Major cryptocurrency exchanges Binance and OKX are reportedly considering the reintroduction of tokenized U.S. stocks.
This move serves as a strategic axis for earning yields in traditional finance (TradFi) amid stagnation in cryptocurrency trading volume, with the platform advancing diversification into real-world assets (RWA).
Return to tokenized stocks?
This move revives a product that Binance tested and abandoned in 2021 due to regulatory hurdles. Nevertheless, despite its rapid growth, exchanges will only be able to compete in the still-nascent market for tokenized stocks.
In April 2021, Binance launched stock tokens for major companies like Tesla, Microsoft, and Apple issued by German broker CM-Equity AG, with Binance handling the trading.
This service was halted in July 2021 due to pressure from regulators, including Germany's BaFin and the UK's FCA. Regulators considered this product an unlicensed securities sale without a proper prospectus.
At the time, Binance cited a shift in commercial focus as the reason. However, according to a recent report by The Information, Binance is currently considering a restart for users outside the U.S. to avoid SEC oversight and establish a 24/7 parallel market.
According to reports, OKX is also considering offering similar services as part of its exchange's RWA expansion. No official confirmation has been received from either exchange, and details regarding issuers, exact listings, and schedules are still limited.
Quoting a Binance spokesperson, this report describes exploring tokenized stocks as a 'natural next step' to bridge TradFi and cryptocurrencies.
Reasons cryptocurrency exchanges are now seeking U.S. stocks
The cryptocurrency market faced a sustained stagnation in trading volume in 2026, prompting exchanges to seek new revenue sources.
"The average daily spot trading volume on January 1 is down 2% from December and 37% from November's levels.
Analysts also point out that the cryptocurrency market remains almost dormant in January, with volatility and trading volumes hovering near December's lows.
This is not a calm integration, but a liquidity trap. A thin order book amplifies risks, and a single execution failure could cascade into significant losses for traders with excessive exposure.
Meanwhile, U.S. tech stocks (Nvidia, Apple, Tesla) continue to rise robustly, increasing demand among cryptocurrency holders, particularly those with stablecoin balances, for exposure to stocks without exiting the ecosystem.
Tokenized stocks will enable 24/7 trading of synthetic assets that reflect the underlying stock price, backed by offshore custodians or derivatives, rather than direct ownership.
The market is small but accelerating. According to data from RWA.xyz, the total value of tokenized stocks is approximately $912 million, up 19% from the previous month. Meanwhile, monthly remittance volumes have surpassed $2 billion, and active addresses are surging.
"I have previously purchased NVIDIA on Binance Wallet. In fact, what both companies should prioritize now is how to launch the precious metals market. Especially silver... Aside from gold, which is suitable for physical storage, there is not much else with storage value. I am in China, and even buying paper silver is difficult, and I can only buy ETFs," said one user.
Analyst AB Kuai Dong points out that the official spot market remains limited to futures or third-party tokens like gold's PAXG.
Intensifying competition for tokenized assets
This move emerged amid extensive competition for tokenized real-world assets. Traditional players like NYSE and Nasdaq are seeking approval for regulated on-chain stock platforms, which may conflict with offshore cryptocurrency-led models in the future.
Robinhood has already captured a significant share in the EU (and EEA) and plans to launch tokenized U.S. stocks and ETFs by mid-2025. Key indicators of the services offered by Robinhood are as follows:
Expanding to around 2,000 assets with zero fees,
24/7 trading (Transition to 24/7 trading on the Layer 2 'Robinhood Chain' expected to be built on Arbitrum).
Integration into a retail-friendly app.
This targets young users familiar with cryptocurrencies seeking seamless cross-asset access. Binance and OKX's global scale, vast user bases, and always-on cryptocurrency infrastructure position them to challenge Robinhood's dominance in the EU and expand into underserved regions (Asia, Latin America).
Users familiar with their cryptocurrencies have a predisposition to accept tokenized stocks as a natural extension, and if launched, adoption could accelerate.
Robinhood and Coinbase are building an 'all-in-one exchange' that merges stocks, cryptocurrencies, and prediction markets.
The features recently added by Coinbase (commission-free stocks, prediction markets via Kalshi, derivatives from the Deribit acquisition) directly target Robinhood's retail strengths, while Robinhood is countering with deeper cryptocurrency functionalities and overseas tokenized assets.
If Binance and OKX proceed, tokenized stocks could function as a liquidity lifeline, bringing capital back to cryptocurrency platforms and enhancing TradFi yields.
However, whether it will succeed depends on global regulations, ensuring liquidity and tracking accuracy, and building trust amid past closures.
