Major crypto exchanges Binance and OKX are reconsidering the introduction of tokenized U.S. stocks to their offerings.
This is a strategic move to capture returns from the traditional financial world in a situation where crypto trading volumes are stagnant. This way, platforms expand their offerings to real-world assets (RWAs).
Return to tokenized stocks?
The product currently under discussion returns to a previous version that Binance tested and removed due to regulatory hurdles in 2021. However, this would make exchanges competitive in the rapidly growing, yet still early-stage, market for tokenized stocks.
In April 2021, Binance launched stock tokens from well-known companies such as Tesla, Microsoft, and Apple. The German broker CM-Equity AG issued them, and Binance handled the trading.
The service was discontinued in July 2021 under pressure from regulators such as Germany's BaFin and the UK's FCA. According to regulators, this involved unauthorized securities offerings without the required prospectuses.
At that time, Binance reported a shift in commercial focus. According to recent reports from The Information, Binance is now considering a relaunch for non-US users to circumvent SEC oversight and create a parallel 24/7 market.
OKX, on the other hand, is exploring similar products as part of the exchange's RWA expansion. Neither exchange has officially confirmed their plans, and information on issuers, specific offerings, or timelines is scarce.
According to a representative from Binance, the exploration of tokenized stocks was described as a natural next step to combine traditional finance and crypto.
Why do crypto exchanges want US stocks now?
The crypto markets have been persistently quiet in 2026 regarding trading volumes, pushing exchanges to seek new sources of revenue.
“BTC spot trading has been sluggish in 2026: January's average daily volume is 2% lower than in December and 37% lower than in November,” wrote researcher David Lawant in a recent publication.
Analysts also note that the crypto markets were still largely stagnant in January, with volatility and trading volumes remaining at December's low levels.
This is not a peaceful consolidation but a liquidity trap, where thin order books increase risk, and a single bad order can lead to significant losses for overly leveraged traders.
At the same time, US tech companies (Nvidia, Apple, Tesla) have continued a strong price rally, increasing demand from crypto investors, especially those with stablecoin balances — stock exposure is desired without detaching from the ecosystem.
Tokenized stocks can be traded around the clock. They are synthetic assets that mimic the price of stocks and are often backed by custodians or derivatives located abroad, not direct ownership.
Although the market is still small, its growth is rapid. The total value of all tokenized stocks is approximately $912 million, and according to RWA.xyz, there is a 19% increase from the previous month. Monthly transfer volumes exceed $2 billion, and the number of active addresses is growing.
“I have previously purchased NVIDIA into Binance's wallet. Currently, the main goal for both companies should be to open the precious metals market. Especially silver – those needing suitable physical storage alongside gold really don't have much storage value. I'm in China, and even paper silver is not easily available; I can only acquire ETFs,” one user stated.
Analyst AB Kuai Dong noted that official spot markets are still limited to futures or third-party tokens, such as PAXG gold.
The intensifying competition in tokenized assets
This development occurs amid increasing competition in the market for tokenized real-world assets. Traditional players like NYSE and Nasdaq are seeking approval for regulated on-chain stock platforms, which could lead to a collision course with offshore crypto platforms in the future.
Robinhood has already captured a significant share in the EU (and EEA), launching tokenized US stocks and ETFs in mid-2025. The key metrics for Robinhood's products are as follows:
Expanded to nearly 2,000 assets without commissions,
24/5 trading (transitioning towards full 24/7 operations in the planned Layer 2 “Robinhood Chain” solution built on top of Arbitrum), and
Integrated into a user-friendly application for retail investors.
The target audience is young, crypto-savvy users looking for seamless access to multiple asset classes. Binance and OKX could challenge Robinhood's position in the EU and expand into under-served regions (Asia, Latin America) with their international scale, massive user bases, and 24/7 crypto platforms.
A crypto-focused clientele is ready to adopt tokenized stocks as a natural continuation, which could accelerate their adoption as they hit the market.
The market also has a parallel competitive setup between Robinhood and Coinbase, both building “all-in-one platforms” that integrate stocks, crypto, betting markets, and more.
Coinbase's latest additions (commission-free stocks, betting markets through Kalshi, derivatives via the Deribit acquisition) directly target Robinhood's strengths among retail investors, while Robinhood focuses on crypto features and tokenized assets abroad.
If Binance and OKX proceed with their plans, tokenized stocks could serve as a source of liquidity and attract capital back to crypto platforms while bridging traditional finance returns to crypto.
However, success depends on global regulations, sufficient liquidity, the accuracy of monitoring, and building trust after previous closures.
