OKX Rushes Into Tokenized US Stocks: Will First-Mover Status Pay Off?

Key Summary

OKX has filed with the US Securities and Exchange Commission (SEC) to trade tokenized US stocks, starting with 63 companies listed on the New York Stock Exchange (NYSE). The SEC's five-year exemption, which caps each venue at 75 top-tier stocks, may limit OKX's first-mover advantage. Each token's trading cannot exceed 0.25% of the stock's prior-month volume, and issuers can block a listing by objecting within 30 days. The exemption expires in September 2031 and remains an agency order, not legislation. OKX's joint venture with Intercontinental Exchange (ICE) valued the exchange at $25 billion, and tokenized stocks accounted for an 11% average share of decentralized exchange (DEX) trading in September.