The major crypto exchanges Binance and OKX are reportedly considering reintroducing tokenized U.S. stocks.
This represents a strategic shift to capture traditional financial returns (TradFi) during a period of stagnant crypto volumes, pushing platforms towards diversification into real-world assets (RWA).
A return to tokenized stocks?
This marks a return to a product that Binance tested and then left in 2021 due to regulatory hurdles. If this happens, exchanges will be able to compete in a rapidly growing, yet still immature market for tokenized stocks.
In April 2021, Binance launched stock tokens for large companies like Tesla, Microsoft, and Apple. These were issued by the German broker CM-Equity AG, while Binance handled the trading.
The service was discontinued in July 2021 after pressure from regulators, including BaFin in Germany and FCA in the UK. These considered the products unauthorized securities services without adequate prospectuses.
At that time, Binance referred to a shift in commercial focus. According to recent reports from The Information, Binance is now considering a relaunch for users outside the US to avoid SEC oversight, and establish a parallel 24/7 market.
It is also reported that OKX is considering similar offerings as part of the platform's RWA initiative. No official confirmations have come from any of the exchanges, and there is little information about issuers, listings, or timelines.
According to a spokesperson for Binance, the exploration of tokenized stocks is referred to as a 'natural next step' to bridge the gap between TradFi and crypto.
Why crypto exchanges want American stocks now
Crypto markets have experienced persistent stagnation in trading volume in 2026, prompting exchanges to seek new revenue sources.
"BTC spot trading has so far been limited in 2026: The average daily spot volume for January is 2% lower than December and 37% lower than the levels in November," analyst David Lawant recently wrote.
Analysts also point out that the crypto market remains largely dead in January, with volatility and volume near December's lowest levels.
This is not calm consolidation, but a liquidity trap, where thin order books increase risk and one poorly executed trade can lead to significant losses for traders with too much exposure.
At the same time, American tech companies (Nvidia, Apple, Tesla) have seen significant gains and this increases demand among crypto holders, especially those with stablecoin balances, for stock exposure without leaving the ecosystem.
Tokenized stocks enable 24/7 trading of synthetic assets that mirror the underlying stock prices, often secured by offshore managers or derivatives rather than direct ownership.
The market is still small but growing rapidly. The total value of tokenized stocks is approximately $912 million, and figures from RWA.xyz show a 19% increase month over month. Monthly transfer volumes exceed $2 billion, and active addresses are increasing significantly.
"I bought NVIDIA on Binance Wallet before. Now the top priority for both companies should be how they can launch a precious metal market. Especially silver – apart from gold, which is suitable for physical storage, the others do not have storage value. I am in China, and even paper silver is hard to come by; I can only buy ETFs," stated a user.
Analyst AB Kuai Dong noted that there are still only official spot markets for futures or third-party tokens like PAXG on gold.
Increasing competition in tokenized assets
This development occurs in a broader race within tokenized real-world assets. Traditional players such as NYSE and Nasdaq are seeking approval for regulated on-chain stock platforms, which could potentially conflict with offshore-driven crypto models in the future.
Robinhood has already captured a significant share in the EU (and EEA), launching tokenized American stocks and ETFs in mid-2025. Key figures from Robinhood's offering include:
Expanded to nearly 2000 assets without commission,
24/5 trading (aiming for full 24/7 on the planned Layer-2 network 'Robinhood Chain' built on Arbitrum), and
Integration into a user-friendly app for private investors.
This targets younger, crypto-savvy users seeking seamless access across assets. Binance and OKX's global reach, huge user bases, and always available crypto infrastructure enable them to challenge Robinhood's dominance in the EU and expand to under-served regions (Asia, Latin America).
Their crypto-native audience is ready for tokenized stocks as a natural addition, which could potentially accelerate adoption if launched.
The market also includes a parallel battle between Robinhood and Coinbase, where both are building 'all-in-one exchanges' combining stocks, crypto, prediction markets, and more.
Coinbase's latest addition (commission-free stock trading, prediction markets via Kalshi, derivatives through the acquisition of Deribit) directly targets Robinhood's strengths for private investors, while Robinhood responds with deeper crypto features and tokenized assets abroad.
If Binance and OKX proceed, tokenized stocks could serve as a liquidity lifeline, attracting capital back to crypto platforms and bridging to TradFi returns.
Success, however, depends on global regulations, securing liquidity and proper traceability, as well as building trust after previous closures.