Tokenised stocks used to be judged by how many tickers a platform listed. Between 8 September and 8 October the question changed to what a holder actually owns, and who can use the token. Four developments show the shift:
- A US venue notice (confirmed, not an approval): OKXICE published a public venue notice under the SEC’s Innovation Exemption [1][2].
- A rights upgrade (reported): Robinhood said share redemption and voting are coming to its offshore Stock Tokens [3][4].
- New infrastructure (company-reported): Ondo joined DTCC’s Fund/SERV and added in-kind conversion through Alpaca [5][6][7].
- A new use (reported): Aave began accepting Coinbase share tokens as collateral for USDC loans [8][9].
None of this is investment advice.
OKXICE: a public TSV notice
Confirmed. It is not SEC approval, and no launch date is given. The SEC’s Innovation Exemption of 17 September lets certain Tokenized Securities Venues (TSVs) trade tokenised US-listed stocks without registering as exchanges, under conditions. On 4 October, OKXICE LLC published its notice under that exemption [1].
Key points from the notice [1]:
- Owners: “OKXICE LLC is 50% owned by ICE and 50% owned by OKC USA.” ICE is the owner of the New York Stock Exchange.
- Stocks: 63 tokenised stocks, each paired with a stablecoin (USDC, USDG or USDT).
- Trading: permissioned Uniswap v4 pools on XLayer, which the notice describes as a layer-2 blockchain.
- Access: through a non-transferable “soulbound” token issued after identity checks.
- Hours: the venue “will operate 24 hours per day, seven days per week”.
- Rights: holders must receive the same rights as ordinary shareholders, including dividends and voting.
- Objection: Cerebras Systems has filed a Notice of Issuer Objection.
The notice states that the TSV is not registered with the SEC “in any capacity for the activities performed under the TSV Exemption” and that the SEC “has not passed upon the merits or accuracy of the disclosures in this Notice” [1]. The Block reports that issuers “will have 30 days to opt out”; that window comes from The Block, not the notice [2]. OKXICE co-chair Andrew Cuomo called it “a landmark step toward a truly global, 24/7 Wall Street” [2].
Robinhood: redemption and voting, someday
Reported by CoinDesk and The Block. No timeline has been given. On 14 September CEO Vlad Tenev posted that “in-kind redemption and voting are coming for Robinhood Stock Tokens” [3]. Johann Kerbrat, Robinhood’s head of crypto, added: “We’re actively working on redemptions for shares 1:1 with voting for eligible Stock Token holders on the roadmap” [3].
This followed criticism from AMC chief executive Adam Aron, who objected that token holders lacked shareholder rights [3]. According to CoinDesk, Robinhood’s tokens are offered outside the US through a Jersey subsidiary and are structured as debt instruments. Holders get price exposure but no ownership of the shares [3]. Securitize chief executive Carlos Domingo said: “These products are not ‘stocks'” [3]. Coinbase chief executive Brian Armstrong said voting is coming to Coinbase’s tokenised stocks [3].
On 2 October Kerbrat told The Block that in-kind redemption had been planned before the AMC dispute. He also suggested the SEC exemption’s caps limit how far Robinhood can use it: “There are limitations on the volume, and what type of assets we can tokenize” [4].
Ondo: connecting to existing fund and share plumbing
Company-reported. Ondo announced three developments in eight days:
- DTCC Fund/SERV (16 September). Ondo’s broker-dealer subsidiary, Oasis Pro Markets, joined DTCC’s Fund/SERV, the fund-processing network that “currently serves over 85% of U.S. mutual fund activity”. Ondo calls itself the “first tokenization platform to participate” [5]. DTCC’s Talia Klein said Ondo’s participation shows “how established industry infrastructure can support the next phase of market evolution” [5]. In practice, Ondo’s tokenised funds can reach traditional fund distributors through one standard connection.
- In-kind conversion (21 September). Approved institutions can now turn existing shares into Ondo Stocks tokens, and back, through Alpaca’s Instant Tokenization Network, instead of paying cash to mint [6]. Access is “limited to institutions approved by Alpaca on a case-by-case basis”. The feature is live on Ethereum and BNB Chain [6]. Ondo’s case is that market makers can restock token inventory more cheaply, which “supports” tighter spreads. That is Ondo’s claim, not a measured result.
- Ondo Intelligent Portfolios (24 September). These are single tokens “based on portfolio strategies developed by BlackRock for Ondo”, for eligible non-US investors in permitted jurisdictions [7]. The fine print matters: BlackRock “is not the investment adviser” and supplies only non-discretionary model strategies. The tokens are “separate and distinct securities issued by Ondo” that give “no right, title, interest, or claim” in the underlying funds. BlackRock also discloses “a potential conflict of interest” because the strategies include its own fee-paying funds [7].
