Morning Minute: Tokenized Stock Venues Are Launching Without Big Tech’s Approval

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our daily news show 'FOMO HOUR' covering all of the top stories and market action.

GM!

Today’s top news:

• Crypto majors resume slide; BTC at $72.8k
• MSCI confirms it will remove MSTR from its Index on Nov 30; MSTR -7%
• Jensen Huang odds of removal surge to 80% in wake of 2nd affair; NVDA -8%
• Bitcoin core devs disclose 3 patched vulnerabilities from the past year
• Pavel Durov says 1M Gram wallets activated in past few days, calls Gram “ridiculously undervalued”

🏛️ OKX’s Tokenized Stock Venue Launches Without Big Tech

In September, after the CLARITY Act died in the Senate, the SEC created an innovation exemption letting venues trade tokenized versions of US stocks without waiting for new legislation. It came with one condition. A company that doesn’t want a third party minting tokens of its shares can object in writing within 30 days, and that’s the end of it.

Companies have been objecting ever since. The count at the OKXICE venue went from 22 in October to 50, then 56, and as of its November 5 notice, 67. Every member of the Magnificent Seven is on that list.

OKXICE is launching anyway, on November 23. The venue will list more than 70 assets, though 59 of them are Direxion ETFs. The individual stocks that made it through are Coinbase, Circle, Robinhood, Strategy, BitGo, Securitize and Better.com. Strategy is also tokenizing its preferred shares.

Securitize handles the tokenization, each token is backed one-for-one by a real share and carries dividends and voting rights, and trading runs through Uniswap v4 pools on X Layer, OKX’s Ethereum layer-2.

So a venture between a global exchange and the parent of the New York Stock Exchange built a tokenized equities market, and what it opens with is seven crypto companies and a series of leveraged ETFs.

Notably, this news comes just a day after the NYSE picked Avalanche to handle clearing and settlement for its own 24/7 tokenized securities platform, with a fourth-quarter target for launch after about a year of testing. The NYSE has signed agreements with Broadridge, Computershare, Equiniti and Superstate to support issuer-sponsored tokenized securities and transfer-agent functions. When the company’s own share registry issues the token, there is nothing to veto.

DTCC is doing a version of this too, with a tokenization service that went live October 28 on the Canton Network carrying 20 participants including Bank of America, Citi, JPMorgan and Citadel Securities. Morgan Stanley has already run equities and Treasuries through it.

Progress is being made, slowly but surely. It just gets built slowly, through transfer agents and clearing houses, by the incumbents. Now we wait to see how the market reacts to these first launches…

🌎 Macro Crypto and Markets

• Crypto majors are red and continue their slide; BTC -2% at $72.8k; ETH -2% at $2,020; SOL -2% at $82; HYPE -3% at $70; ZEC -2% at $972
• Gram (+2%), Aster (+1%), and MNT (+2%) led top alt movers
• Oil -1% at $86; Gold -1% at $3,950
• Stock futures are red after NVDA slides again; DOW +0.14%, Nasdaq -0.7%
• Odds of Jensen Huang removed from NVDA in 2026 spiked to 80%+ yesterday after reports of a second affair and the NVDA Board preparing to take action
• MSCI will remove Strategy, Metaplanet and Yellow Cake from its global indexes after the close on November 30 under a new rule treating companies whose digital asset or similar holdings exceed half of total assets as investment funds rather than operating businesses (MSTR -7%)
• A CoinShares fund manager survey found regulation and corporate restrictions tied as the top barriers to buying crypto at roughly 24% of respondents each, up from about 16% and 9% in the prior edition, while volatility fell from the leading concern at 32% to around 18%
• Short-term Bitcoin holders sent roughly 47,300 BTC to exchanges below their cost basis over the last 24 hours
• Deutsche Bank went live with institutional crypto custody for European corporate and investment banking clients, five years after starting the build
• Bitcoin Core disclosed three patched vulnerabilities, the most serious of which could corrupt a node’s mempool during a chain reorganization and stop it building block templates until restarted, halting a miner’s block production
• Kraken’s parent Payward tokenized more than 200 UK and EU-listed stocks as xStocks including HSBC, Shell, LVMH and Airbus, pushing the platform past 1,500 tokenized assets across Solana, Ethereum and TON

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $300M in net outflows on Wednesday; the ETH ETFs saw $144M in outflows

Meme Coin Tracker

• Meme leaders were very red; DOGE -3%, SHIB -3%, PEPE -12%, PENGU -3%, TRUMP -4%, SPX -7%, BONK -7%
• Robinhood chain leaders were mixed; Pons -2% to $100M; Cashcat -13% at $52M; Orbio +4% at $30M; AI +4% at $30M; HOOKR +12% and Delta +50% led top movers
• Solana top movers included Max +70x, Dacity +50% and mihao +15%; Stonk -10% at $45M, Ansem +7% at $59M

💰 Token, Airdrop & Protocol Tracker

• Hyperliquid led onchain protocols in revenue with $2.19M, followed by Pump.fun at $1.32M and Collector Crypt at $369k
• Telegram founder Pavel Durov said more than one million self-custodial Gram wallets were activated in 48 hours as the native wallet rolls out across the app
• Polymarket has reportedly undergone a major restructuring and series of layoffs after bringing in new leadership in the wake of losing ground to Kalshi
• Decrypt added perpetual futures trading through Phoenix, the onchain Solana perps exchange from Ellipsis Labs, opening more than 100 markets covering crypto, US stocks, gold and pre-IPO names at up to 40x leverage inside its Money Account

🚚 What is happening in NFTs?

• NFT leaders were mostly green; Punks even at 30.4 ETH, BAYC +1% at 5.8 ETH, Pudgy +7% at 2.3 ETH
• Azuki (+17%) and Identity (+69%) led top movers