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Morning Minute: Tokenized Stock Venues Are Launching Without Big Tech’s Approval
OKXICE plans to launch a venue for tokenised shares on 23 November, despite objections from 67 companies, including all of the Magnificent Seven. The launch highlights a growing divide: third-party venues can face objections from companies, while established financial firms are building tokenisation systems with issuers and market infrastructure providers.
The venue will list more than 70 assets, including 59 Direxion ETFs, and seven individual stocks from crypto-related firms. Securitize will issue tokens backed one-for-one by real shares, with dividends and voting rights, and trading will use Uniswap v4 pools on OKX’s X Layer. The NYSE is also developing a tokenised securities platform with Avalanche, while the DTCC launched a tokenisation service on the Canton Network on 28 October.
In short
- OKXICE plans to launch on 23 November despite 67 company objections.
- Its initial stock listings are limited to seven crypto-related firms.
- The NYSE and DTCC are also building tokenisation services.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
A third-party venue can argue that tokenised shares widen access, enable continuous trading and let investors use familiar blockchain tools, while one-for-one backing and shareholder rights aim to preserve the substance of ownership. Companies’ objections need not give them a veto over independent venues, particularly when established financial firms are also developing tokenisation systems.
The case against
Companies can argue that trading tokens linked to their shares without their agreement risks confusing investors about whether they hold genuine securities and who is responsible for custody, disclosures and shareholder rights. Building tokenisation with issuers and established market infrastructure may offer clearer safeguards and accountability than launching first and addressing objections later.