OKX and Intercontinental Exchange (ICE) are facing growing opposition to their plan to bring US stocks onto blockchain networks. Six more companies, including Tesla, Amazon, SpaceX and Netflix, have objected to having their shares tokenized on the proposed platform.
This brings the total number of objecting companies to 56 and puts nearly 80% of the platform’s planned stock selection at risk.
Can OKX and ICE still launch their tokenized stock platform?
According to an updated public notice, Amazon, Tesla, SpaceX, Netflix, SoFi Technologies and Lam Research have filed objections against OKXICE TSV. This brings the total number of companies opposing the proposed listings to 56.
The resistance has grown quickly over the past few weeks.
The list first included nine companies on October 15 before rising to 38 on October 28. Another 12 companies joined on October 30, taking the count to 50, followed by the latest six objections.
Of the 62 companies initially selected by OKXICE, 49 have now objected, representing nearly 79% of the original group. Seven additional companies outside the initial selection have also filed objections.
Major names already on the list include Microsoft, Alphabet, Nvidia, Walmart, JPMorgan Chase, Costco and Nike. Apple remains among the original candidates without a publicly disclosed objection.
The objections come as OKX and ICE prepare to offer tokenized versions of US stocks through a blockchain-based trading venue. The platform aims to let eligible users trade around the clock, using stablecoins such as USDC through permissioned Uniswap v4 liquidity pools on OKX’s XLayer network.
Supporters see tokenization as a way to make stock trading more accessible through longer trading hours and faster settlement.
However, companies may be concerned about how third-party tokens could affect their share prices, trading activity and reputation.
The objections do not completely shut down OKXICE’s plans. The venue can still offer tokenized shares issued or approved directly by the companies themselves, subject to applicable rules.
However, the growing list of objectors limits the selection of third-party tokenized stocks available to the platform. With 49 of its original 62 targets now opposing the proposed listings, OKXICE faces a major challenge in securing company participation.
The bigger question is whether the platform can attract enough issuers to make its planned 24/7 stock market viable.
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