Tokenized stock trading is growing fast overseas, according to Bitwise's latest quarterly report, with volume on Robinhood Chain rising from $526 million in July to $11.31 billion in September. Meanwhile, Goldman Sachs, Microsoft, Alphabet and other large U.S. companies have objected to having their shares traded as tokens on the OKXICE venue, bringing the total number of objectors to 16 as of Wednesday. The debate centers on whether token holders should receive the same economic and voting rights as shareholders, and the SEC's new U.S. pathway requires issuers to be able to object. ClearStreet analyst Owen Lau said some companies may eventually embrace tokenization for a broader investor base and 24/7 trading, while an Injective executive argued that until issuers see clear benefits, growth will keep happening abroad.
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- Alphabet, Microsoft add objections to OKX-ICE proposed tokenized stock platform
OKXICE, the joint venture of crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, received 16 notices of issuer objection from companies including Microsoft, Alphabet and Goldman Sachs. The notices gave no specific reasons, though one expert said they could reflect uncertainty over what would happen to the companies' share prices on the platform. Co-chair Andrew Cuomo said these were not objections but companies waiting to see how the model works, and he expects more to follow. About 25% of the 62 companies proposed for the platform have objected, and the platform would run 24/7 on permissioned Uniswap v4 liquidity pools on XLayer. Each tokenized stock would be paired with one of three stablecoins: USDT, USDC or USDG.
- Microsoft, Alphabet, Goldman Sachs Join Growing List of Companies Objecting to Tokenized Stocks
Seven more companies, including Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's and Western Digital, have objected to their shares trading on OKXICE TSV, according to an updated notice dated Oct. 19. The total number of objecting issuers is now 16, up from nine in the Oct. 15 notice, and neither notice gives reasons. OKXICE TSV is a planned tokenized stock venue from OKX and Intercontinental Exchange, set to run 24/7 on Uniswap v4 pools on XLayer and settle trades in USDC and USDT. The updated notice also allows tokenized shares from the issuers themselves, not only third parties, and the venue will operate under the SEC's innovation exemption without being subject to Regulation NMS.
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- Microsoft, Alphabet, Goldman Sachs Join Growing List of Companies Objecting to Tokenized Stocks
Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital have objected to their shares trading on OKXICE TSV, according to an Oct. 19 notice. The total number of objecting issuers rose to 16 from nine in the venue’s Oct. 15 notice, though neither notice gives reasons. The updated notice also says the venue may offer stocks tokenized by the issuers themselves, not only by third parties. OKXICE TSV is a planned 24/7 tokenized stock venue from OKX and ICE, running on Uniswap v4 pools on XLayer with stablecoin settlement under the SEC's innovation exemption. Nasdaq, which has its own tokenized securities pilot, said it will opt its shares out of the exemption.
- Microsoft, Alphabet and Goldman Sachs join objections to OKX-ICE tokenized stock trading
- Goldman, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat
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