Stocks Could Trade 24/7 on a Major Crypto Exchange: What Happens to Prices After Wall Street Closes?
As a joint venture between OKX and ICE, the owner of the New York Stock Exchange, plans to offer 24/7 trading in tokens representing U.S. stocks, how prices will be set while exchanges are closed has become one of the project’s most striking details.
According to a regulatory filing cited by CoinDesk, OKXICE aims to offer tokenized versions of more than 60 securities. The plan includes companies such as Nvidia, Tesla, Apple, and Microsoft, and investors will be able to buy and sell the stock tokens using USDC, USDT, and USDG.
The key difference is not just extended trading hours: Prices will be determined in the platform’s own liquidity pools rather than pegged to the last traded price on Nasdaq. That would allow an investor looking to buy a Nvidia token on Sunday to trade even while traditional stock markets are closed.
How will prices be set when Wall Street is closed?
While traditional exchanges match buyers’ and sellers’ orders, the planned system will hold stock tokens and stablecoins in on-chain liquidity pools. When an investor buys a token, the number of tokens in the pool will decrease and the amount of stablecoin will increase; the reverse will happen when they sell.
In this structure, known as an automated market maker, prices will change according to the pool’s rules and trading activity. In more advanced models, professional market makers could actively adjust prices and liquidity based on market data and the assets they hold.
Trading is planned to take place on XLayer, the network developed by OKX, using Uniswap infrastructure. The system’s main test will be whether it can build enough liquidity, especially overnight and on weekends, to keep token prices close to those of traditional stocks.
Every token will be backed by a real share
According to the filing, the shares backing the tokens will be held on a one-to-one basis at a registered brokerage. Token holders are also expected to receive shareholder rights, including dividends and voting rights. Users who want to trade will need to pass identity verification and anti-money laundering checks.
A company’s name appearing on the list does not mean its stock will definitely be made available for trading. Companies will have a 30-day objection period; the filing says Cerebras objected to the inclusion of its shares.
Questions remain for institutional investors
TD Securities analysts believe near-term institutional demand may remain low because U.S. investors already have easy access to existing stock markets and companies have shown limited interest in tokenization.
The analysts also point to the five-year duration of the regulatory exemption granted by the SEC. Uncertainty over a permanent framework could affect the investments major financial institutions make to connect to the new market. The project’s success will therefore depend not only on 24/7 access, but also on investor participation and healthy price formation.