OKX said its Unified Tokenized Stocks product is now live for eligible traders, excluding users in the United States and the European Union. The exchange has listed more than 40 tokenized U.S. stocks and ETFs, including XNVDA, XAAPL, and XTSLA, all tradable against the USDT stablecoin.
A single order book for each stock
The core feature OKX is pushing is a shared order book. Instead of creating a separate market for each issuer’s version of the same stock, the company said each stock is treated as one unified asset that can be 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, and that every token is backed 1:1 by shares held in custody on the issuer’s behalf.
Collateral use, dividends, and weekend pricing
OKX described a ticker such as XNVDA as an OKX-exclusive token that tracks the price of one real NVDA share. The exchange said the token can be used as collateral, while dividends are reflected through an increase in the user’s balance.
For weekend pricing, OKX said it uses the latest market close plus fair value estimates. The markets trade against USDT around the clock.
Where the product is available
Eligible regions include Southeast Asia, Northeast Asia, the CIS region, MENA, and Türkiye. OKX’s disclaimer says the tokens are issued by third-party providers, provide price exposure only, and do not confer ownership or shareholder rights.
Entering a market with existing rivals
OKX is moving into a segment that already has several competitors. TheDefiant noted that Kraken and Backed have expanded xStocks tokenized equities to Ethereum, while Binance opened U.S. stock trading to non-U.S. users through bStocks on BNB Chain. Kraken’s xStocks has also launched a separate unified liquidity layer.
The report added that OKX shares the same underlying issuer, Backed’s xStocks, as several of those venues.
Claims about liquidity remain unverified
OKX said it is “the first global exchange to build a single market for multiple tokenized stocks,” arguing that most exchanges fragment liquidity by listing separate markets for each issuer’s version of a stock. The company also said the model creates “deeper liquidity” and is “better for traders” and “better for issuers.”
Those characterizations are OKX’s own, TheDefiant wrote, and could not be independently verified.