The largest cryptocurrency exchanges, Binance and OKX, would be exploring the relaunch of tokenized U.S. stocks via TradFi.
This move marks a strategic shift to capture yields from traditional finance (TradFi) amid stagnant volumes in crypto trading, pushing platforms to diversify into real-world assets (RWA).
A return to tokenized stocks via TradFi?
This initiative revives a product that Binance tested and abandoned in 2021 due to regulatory hurdles. However, it would position the exchanges to compete in a rapidly growing but still emerging market for tokenized stocks.
In April 2021, Binance launched stock tokens of major companies like Tesla, Microsoft, and Apple, issued by the German broker CM-Equity AG, with Binance responsible for trading.
The service was suspended in July 2021 due to pressure from regulators, including Germany's BaFin and the UK's FCA. Regulators viewed these products as unauthorized offerings of securities without proper prospectuses.
Binance argued for a shift in trading focus at that time. However, recent reports from The Information indicate that Binance is now considering relaunching this service for users outside of the United States, thereby avoiding oversight from the Securities and Exchange Commission (SEC) and creating a parallel market available 24/7.
Apparently, OKX is also evaluating similar offerings as part of the exchange's expansion into RWA. None of the exchanges have officially confirmed, and details about issuers, exact listings, or dates are limited.
Citing a spokesperson from Binance, the report described the exploration of tokenized shares as 'the next natural step' to connect TradFi and crypto.
Why do cryptocurrency exchanges want U.S. stocks?
The crypto market has experienced a persistent decline in trading volume in 2026, leading exchanges to seek new sources of revenue.
“The spot trading activity of BTC remains limited as of 2026: The average daily spot trading volume in January is 2% lower than in December and 37% below November levels,” wrote researcher David Lawant in a recent post.
Analysts also point out that the crypto market remains largely inactive in January, with volatility and trading volume at similar lows to December.
This is not a quiet consolidation, but a liquidity trap, where shallow order books increase risk and a single bad execution can cause significant losses for overexposed traders.
Meanwhile, U.S. tech stocks (Nvidia, Apple, Tesla) have maintained a strong rally, driving demand among cryptocurrency holders, especially those with balances in stablecoins, to gain exposure to stocks without leaving the ecosystem.
Tokenized shares allow 24/7 trading of synthetic assets that replicate the prices of underlying stocks, often backed by offshore custodians or derivatives instead of direct ownership.
The market, although small, is growing rapidly. The total value of tokenized shares is approximately 912 million dollars, and data from RWA.xyz shows a month-on-month increase of 19%. Additionally, monthly transfer volumes exceed 2 billion dollars and active addresses are growing significantly.
“I bought NVIDIA in Binance Wallet before. In fact, now the top priority for both companies should be how to launch a precious metals market. Especially silver—besides gold, which is suitable for physical storage, the others don’t have much storage value. I’m in China and it’s not even easy to buy paper silver; I can only buy ETFs,” stated a user.
Analyst AB Kuai Dong noted that official spot markets remain limited to futures or third-party tokens like PAXG for gold.
An increasingly intense competition surrounding tokenized assets
This momentum occurs amid a broader race for tokenized real-world assets. Traditional players like NYSE and Nasdaq are seeking approval for regulated on-chain stock platforms, which could clash in the future with crypto-led offshore models.
Robinhood has already captured a significant share of the market in the European Union (and the EEA), launching tokenized U.S. stocks and ETFs in mid-2025. Key metrics of Robinhood's offering include:
Expanded to nearly 2,000 commission-free assets,
Trading 24/5 (with plans to migrate to full 24/7 on its future Layer 2 “Robinhood Chain” built on Arbitrum), and
Integration into an easy-to-use app for retail users.
This primarily targets young users with cryptocurrency knowledge seeking seamless access to different assets. Binance and OKX's global reach, large user base, and always-available crypto infrastructure position them to challenge Robinhood's dominance in the EU and expand into underserved regions (Asia and Latin America).
Its audience, focused on crypto, is prepared to adopt tokenized shares as a natural extension, which could accelerate adoption if these features are launched.
The scenario also includes a parallel struggle for market share between Robinhood and Coinbase, as both are building 'all-in-one exchanges' that mix stocks, cryptocurrencies, prediction markets, and more.
Coinbase's recent additions (commission-free stocks, prediction markets through Kalshi, derivatives thanks to the acquisition of Deribit) directly target Robinhood's strengths for retail users, while Robinhood responds by enhancing its crypto features and tokenized assets abroad.
If Binance and OKX move forward, tokenized shares could be a liquidity avenue, attracting capital back to crypto platforms and bridging the returns of traditional finance.
Success, however, depends on global regulations, ensuring liquidity and accuracy in tracking, and building trust after previous closures.
