OKX, the crypto exchange, has filed with the US Securities and Exchange Commission to trade tokenized shares of 63 companies listed on the New York Stock Exchange, Bloomberg reported. The filing comes from OKXICE LLC, a joint venture between OKX and Intercontinental Exchange, the company that owns the NYSE.

A tokenized share is a crypto token that stands for one real share. The filing says each token must carry the full rights of the stock behind it, including dividends and the vote. That separates these from the copies that have traded onchain until now, which followed a stock's price and gave the holder nothing else.

Each of the 63 companies gets 30 days before trading begins to opt out. The platform can't launch until that period ends and other requirements are met.

Last month the SEC cleared the way for blockchain-based securities to trade in the US under a temporary exemption framework, and the OKXICE filing follows it. Because the exemption is temporary, the rules covering these tokens could change later.

We haven't seen the filing itself. The details above come from Bloomberg's account of it, as passed along on X, so treat the number 63 and the opt-out period as reported rather than confirmed.

If the SEC approves, you could buy a Wall Street stock with the same wallet and app you use for crypto, and the exchange that lists the stock would be a partner in selling it. Crypto companies have built tokenized stocks for a while without the stock exchange's involvement. What to watch over the next 30 days is how many of the 63 companies opt out, because that will show how the companies feel about their shares trading on a crypto exchange.

Geoffrey Kendrick, who runs digital-assets research at Standard Chartered, has put a $3,500 price target on Aave for 2030. Aave is a lending protocol where people deposit crypto to earn interest and others borrow against theirs.

"If this is TradFi [traditional finance], I'd say Aave is a bank. So Aave is Standard Chartered," he said. Morpho, a rival lending protocol, is "more like a platform for asset managers. Kind of like a BlackRock."

He also argued an exploit can leave a protocol safer for the money coming in afterward. "Issues like the Kelp DAO incident in some ways make the post-incident reality safer for money that's going in," he said.

If you lend or borrow on Aave, a major bank's research head now sizes it up as a bank. A target four years out is a forecast, and we haven't seen a published research note behind it.

S&P Global Ratings, the credit-rating company, has launched a framework for judging the risk in onchain lending vaults, The Block reported. A vault is a pool of deposited crypto that a manager, called a curator, puts to work in lending markets. The curator decides which markets the deposits go into.

Deposits in these vaults have reached $10 billion, up from $1.5 billion two years ago, according to the report. S&P will look at seven kinds of risk: credit, liquidity, curator, blockchain, protocol, security and governance. Ratings for individual vaults are still to come.

If you put money in a vault, the framework is a checklist you can use now, before any ratings arrive. Ask who runs it, what it lends against and where the code could break.