Major crypto exchanges Binance and OKX moved to re-enter the tokenized U.S. stock market, signaling a deliberate push to bridge cryptocurrency trading and traditional equities. The shift is aimed at diversifying revenue amid weak crypto volumes and tapping a tokenized-stocks market valued at roughly $912 million and growing about 19% month‑on‑month.
Executives at both firms framed tokenized equities as a strategic expansion rather than a short‑term product play. Binance described the effort as a “natural next step” in connecting blockchain markets with conventional finance, and OKX expanded its real‑world asset (RWA) strategy along similar lines.
Tokenized stocks offer fractional ownership, potential 24/7 trading and faster settlement, features that appeal to users and create new yield opportunities for platforms seeking to diversify beyond spot crypto trading.
Product structures under consideration typically mirror underlying share prices through synthetic instruments and are often supported by offshore custodians or derivatives rather than direct custody of U.S. listed equities.
That design allows continuous trading while attempting to limit direct exposure to U.S. securities law enforcement.
Why exchanges are returning to tokenized equities
The return follows a prior retreat: Binance withdrew its stock‑token offering in 2021 after scrutiny from regulators such as Germany’s BaFin and the UK’s FCA. The current strategy, as reported on Jan 24, 2026, emphasizes relaunches for non‑U.S. users and legal structures intended to avoid SEC oversight.
At the same time, traditional market infrastructure moved on tokenization. The New York Stock Exchange had been developing a 24/7 blockchain‑based venue for U.S. equities, with operations slated for 2026, Nasdaq filed with regulators to enable tokenized equity trading, and the Depository Trust & Clearing Corporation secured a no‑action letter permitting on‑chain minting and burning of tokenized equities.
Incumbent and crypto‑native platforms—including Robinhood and Coinbase—have also tested or explored on‑chain stock products, tightening competition and regulatory scrutiny.
Investors and market participants will now watch how these exchange initiatives interact with the institutional rollouts from the NYSE, Nasdaq and DTCC and whether regulators treat offshore, synthetic stock tokens differently from on‑chain securities issued under U.S. market rules.
If Binance and OKX proceed, tokenized equities could provide a new liquidity channel for crypto platforms—but much will depend on legal outcomes, custody arrangements and whether trading volumes follow the initial growth signal.
