OKX Launches Tokenized US Stocks on Shared Order Book

OKX said its Unified Tokenized Stocks product is now live for eligible traders, with users in the United States and the European Union excluded. The crypto exchange listed more than 40 tokenized US stocks and ETFs, including XNVDA, XAAPL and XTSLA, tradable against the USDT stablecoin.

The design point OKX is pitching is a single order book. Rather than listing a separate market for each issuer's version of a given stock, OKX said each stock is one unified asset backed by multiple issuers over time, "starting with @xStocksFi." On its product page, OKX said the market is currently backed by xStocks from Backed Assets, with every token backed 1:1 by shares held in custody on the issuer's behalf.

OKX described a ticker such as XNVDA as a token exclusive to OKX that tracks the price of one real NVDA share, usable as collateral, with dividends reflected as an increase in the user's balance. Weekend pricing is based on the latest market close plus fair value estimates, the company said, and markets trade against USDT around the clock.

Eligible regions include Southeast Asia, Northeast Asia, the CIS region, MENA and Türkiye. OKX's disclaimer states the tokens are issued by third-party providers, provide price exposure only, and do not confer ownership or shareholder rights.

OKX enters a market that several venues already contest. Kraken and Backed expanded xStocks tokenized equities to Ethereum, Binance opened US stock trading to non-US users via bStocks on BNB Chain, and Kraken's xStocks separately launched a unified liquidity layer. OKX shares the same underlying issuer, Backed's xStocks, as several of those venues.

OKX claimed it is "the first global exchange to build a single market for multiple tokenized stocks," arguing most exchanges fragment liquidity by listing separate markets for each issuer's version. That characterization, and OKX's assertions that the model produces "deeper liquidity" and is "better for traders" and "better for issuers," are the company's own and could not be independently verified.