The two major cryptocurrency exchanges, Binance and OKX, are reportedly considering reintroducing services for trading U.S. stocks in a tokenized form.
This move reflects the strategic shift of exchanges to capitalize on profits from the traditional financial market (TradFi) amidst a slowdown in crypto trading volume, forcing them to diversify into real-world assets (RWAs).
The return of tokenized stocks?
This marks the return of a product that Binance once experimented with but paused in 2021 due to legal issues. However, if the service is reopened, exchanges will have a competitive advantage in the still very new and rapidly developing market of tokenized stocks.
In April 2021, Binance launched stock tokens for major companies like Tesla, Microsoft, and Apple, issued by CM-Equity AG (a brokerage firm in Germany), while Binance handled trading operations.
However, this service was halted in July 2021 after facing pressure from regulatory bodies such as BaFin (Germany) and FCA (UK). Regulators argued that this was an unlicensed security product, lacking the necessary prospectuses.
At that time, Binance stated that the reason for pausing operations was due to a change in business direction. However, according to recent reports from The Information, Binance is currently considering restarting this service for users outside the U.S., aiming to avoid SEC oversight, creating a market that operates 24/7 parallel to the U.S.
It is known that OKX is also considering similar products as part of its strategy to expand into the RWA sector. However, both exchanges have yet to make official confirmations, and information about issuing partners, specific listings, or timelines remains unclear.
A spokesperson for Binance also stated that exploring the stock tokenization model is the “next natural step” to connect TradFi and the crypto market.
Why do crypto exchanges want U.S. stocks at this time?
The crypto market in 2026 is seeing trading volumes remain low, forcing exchanges to seek new revenue streams.
“The spot trading volume of BTC is still at a very low level in 2026: The average daily trading volume in January is 2% lower than in December and 37% lower than in November,” researcher David Lawant recently shared.
Analysts also noted that the crypto market experienced almost no volatility in January, with volume and volatility remaining at very low levels like the end of December.
This situation is not a stable accumulation phase, but resembles a “liquidity trap,” where the thin order book increases the risk, as a single bad trade could result in significant losses for high-leverage traders.
Meanwhile, U.S. technology stocks like Nvidia, Apple, and Tesla are continuously rising, attracting crypto investors, especially those holding stablecoins, who want to access the stock market without transferring money out of the ecosystem.
Tokenized stock services allow trading of synthetic assets mimicking stock prices around the clock, often supported by custodial institutions or foreign derivative contracts instead of direct ownership.
Although this market is still small, the growth rate is quite rapid. The total value of tokenized stocks is currently about $912 million; data from RWA.xyz shows an increase of 19% compared to the previous month. Concurrently, monthly transfer volumes have exceeded $2 billion, and the number of active addresses has also increased significantly.
“I used to buy NVIDIA stocks on Binance Wallet. In fact, the top priority for both exchanges right now should be to implement a precious metals market. Especially silver — besides gold which is usually used for storage, other types do not retain long-term value. I am in China, and even paper silver is not easy to buy, only available through ETFs,” shared a user.
Expert AB Kuai Dong also commented that exchanges currently mainly have spot markets in the form of futures contracts or third-party tokens like PAXG for gold.
Competition is becoming increasingly fierce in the tokenized asset space.
This trend occurs amid an increasingly heated race to tokenize real assets. Major names like NYSE and Nasdaq are currently seeking permission to pilot legally compliant on-chain stock trading platforms, potentially creating fierce competition with off-border operating models led by the crypto market.
Robinhood has captured a significant market share in the EU (and EEA) region, launching tokenized U.S. stock services and ETFs since mid-2025. Some notable metrics from Robinhood's service include:
Expand to nearly 2,000 assets with a commission fee of 0.
Trading 24/5 (gradually transitioning to 24/7 with the anticipated Layer 2 “Robinhood Chain,” built on Arbitrum), and
Integrated into a user-friendly application for retail investors.
These points target the young, crypto-savvy user group who want easy access to various types of assets. Binance and OKX have advantages due to their global scale, large user base, and continuously operating crypto infrastructure, allowing them to compete for Robinhood's leading position in the EU and expand into underserved regions like Asia and Latin America.
Their crypto-savvy customers are also very willing to accept tokenized stocks, as this is a natural extension. If implemented, it could drive broader adoption.
This playground also witnessed a parallel competition between Robinhood and Coinbase, as both are building a “multifunctional exchange” combining stocks, crypto, prediction markets, and other products.
Coinbase has recently added features such as commission-free stock trading, prediction markets via Kalshi, and derivative products through the acquisition of Deribit – all aimed at Robinhood's strengths in retail investing, while Robinhood responds by developing its crypto and tokenized asset services further abroad.
If Binance and OKX implement this, stocks in the form of tokens could become an important source of liquidity, attracting capital back to crypto platforms and connecting yields between TradFi and crypto.
However, success depends on global regulations, ensuring liquidity and accuracy in tracking assets, while rebuilding investor trust after previous service interruptions.