Major crypto exchanges, Binance and OKX, are evaluating the return of trading tokenized stocks from the US.
The initiative represents a strategic shift to capture yields from the traditional financial sector (TradFi) in light of the stagnant volume of operations in crypto, driving platforms to diversify into real-world assets (RWAs).
A return to tokenized stocks?
The initiative revives a product that Binance tested and abandoned in 2021 due to regulatory hurdles. Despite this, it positions exchanges to compete in a rapidly growing tokenized stock market that is still in its early stages.
In April 2021, Binance launched tokens for stocks of major companies like Tesla, Microsoft, and Apple, issued by the German brokerage CM-Equity AG, being responsible for the trading.
The service was discontinued in July 2021 after pressure from agencies such as BaFin in Germany and FCA in the UK. Authorities considered the products as unlicensed securities offerings without an adequate prospectus.
At the time, Binance claimed a shift in business focus. However, recent reports from The Information indicate that Binance is now evaluating relaunching the service for users outside the US, avoiding SEC oversight and creating a 24-hour parallel market.
According to information, OKX is also considering similar initiatives in the context of the exchange's RWA expansion. So far, none of the exchanges have officially confirmed and details about issuers, listings, or timelines remain restricted.
According to a Binance spokesperson, research on tokenized stocks is seen as a 'natural next step' to connect TradFi to the crypto universe.
Why do crypto exchanges want US stocks now?
Crypto markets are experiencing persistent stagnation in traded volume in 2026, leading exchanges to seek new sources of revenue.
“…The spot trading activity of BTC remains limited in 2026: the average daily volume for January is 2% below that of December and 37% lower than November,” analyzed David Lawant, a researcher, in a recent publication.
Experts also note that crypto markets remain inactive in January, with volatility and trading volumes at the same low levels recorded in December.
The situation does not represent a stable consolidation, but rather a liquidity trap, where fragile order books increase risk and poor execution can lead to significant losses for over-leveraged traders.
Meanwhile, US technology stocks (Nvidia, Apple, Tesla) show significant appreciation, generating demand among crypto investors, especially those with balances in stablecoins, for exposure to the stock market without leaving the ecosystem.
Stock tokens promote 24/7 trading of synthetic assets that track the value of original securities, usually backed by offshore custodians or derivatives, and not by direct ownership of the underlying assets.
Although still small, the market is advancing rapidly. The total value of tokenized stocks amounts to approximately US$ 912 million, with data from RWA.xyz showing a 19% increase in the month. Meanwhile, the monthly volume transferred exceeds US$ 2 billion, while the number of active addresses grows.
“…I have already bought Nvidia on the Binance Wallet before. In fact, now the main priority for both should be how to launch a precious metals market. Mainly silver — besides gold, which is indicated for physical storage, the others do not have much storage value. I'm in China, even buying silver on paper is difficult; I can only acquire ETFs,” reported a user in a post on network X.
Analyst AB Kuai Dong states that official spot markets remain limited to futures or third-party tokens, such as PAXG for gold.
Intense competition in tokenized assets
The movement occurs amid an intense rush in tokenized real-world assets. Traditional exchanges like NYSE and Nasdaq seek approvals for regulated on-chain stock platforms, which may conflict in the future with models led by crypto companies offshore.
Robinhood has already gained significant market share in the European Union (and EEA), launching tokenized US stocks and ETFs in mid-2025. Among Robinhood's key metrics are:
Expanded to nearly 2,000 assets with zero commissions,
Trading 24/5 (with a transition expected to 24/7 on the future Layer 2 'Robinhood Chain' built on Arbitrum), and
Integration into a retail-focused application.
These strategies target a young audience, familiar with crypto, seeking practical and diversified access to different types of assets. The global scale of Binance and OKX, their strong user bases, and active crypto infrastructure position them to challenge Robinhood's dominance in the European Union and expand into underserved regions like Asia and Latin America.
The profile of this audience, linked to the crypto ecosystem, is ready to receive tokenized stocks as a natural evolution, which could accelerate adoption if these products are launched.
The scenario also includes a parallel market dispute between Robinhood and Coinbase, as both seek to create 'everything exchanges', combining stocks, crypto assets, prediction markets, and other products.
Recent launches from Coinbase (commission-free stocks, prediction markets through Kalshi, derivatives after acquiring Deribit) directly attack Robinhood's strengths in retail, while Robinhood, in turn, expands its crypto and tokenized asset resources internationally.
If Binance and OKX advance, tokenized stocks could function as a new liquidity channel, attracting capital back to crypto platforms and connecting yields from the traditional market.
The success of these movements, however, depends on global regulations, liquidity assurance, accuracy in asset tracking, and building trust after previous disruptions.