Major crypto exchanges Binance and OKX are reportedly exploring the relaunch of already tokenized US stocks.
This step becomes a new strategy to obtain traditional financial returns (TradFi) amid stagnant trading volumes of crypto assets, encouraging these platforms to diversify into real-world assets (RWA).
Returning to Tokenized Stocks?
This move revives a product that was previously tested by Binance and then halted in 2021 due to regulatory hurdles. Nevertheless, this could allow the exchange to compete in the rapidly growing tokenization equity market, even though it is still new.
In April 2021, Binance launched tokenized shares for major companies like Tesla, Microsoft, and Apple issued by the German broker, CM-Equity AG, with Binance as the trading manager.
This service was halted in July 2021 due to pressure from regulators, such as BaFin Germany and the FCA UK. Regulators deemed these products as unlicensed securities offerings and lacking appropriate prospectuses.
At that time, Binance mentioned a shift in the company's business focus. However, a recent report from The Information revealed that Binance is now considering a relaunch for users outside the US to avoid SEC scrutiny, thus potentially creating a parallel market open 24 hours a day and 7 days a week.
In addition, OKX is reportedly also considering a similar offer as part of the exchange's RWA expansion. However, until now there has been no official confirmation from either exchange, and details about issuers, stock listings, or launch timings remain limited.
In the report, a Binance spokesperson explained that the exploration of tokenized equities is a 'natural next step' to bridge TradFi and crypto.
Why Cryptocurrency Exchanges Want US Stocks Now
By 2026, the crypto market experienced stagnant trading volume continuously, prompting exchanges to seek new revenue sources.
"BTC spot trading activity has been limited so far in 2026: The average daily spot volume for January was recorded at 2% lower than December and 37% below November levels," wrote researcher David Lawant in his latest post.
Analysts also highlighted that the crypto market remains sluggish in January, with volatility and trading volume still low as at the end of last year.
This situation is not a calm consolidation but a liquidity trap, where a thin order book increases risk and a single bad execution can trigger significant losses for over-leveraged traders.
On the other hand, US tech stocks (Nvidia, Apple, Tesla) have actually experienced a strong rally, increasing interest from crypto holders, especially those with stablecoin balances, to gain exposure to equities without leaving the crypto ecosystem.
Tokenized shares allow for synthetic asset trading 24 hours a day that follows the prices of the original shares, but are usually backed by offshore custodians or derivatives, not direct ownership.
Although the market is still small, its growth is accelerating. The total value of tokenized shares now reaches around US$912 million, and data from RWA.xyz shows a 19% increase compared to last month. Meanwhile, monthly transfer volume has exceeded US$2 billion, and active addresses have also increased significantly.
"I once bought NVIDIA in my Binance Wallet before. Now the top priority for both companies is how to launch a precious metals market. Especially silver—besides gold which is suitable for physical storage, other metals are less valuable to hold. I'm in China, even buying silver paper is difficult; I can only buy ETFs," said a user.
Analyst AB Kuai Dong clarified that the official spot market is still limited to futures or third-party tokens like PAXG for gold.
Increasingly Fierce Competition in Tokenized Assets
This enthusiasm arises amid increasing competition in the tokenization of real-world assets. Traditional players like NYSE and Nasdaq are seeking approval for regulated on-chain stock platforms, so in the future, they may compete with models led by foreign crypto exchanges.
Robinhood has already captured a significant market share in Europe (and the EEA), launching US stocks and token-based ETFs in mid-2025. Some important data from Robinhood's services include:
Expansion to nearly 2,000 commission-free assets,
Trading 24/5 (moving towards full 24/7 trading on the planned 'Robinhood Chain' layer-2 built on Arbitrum), and
Integration into user-friendly retail applications.
This move targets young users who understand crypto assets and want easy access between assets. Globally, the large number of users, along with the always-active crypto infrastructure of Binance and OKX, makes these two platforms ready to challenge Robinhood's dominance in Europe and expand their reach to underserved regions like Asia and Latin America.
Crypto users on their platform are also ready to receive tokenized shares as a natural development, so if this project is launched, it could drive faster adoption.
This competition is also evolving on the battlefield between Robinhood and Coinbase. Both are building 'everything exchanges' that combine stocks, crypto assets, prediction markets, and other features.
The latest feature addition from Coinbase (commission-free stocks, prediction markets via Kalshi, derivatives through the acquisition of Deribit) directly targets Robinhood's strengths in the retail sector, while Robinhood counters with more comprehensive crypto features and tokenized assets abroad.
If Binance and OKX continue this move, tokenized stocks could become a new source of liquidity, attracting capital back to crypto asset platforms and bridging outcomes from TradFi.
Success, however, depends on global regulation, ensuring liquidity and tracking accuracy are maintained, as well as building trust after previous service shutdowns.
