OKX unified multiple issuers for U.S. stocks, but technically, it didn’t merge several tokens on-chain. The NVDA token minted by Ondo runs on X Layer, while the one minted by xStocks runs on Solana. These are two separate contracts on two different chains, and on-chain swaps between them are impossible. The actual merging happens in OKX’s CeDeFi ledger: whichever issuer’s token you deposit, OKX holds it in custody and credits you with an internal XNVDA balance. The matching engine only operates on a single order book. So, liquidity and price discovery are entirely handled within the exchange’s internal matching layer. On-chain, those tokens remain separate, sitting in OKX’s custody wallets across X Layer and Solana. The "single XNVDA" you see is created by the custody layer—it’s not truly interchangeable on-chain. Here’s the tricky part: Which issuer’s token do you get when you withdraw? If you deposit Ondo’s token, trade XNVDA, and withdraw, the remaining inventory might all be xStocks’. OKX has to rebalance inventory across multiple issuers and chains, while maintaining a default 1:1 parity in its accounting. Essentially, the exchange takes on the responsibility of market-making and inventory management, absorbing the differences between issuers into its internal ledger. This CEX-style merging of quotes + custody + internal accounting creates "manufactured" interchangeability, significantly boosting liquidity. But this parity relies entirely on OKX’s credibility—if any issuer faces redemption issues, it’s the exchange that bears the risk, not the ticker you hold. In the current tokenized U.S. stock market, this is definitely an advantage.