Blind guess! I believe @okx's US stock strategy is unlikely to simply replicate the models of other exchanges.

Mainly because of ICE (Intercontinental Exchange). ICE has officially stated that OKX will provide users access to the ICE US futures market and the NYSE (New York Stock Exchange) tokenized stock market in the future. ICE will also authorize OKX's spot crypto prices for use in compliant US crypto futures.

Therefore, in terms of futures, it is likely to be a CME model but tokenized, while in the spot US stock trading model, it is likely to become a global distribution entry point for NYSE tokenized securities.

Moreover, the NYSE has also announced that it will support 24/7 trading, instant settlement, stablecoin orders, and the use of the NYSE Pillar matching engine in conjunction with an on-chain settlement system. More importantly, ICE mentioned in its official communication that this platform supports interchangeable tokenized stocks with traditional stocks and supports native digital securities, allowing tokenized shareholders to participate in traditional dividends and governance rights.

So, it is likely that OKX's approach will be:

1. In the DEX field, @wallet + @XLayerOfficial are very likely to use the NYSE's chain-based system, fully supporting the compliance of on-chain US stocks, and it can also integrate with OKX's main trading system, allowing for mutual transfers between on-chain and centralized stocks.

2. Integrating the NYSE's tokenized stock market for spot US stocks into centralized exchanges. Users will be able to buy tokenized stocks within the NYSE system using stablecoins in OKX. All underlying trading, clearing, settlement, corporate actions, and shareholder rights will be supported by the NYSE system.

3. Access to ICE US futures in the centralized exchange’s US stock futures market. Especially in terms of crypto futures, ICE will use OKX's spot price data to design compliant US futures contracts. This essentially connects OKX to the ICE regulatory futures and clearing system.

If regulation continues to loosen in the future, US stock index futures, ETF-related derivatives, and individual stock-related derivatives may also enter OKX's trading system through similar channels. This way, OKX will not only serve as an entry point for spot US stocks but will also become a connecting layer between traditional financial derivatives and crypto funds.

In terms of compliance, OKX is likely not to take on all securities business itself. A more realistic approach is for OKX to handle the front-end, distribution, wallet, accounts, and trading experience, while securities issuance, clearing, custody, shareholder registries, corporate actions, and compliance transfers would be managed by the NYSE or ICE, along with their approved broker-dealers, transfer agents, and custody systems.

If this path succeeds, OKX's US stock strategy will be completely different from many current exchanges. While other exchanges mainly connect to US stocks, OKX may become an extension of NYSE and ICE in the tokenized US stock market.

So, what are OKX and ICE waiting for now? Of course, they are waiting for regulatory approval.

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