Robinhood Lists Tokens of OKXICE Objectors

gm, Defiers!

These are the biggest stories in DeFi and crypto:

• DTCC opened tokenization with 34 securities
• Kamino lends USDC against tokenized stocks
• Aave raised BTC and ETH borrowing limits
• A Tranche Vault lost 1.01M USDC on Avalanche
• Stellar tested a fee-free chain at 7M payments/sec

JPMorgan Chase objected to having its stock traded as a token on OKXICE. Today Robinhood listed a JPMorgan token on its own chain. By 3:56 p.m. ET, holders had 96 of them, worth about $33,000.

OKXICE is a planned venue from the crypto exchange OKX and Intercontinental Exchange, which owns the New York Stock Exchange. OKXICE would trade tokenized U.S. stocks under an exemption the SEC granted in September. Its Oct. 27 notice lists objections from 33 companies, with JPMorgan among the seven added that day. Robinhood added eight stock and ETF tokens to Robinhood Chain today, including JPMorgan and McDonald's, another objector. Can a company stop its stock from becoming a token?

Under the SEC's order, a company can block its stock on a U.S. venue that uses the exemption. On Sept. 17, we wrote that a written objection filed by day 30 bars the listing outright. OKXICE had nine objectors by Oct. 15. By Oct. 27, objections covered 31 of the 63 symbols it first proposed. The same day, Ondo brought 15 stock tokens to Robinhood Chain, including one for Alphabet, which has also objected. Today Kamino began lending USDC against Backpack's Sandisk token, and Sandisk is another objector.

The SEC's order lets an issuer object only to stock that an unaffiliated firm tokenizes for a venue using the exemption. The SEC requires those tokens to carry the same votes and dividends as the shares, and it excludes products that give only synthetic exposure. Robinhood's tokens are debt securities issued by its Jersey subsidiary. They give holders no rights in the underlying shares, and Robinhood cannot sell them to U.S. persons. The issuer gets no notice, so it has nothing to object to. Robinhood's asset registry lists 203 tokens; 27 of the 33 objectors have one. The six without one are Caterpillar, Goldman Sachs, Coca-Cola, Verizon, Arm and Wells Fargo. Those 27 tokens held $19.1 million at the same time, or 11.8% of the $161.9 million in Robinhood tokens on the chain. Alphabet's is the largest, at $6.7 million.

So an objection decides one thing: whether U.S. investors can hold a JPMorgan token that carries a vote and a dividend. JPMorgan refused that version. A JPMorgan token with no vote started trading on Robinhood Chain a day after OKXICE disclosed the refusal.

Read more below!

As of 20:00 UTC, Oct. 28. Data: CoinGecko, Aave, Hyperliquid. Full list

WATCH

DTCC’s Nadine Chakar on Tokenizing $30 Trillion

Camila Russo interviewed Nadine Chakar, global head of DTCC Digital Assets, just before DTCC’s tokenization service went live. Chakar said DTCC aims to make roughly $30 trillion of assets available. Watch the interview.

TRADFI AND FINTECH

DTCC’s Tokenization Service Goes Live With 34 Securities

DTCC launched its tokenization service with 34 securities that eligible institutions can convert on Canton Network and DTCC’s private Besu blockchain. The list covers selected Russell 1000 stocks, ETFs and Treasurys. Each token is backed 1:1 by a security held at DTC and keeps the same rights. Twenty DTC participants have signed on, including Bank of America, Citi and J.P. Morgan. Tokens move 24/7, but only between DTC-registered wallets on the same chain. Conversions run 2 a.m. to 6 p.m. ET on business days.

DTCC’s Tokenization Service Goes Live With 34 Securities

DTCC launches tokenization for 34 securities on Canton and private Besu, with 24/7 registered-wallet transfers and business-day conversion hours.

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DEFI

Kamino Opens USDC Loans Against Backpack Tokenized Stocks

Kamino opened a Solana market where holders of Backpack’s tokenized Micron, SK Hynix, SpaceX and Sandisk can borrow USDC against them, at 30% to 40% of collateral value. Outside U.S. trading hours, Kamino’s oracle keeps the last published price while interest accrues, so a lower price at the reopen can trigger liquidations. By late morning, borrowers had taken 1.51 USDC. Robinhood added eight tokens to its chain, and OKXICE’s objection list reached 33.

DEFI

Aave Raises Bitcoin and Ether Collateral Borrowing Limits Across V3 and V4

Aave raised borrowing limits for bitcoin and ether collateral across V3 and V4. On V3 Ethereum Core, WBTC and cbBTC now borrow up to 81% of their value, up from 73%, or about 11% more debt. A position drawn to the new limit hits liquidation after a 4.7% bitcoin drop, against 6.4% before, by The Defiant’s math. Ethena Pay’s new Earn+ targets up to 12% by looping USDe about 11 times on Aave v4.

HACKS

Tranche Vault on Avalanche Drained of 1.01 Million USDC

An attacker drained 1.01 million USDC from a Tranche Vault on Avalanche that Blockaid linked to Fence Finance and Valinor Digital. Blockaid says a flash loan minted inflated tranche shares, which the attacker redeemed for the vault’s USDC. An onchain check found no USDC left for withdrawals. Yield Basis disclosed a fee-bypass route and proposed a WETH fix, and Osmosis restored full allBTC backing with seized tokens and community funds.

BLOCKCHAINS

Stellar Unveils Fee-Free Network Processing 7 Million Payments per Second

The Stellar Development Foundation released Project Thruput, a separate chain that executes a block’s transactions out of order and charges no per-transaction fee. Its benchmark reached 7.02 million payments per second on eight machines in one validator, excluding consensus. Thruput gives priority to accounts holding more of its native token when demand exceeds capacity. The chain runs on Futurenet, Stellar’s stage before testnet. Its bridge to Stellar exists only as a white paper.

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