Aave: share tokens as loan collateral
Reported by The Block, with details from Aave’s own post. On 25 September Aave V4 on Base launched an Equities Hub. Eligible non-US users can deposit seven Coinbase tokenised stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla) and borrow USDC against them [8][9].
The terms, per The Block citing LlamaRisk [8]:
- an initial collateral cap of “roughly $29 million” across the seven stocks
- a $32 million USDC supply cap and a $21 million USDC borrow cap
- collateral factors of 65% to 79%
The tokens are collateral only: they cannot be borrowed at launch. Chainlink supplies prices [8][9]. Aave says the market stays open 24/7, but Chainlink’s equity feeds run only from Sunday 20:00 to Friday 20:00 ET. Over weekends and US holidays the price is frozen at the last published value [9]. The timing mismatch between round-the-clock crypto markets and weekday share markets is handled by freezing the price. Aave founder Stani Kulechov said: “Until now a tokenized stock was something you could hold or trade. Today it becomes something you can borrow against” [8].
What this does not prove
- That OKXICE will launch, or when. It has published a notice. The SEC has not approved it, and an issuer has objected [1][2].
- That Robinhood tokens will carry shareholder rights. Redemption and voting are planned, with no date [3][4].
- That Ondo’s in-kind route narrows spreads. That is Ondo’s expectation [6].
- That BlackRock manages Ondo’s portfolio tokens. It supplies model strategies only [7].
- That share-token lending is safe at scale. Aave’s caps are small, and weekend prices are frozen [8][9].
The Bottom Line
The tokenised-stock market is sorting itself by legal structure. Models that promise full shareholder rights or one-for-one redemption (OKXICE’s same-rights requirement; Coinbase, whose chief executive says its tokens already redeem one-for-one) sit at one end, and synthetic exposure (Robinhood’s debt-structured tokens, for now) at the other [1][3]. Infrastructure is catching up through Fund/SERV, in-kind minting and lending markets [5][6][8]. Before using any share token, it is worth knowing which structure it has, who can hold it and what happens when the underlying market is closed.
Sources
- OKXICE LLC, OKXICE TSV notice under the Tokenized Securities Venue Exemption (91 Fed. Reg. 60168), dated 4 October 2026 (PDF). https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf
- Timmy Shen, “OKX, NYSE parent ICE joint venture seeks to launch tokenized US stock trading venue,” The Block, 5 October 2026. https://www.theblock.co/news/business/2026-10-05-okx-ice-joint-venture-tokenized-stock-trading-417613
- Krisztian Sandor, “Robinhood plans share redemptions, voting rights for stock tokens, after criticism,” CoinDesk, 14 September 2026. https://www.coindesk.com/business/2026/09/14/robinhood-plans-share-redemptions-voting-rights-for-stock-tokens-after-criticism
- Danny Park, “SEC’s innovation exemption poses constraint on bringing stock tokens to US, Robinhood crypto chief says,” The Block, 2 October 2026. https://www.theblock.co/news/regulation/2026-10-02-secs-innovation-exemption-robinhood-417538
- Ondo Finance, “DTCC’s Fund/SERV Adds Ondo Finance as Its First Tokenization Member, Bringing Tokenized Funds Into the Mainstream” (company blog), 16 September 2026. https://ondo.finance/blog/ondo-joins-dtcc-fund-serv
- Ondo Finance, “Ondo Finance Launches In-Kind Conversion, Letting Institutions Convert Underlying Shares Directly Into Tokenized Stocks” (PR Newswire), 21 September 2026. https://www.prnewswire.com/news-releases/ondo-finance-launches-in-kind-conversion-letting-institutions-convert-underlying-shares-directly-into-tokenized-stocks-302884764.html
- Ondo Finance, “Ondo Launches Intelligent Portfolios, Powered by BlackRock, Bringing Portfolio Strategies Onchain” (PR Newswire), 24 September 2026. https://www.prnewswire.com/news-releases/ondo-launches-intelligent-portfolios-powered-by-blackrock-bringing-portfolio-strategies-onchain-302889211.html
- Brian Danga, “Aave V4 on Base adds Coinbase tokenized stocks as collateral for USDC loans,” The Block, 25 September 2026. https://www.theblock.co/news/defi/2026-09-25-aave-v4-on-base-adds-coinbase-tokenized-stocks-as-collateral-for-usdc-loans-416372
- Aave, “Coinbase Tokenized Stocks Now Live on Aave V4” (blog), 25 September 2026. https://aave.com/blog/coinbase-tokenized-stocks
