Major crypto exchanges Binance and OKX are reportedly exploring the reintroduction of tokenized American stocks.
This move is a strategic shift to bring in returns from the traditional financial sector (TradFi) now that trading in cryptocurrencies has low volumes. As a result, platforms are focusing more on diversification in Real-World Assets (RWAs).
A return to tokenized stocks?
This step breathes new life into a product that Binance tested in 2021 and then halted due to regulation. Nevertheless, the exchanges could compete more strongly in the fast-growing, yet still young market for tokenized stocks.
In April 2021, Binance introduced share tokens of well-known names like Tesla, Microsoft, and Apple, issued by the German broker CM-Equity AG. Binance facilitated the trading.
The service was halted in July 2021 under pressure from regulators, including BaFin in Germany and the FCA in the UK. Regulators viewed these products as unauthorized securities due to the lack of proper prospectuses.
At the time, Binance cited a 'commercial shift' as the reason. Now sources from The Information report that Binance is investigating a relaunch for non-U.S. users, so there is no oversight from the SEC. This could create a parallel 24/7 market.
OKX is reportedly considering a similar offering as part of the exchange's RWA expansion. Neither exchange has officially confirmed this, and details about providers, exact listings, or timelines are still limited.
According to a spokesperson for Binance, exploring tokenized stocks is a 'logical next step' to connect TradFi and crypto.
Why crypto exchanges want U.S. stocks now
The crypto markets will still show a stagnation in trading volume in 2026. Therefore, exchanges are looking for new sources of revenue.
"BTC spot trading has remained limited this year so far: the average daily spot volume in January is 2% lower than December and 37% lower than November," wrote researcher David Lawant in a recent post.
Analysts also note that the crypto market largely remains quiet in January, with volatility and trading volume around the low levels of December.
This is not a quiet consolidation but a liquidity trap. Thin order books increase risk, and one bad order can cause significant losses for traders taking too much risk.
At the same time, American tech stocks (Nvidia, Apple, Tesla) are experiencing strong price increases, causing crypto holders – especially with stablecoins – to increasingly seek stock exposure without leaving the crypto ecosystem.
Tokenized stocks enable 24/7 trading in synthetic assets that track the underlying stock price. This usually occurs through offshore custodians or derivatives, not through direct ownership.
The market is still small but growing rapidly. The total value of tokenized stocks is approximately $912 million. According to data from RWA.xyz, this is 19% more than last month. The monthly trading volume is already above $2 billion, and the number of active addresses is rising rapidly.
"I previously bought NVIDIA through Binance Wallet. In fact, both companies should prioritize launching a precious metals market now. Especially silver - besides gold, which is suitable for physical storage, the others have little storage value. I'm in China and even paper silver is hard to buy; I can only buy ETFs," said a user.
Analyst AB Kuai Dong notes that official spot markets usually remain limited to futures or third-party tokens, such as PAXG for gold.
Increasing competition in tokenized assets
This development comes as there is increasing competition around tokenized real-world assets. Major players like NYSE and Nasdaq are trying to get on-chain regulated stock platforms approved, which could lead to competition with offshore crypto platforms.
Robinhood has now gained a significant market share in the EU (and EEA) with tokenized U.S. stocks and ETFs since mid-2025. Key metrics of Robinhood's offering include:
Expanded to nearly 2,000 assets without commission,
24/5 trading (and they are working towards full 24/7 trading via the planned Layer 2 'Robinhood Chain' on Arbitrum), and
Integration into a user-friendly app for retail users.
This is aimed at younger, crypto-savvy users who want to easily buy and sell different types of assets. Binance and OKX operate on a global scale, have many users, and always offer accessible crypto services. This allows them to challenge Robinhood’s position in the EU and expand into regions that are currently lagging (such as Asia and Latin America).
Their crypto-native audience is ready for tokenized stocks as a logical next step, which could accelerate adoption if this service is offered.
On the same playing field, there is also a battle between Robinhood and Coinbase. Both parties are building a platform where you can trade everything: stocks, crypto, prediction markets, and more.
Coinbase's latest additions (commission-free stocks, prediction markets via Kalshi, derivatives via the acquisition of Deribit) are directly aimed at Robinhood’s strengths with retail users. Robinhood counters this by offering more crypto options and tokenized assets abroad.
If Binance and OKX proceed, tokenized stocks could bring additional liquidity, attract new capital to crypto platforms, and bridge the gap to revenue from traditional finance.
Success, however, depends on global regulations, ensuring liquidity, accurately tracking prices, and building trust after previous closures.
