, which came into effect on September 17, 2026. This exemption allows Tokenized Securities Venues (TSV)—a new category of trading platforms for tokenized stocks—to tokenize and trade stocks from the National Market System (NMS) for a period of five years. The NMS encompasses all securities listed on national US exchanges.
The regulation permits trading via permissioned Automated Market Makers (AMMs) and liquidity pools. Unlike traditional exchanges, which bring together buy and sell orders in an order book, AMMs use algorithms that calculate prices based on pooled assets.
The 63 companies named in the application receive a 30-day opt-out period in which they can object to the tokenization of their shares. The actual launch of the platform depends on how many companies remain involved after this period expires.
Clearing Infrastructure for Global 24/7 Operations
ICE is preparing its clearing infrastructure for continuous operations. The company is working with BNY Mellon (NYSE: BK) and Citi (NYSE: C) to support tokenized deposits across its clearinghouses. The infrastructure is designed to enable clearing members to transfer and manage funds outside traditional banking hours.
ICE operates six clearinghouses globally, including the largest clearinghouse for energy transactions and credit default swaps. The adaptation of systems aims to cover margin requirements and financing needs across various jurisdictions and time zones.
Strategic Positioning and Leadership
Lynn Martin, President of the NYSE Group, described the tokenized securities platform on October 5, 2026 as part of a broader digital strategy by ICE focused on fully blockchain-based solutions. Michael Blaugrund, Vice President for Strategic Initiatives at ICE, called tokenized securities a key step in the company's strategy to operate on-chain market infrastructure for trading, settlement, custody, and capital raising.
Andrew Cuomo, former Governor of the US state of New York, announced the filing and serves as co-chair of OKXICE. Cuomo has been on OKX's board of directors since July 2026.
Market Environment and Outlook
The OKXICE application is the first major use case of the new SEC regulation by a significant crypto exchange. The exemption serves as a testing mechanism before the regulatory body potentially establishes permanent rules for tokenized stocks. The five-year term of the exemption gives the SEC time to observe the practical effects and assess the readiness of issuers and investors.
The platform is open to all qualified broker-dealers and is to support tokenized versions of traditionally issued securities as well as natively digital security tokens. The operators emphasize alignment with established market structure principles and regulatory standards.