Major cryptocurrency exchanges like Binance and OKX are exploring the reintroduction of tokenized American stocks.
This step is a strategic way to gain access to traditional financial returns when cryptocurrency trading volumes are stagnant. Therefore, the platforms want to expand with real assets.
A return to tokenized stocks?
This means taking up a product that Binance tested and then stopped offering in 2021 due to regulatory issues. But it gives exchanges the opportunity to compete in the rapidly growing yet still young market for tokenized stocks.
In April 2021, Binance launched stock tokens for major companies like Tesla, Microsoft, and Apple. The German broker CM-Equity AG issued the stocks, and Binance handled the trading.
The service was halted in July 2021 after pressure from regulators such as Germany's BaFin and the UK's FCA. The regulators viewed the product as unauthorized trading in securities without the proper prospectus.
Binance then stated that it wanted to change its focus. But new reports from The Information say that Binance is now considering a new launch for users outside the USA. This way, they avoid oversight from the SEC and can create a parallel market that is open 24/7.
Reports indicate that OKX is also considering similar services as part of the exchange's push for real assets. Neither Binance nor OKX has officially confirmed, and there are few details about, for example, which stocks may be listed or when that might happen.
A spokesperson from Binance described the investment in tokenized stocks as a 'natural next step' to connect traditional finance with crypto.
Why do crypto exchanges want American stocks now?
The crypto market has had low trading volume throughout 2026. Exchanges are now seeking new revenue opportunities.
"BTC spot trading is still low during 2026: Average daily volumes in January are 2% below December and 37% below November," wrote analyst David Lawant in a post.
Analysts also say that the crypto market has been unusually quiet in January. Volatility and trading volumes are at historically low levels, similar to December.
This is not calm consolidation but a liquidity trap. Poor order books increase risks, and a bad trade can lead to significant losses for traders with large positions.
At the same time, American tech stocks (Nvidia, Apple, Tesla) have seen strong gains. This means that crypto holders, especially those with stablecoins, are seeking stock exposure without leaving the crypto market.
Tokenized stocks allow you to trade synthetic assets around the clock. These mirror the stock price and often have security through foreign custodians or derivatives instead of direct ownership.
The market is small but growing rapidly. The value of all tokenized stocks is now around 912 million USD. According to RWA.xyz, it has increased by 19% from last month. Meanwhile, the monthly volume exceeds 2 billion USD, and the number of active addresses is increasing rapidly.
"I bought NVIDIA on Binance Wallet before. Now both companies should focus on launching a market for precious metals. Especially silver – apart from gold, which is good for physical storage, the others don't have much value in storage. I'm in China and can hardly buy paper silver, only ETFs," said a user.
Analyst AB Kuai Dong points out that official spot markets mainly pertain to futures or third-party tokens like PAXG for gold.
Competition is increasing around tokenized assets
The momentum comes as competition increases for tokenized real assets. Traditional players like NYSE and Nasdaq are trying to get approval for regulated on-chain platforms for stocks. They may thus compete with crypto exchanges outside the USA in the future.
Robinhood has already captured a significant portion of the market in the EU (and EEA) by launching tokenized American stocks and ETFs in mid-2025. Key figures from Robinhood's offering are:
Expanded to nearly 2,000 assets without any fees,
Trading around the clock five days a week (on the way to full 24/7 trading with its planned Layer 2 'Robinhood Chain' built on Arbitrum), and
Integration into an app that is easy to use for individuals.
This targets younger users who know a lot about crypto and want access to various assets smoothly. Binance and OKX have global reach, many users, and constant access to crypto infrastructure. Therefore, they can challenge Robinhood in the EU and grow in areas like Asia and Latin America where few others exist.
Their audience, already accustomed to crypto, can easily adapt to tokenized stocks, which may lead to more users adopting the service if it is launched.
The market also has a parallel battle between Robinhood and Coinbase. Both are building so-called 'everything exchanges' where stocks, crypto, betting on outcomes, and more are mixed.
Coinbase recently added commission-free stocks, betting on outcomes with Kalshi, and derivatives trading via Deribit. Therefore, they are directly targeting Robinhood's strengths, while Robinhood responds with more crypto features and tokenized assets abroad.
If Binance and OKX proceed, stocks in the form of tokens could become an important source of liquidity. This could attract capital back to crypto platforms and unite returns from traditional financial markets.
Success depends on global regulations, secure liquidity, accurate tracking, and building trust after previous shutdowns.
