Tokenized Stocks Go 24/7: OKX-ICE, Securitize and Coinbase Compared, and the 4 Companies Saying No

Published October 13, 2026. In the space of a week, three of the biggest names in crypto and traditional finance moved to put US stocks on public blockchains. OKXICE, the joint venture between OKX and NYSE owner Intercontinental Exchange, notified the SEC of a 24/7 tokenized stock venue. Securitize launched tokenized Apple, Nvidia and Tesla on Solana. And four listed companies have already said no. Here is how the models compare, based on the companies' own filings and notices.

Key takeaways

• OKXICE published a public notice (October 4, updated October 8) for a "Tokenized Securities Venue" open 24 hours a day, seven days a week, using the SEC's new Innovation Exemption of September 17, 2026.
• Four issuers have objected to their shares being traded there: Cerebras Systems, AppLovin, Applied Digital and Rocket Lab, according to the OKXICE notice.
• Securitize Stocks launched on October 8 with 12 US stocks on Solana, each token backed one-for-one by a share and structured as a security entitlement under UCC Article 8, available to eligible investors in the US and EU.
• The SEC exemption caps activity: on the OKXICE notice, up to 75 large-cap symbols with volume up to 0.25% of their average daily volume, and up to 250 other symbols up to 2.5%.
• On our reading of the 30-day notice rule, OKXICE cannot start trading before early November 2026.

What the SEC allowed on September 17

On September 17, 2026, the SEC issued what it calls an "Innovation Exemption" (SEC press release 2026-90). For five years, it allows "Tokenized Securities Venues" (TSVs) to trade tokenized versions of listed US stocks through permissioned automated market makers and liquidity pools, without registering as an exchange. Liquidity providers using their own capital are also exempted from dealer registration.

The conditions, according to the SEC fact sheet, include:

• a tokenized stock must give holders the same rights and privileges as the underlying share;
• if the stock was tokenized by a third party, the issuing company must get notice and a chance to object before trading starts;
• smart contracts must be public, auditable and deployed on a public, permissionless blockchain;
• trading must halt when the underlying stock is halted on its listing exchange;
• limits on the number of symbols and on volume;
• a public notice on the venue's website at least 30 calendar days before it starts operating.

SEC Chairman Paul Atkins described the goal as bringing "America's capital markets into the digital age". This exemption sits alongside the SEC's other open crypto files, including the Regulation Crypto Assets proposal and the new crypto custody rule for advisers and funds.

Three models compared

Sources: OKXICE TSV public notice (Oct. 8, 2026); Securitize press release (Oct. 8, 2026); Base blog and base.org/stocks. Table compiled by BullishStation.

The models differ on one key point: what you actually own. Securitize's token is a security entitlement, the same legal form as a share held at a broker, with dividends and, where available, voting rights; holders are not on the company's register unless they convert. OKXICE does not issue tokens itself: an unaffiliated "Tokenizer" holds the shares one-for-one through a registered broker-dealer, and the venue only provides the trading pools. Coinbase's product, available outside the US, gives a claim on a share held by Alpaca.

The SEC caps, in numbers

Source: OKXICE TSV public notice, describing the Innovation Exemption limits. A second breach of a limit triggers a three-month pause for that stock.

Those caps mean tokenized trading will remain a small fraction of the US stock market during the exemption. For a stock like Apple, 0.25% of daily volume is a thin slice of a very large market; the caps are a test environment, not a parallel Wall Street. Tokenized stocks on public blockchains were worth about $3.2 billion in early October, according to RWA.xyz data cited by CoinDesk, a small part of the roughly $39 billion of real-world assets on public blockchains, excluding stablecoins (see our guide to RWA tokenization).

Four companies said no

The most telling detail is in the OKXICE notice: four listed companies have filed a "Notice of Issuer Objection", so their shares will not trade on the venue:

• Cerebras Systems (CBRS)
• AppLovin (APP)
• Applied Digital (APLD)
• Rocket Lab (RKLB)

The notice does not give their reasons. The objection right is one of the exemption's central protections: companies can keep third parties from trading tokenized versions of their stock if they are not comfortable with it. Securitize also notes that the companies behind its 12 tokens "have not sponsored or endorsed" the product. Whether more issuers object, and whether large companies start tokenizing their own shares, will decide how far this market can go.

Why it matters for crypto

• Stablecoins as settlement money. All three models settle in stablecoins (USDC, USDG, USDT). Every tokenized trade is new demand for dollar stablecoins; see What is a stablecoin?
• Blockchains compete for Wall Street flows. Solana, Base and OKX's XLayer each host one model. Fees and activity from stock trading would go to these networks.
• DeFi meets equities. Aave's founder says tokenized stocks could be used as collateral for loans, and Base already points to lending against them. That links stock and crypto markets more tightly, in both directions.
• Regulation is moving by exemption, not law. The CLARITY Act is still stalled in the Senate; the SEC is building the framework through exemptions and rule proposals instead, which can be changed more easily.

What to watch next

• Early November 2026: the earliest date OKXICE could start trading, 30 days after its first notice of October 4, on our reading of the SEC conditions.
• The list of stocks OKXICE will actually offer, and any new issuer objections.
• Securitize's move to 24/7 trading and its listing on NYSE's planned digital venue.
• The SEC's comment process on the Innovation Exemption and any changes to the caps.

FAQ

What is a tokenized stock?

A token on a blockchain that represents a share of a company. In the models above, each token is backed by one real share held by a regulated broker or custodian.

Is a tokenized stock the same as owning the share?

Not always. Securitize's tokens are security entitlements, like shares held at a broker, with dividends and voting rights where available, but holders are not on the company's register unless they convert. The rights depend on each product's structure.

Can US investors buy tokenized stocks?

Securitize Stocks is open to eligible US investors after onboarding. OKXICE plans a permissioned US venue under the SEC exemption. Coinbase's tokenized stocks on Base are for eligible users outside the US.

Why do companies object to tokenization?

The four objectors did not publish reasons. The exemption lets issuers refuse third-party tokenization of their shares before trading starts.

When does OKXICE launch?

No date has been announced. Under the SEC conditions, a venue must publish its notice at least 30 days before operating, so not before early November 2026.

Guide: What are perpetual futures? Funding rates, leverage and liquidations explained

Latest: Solana switches on Alpenglow: finality drops from 12.8 seconds to 150 milliseconds

Related reading: What is RWA tokenization? · What is a stablecoin? · SEC crypto custody rule · SEC Regulation Crypto Assets · CLARITY Act: what next · CFTC crypto rules · AI agents and crypto payments

Sources: SEC, press release 2026-90 (Sep. 17, 2026) · SEC, Innovation Exemption fact sheet · OKXICE TSV public notice (Oct. 8, 2026) · OKXICE TSV page · Securitize press release (Oct. 8, 2026) · Base, tokenized stocks · RWA.xyz

This article is for information only and is not investment advice. Crypto-assets and tokenized securities carry risks and you can lose all of your capital.

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