Cryptocurrency
exchanges are rapidly expanding into tokenized stock trading, with multiple
platforms launching blockchain-based equity offerings this week that allow
users to trade traditional stocks like Apple and Tesla around the clock.
Bitget and
Kraken both announced new tokenized stock capabilities on Wednesday, joining a
growing list of crypto platforms offering digital versions of U.S. equities to
users outside the United States.
Bitget Integrates xStocks
to Bring Wall Street to Web3
Bitget
integrated xStocks into its Onchain platform, enabling users to trade tokenized
versions of major companies including Tesla (TSLAx), Nvidia (NVDAx), Apple
(AAPLx), and the S&P 500 ETF (SPYx). The integration allows crypto users to
access these assets without traditional brokerage accounts.
Gracy Chen, Source: LinkedIn
“We’re
entering a new phase of market access, one where crypto, stocks, and
traditional finance don’t compete, they coexist and complement each
other,” said Gracy Chen, CEO at Bitget.
“With
tokenized equities on Onchain, we’re giving users the ability to move between
asset classes with the speed and flexibility of Web3, while still connecting to
the value of traditional markets,” she explained. “This is how we see CeDeFi evolving it’s an
easier alternative that has fewer blockades, and higher chances of adoption.”
Bitget
stresses three points that it says set the service apart: Firstly, trades clear
on-chain in seconds, cutting the two-day wait that traditional brokers still
require. Secondly, tokens trade 24 hours a day, five days a week, avoiding Wall
Street’s opening bell-to-closing bell limits. And thirdly, users pay blockchain
gas but no brokerage commission, and the tokens are freely transferable between
wallets.
Kraken Expand Tokenized
Stocks to BNB Chain
Meanwhile,
Kraken and tokenized asset issuer Backed Finance expanded their xStocks
offering to the BNB Chain, allowing the same tokenized equities to be issued as
BEP-20 tokens. The move enables users to deposit and withdraw these tokens
through BNB Chain in the coming weeks.
Arjun Sethi, Kraken’s Co-CEO
“This
is the beginning of an always-on equity market – one that is permissionless,
transparent, and built for the internet,” said Arjun Sethi, co-CEO of
Kraken.
Kraken
first announced its intention to
launch tokenized U.S. stocks in late May, with the official rollout taking
place at
the end of June. Around the same time, a similar product was introduced by
another major exchange, Bybit.
Trading Platforms Race to
Capture Market Share
The
announcements follow a wave of similar launches across the crypto industry. Robinhood
recently announced plans to offer tokenized stocks in Europe, while Gemini
has introduced trading with tokenized U.S. stocks through partnerships.
Coinbase is seeking regulatory approval to
bring tokenized stocks to U.S. customers.
The xStocks
Alliance, which includes over 60 equity and ETF tokens, has become a key
infrastructure provider for these offerings. BNB Chain’s addition to the
alliance expands the network of exchanges and decentralized finance protocols
supporting tokenized equity trading.
These
platforms are marketing several advantages over traditional stock trading,
including 24/5 trading hours, faster settlement times, and the ability to use
tokenized stocks as collateral in decentralized finance protocols. The tokens
can be moved across different blockchain networks and integrated with lending
and derivatives products.
|
Platform |
Issuer |
Launch status |
No. of stocks / ETFs at |
|
Kraken |
xStocks |
Live (phased rollout) |
60+ U.S. stocks & ETFs |
|
Bybit |
xStocks |
Live |
60+ U.S. stocks & ETFs |
|
Robinhood |
Stock tokens |
Pilot this summer |
200+ U.S. stocks & ETFs |
|
Gemini |
via Dinari |
Live |
Rolling launch, first share MSTR |
|
Dinari |
dShares (direct dApp) |
Live (FINRA approved) |
40+ U.S. stocks & ETFs |
|
Backed Finance |
xStocks (issuer) |
Live |
60+ U.S. stocks & ETFs |
|
Bitget |
xStocks |
Live |
60+ U.S. stocks & ETFs |
Skeptics Question Added
Value Over Existing Products
However,
some industry observers question whether tokenized stocks offer meaningful
advantages over existing financial products. Critics
note that the tokens function similarly to contracts for difference (CFDs),
which European brokers have offered for years.
Anton Golub
“It’s
wrapper,” wrote Anton Golub, Chief Business Officer at Dubai-based crypto
exchange Freedx, in a LinkedIn post. “It’s not real equity,” he
added, pointing out that buyers would own tokens tracking real stocks rather
than actual shares.
Liquidity
concerns also persist, particularly for
round-the-clock trading. While platforms promise 24/5 access, traditional
market makers cannot hedge positions during weekends, potentially leading to
wide spreads and limited liquidity during off-hours.
The
regulatory landscape remains complex, with most platforms offering tokenized
stocks only to non-U.S. users. European regulations allow broader access to
these products compared to U.S. securities laws, making Europe the primary
market for now.
Market Momentum Builds
Despite Challenges
Despite
skepticism, institutional interest in tokenized assets continues growing.
Market research suggests tokenization of real-world assets could expand from
approximately $0.6 trillion in 2025 to $18.9 trillion by 2033.
Major
financial institutions including BlackRock and JPMorgan have moved beyond pilot
programs to deploy blockchain-based products, while traditional brokers race to
capture market share in the emerging sector.
The
tokenized stock offerings remain limited to users outside the United States due
to regulatory restrictions, though Coinbase continues pushing for approval to
serve U.S. customers. Most platforms operate through offshore entities or
European licenses to provide these services.
Cryptocurrency
exchanges are rapidly expanding into tokenized stock trading, with multiple
platforms launching blockchain-based equity offerings this week that allow
users to trade traditional stocks like Apple and Tesla around the clock.
Bitget and
Kraken both announced new tokenized stock capabilities on Wednesday, joining a
growing list of crypto platforms offering digital versions of U.S. equities to
users outside the United States.
Bitget Integrates xStocks
to Bring Wall Street to Web3
Bitget
integrated xStocks into its Onchain platform, enabling users to trade tokenized
versions of major companies including Tesla (TSLAx), Nvidia (NVDAx), Apple
(AAPLx), and the S&P 500 ETF (SPYx). The integration allows crypto users to
access these assets without traditional brokerage accounts.
Gracy Chen, Source: LinkedIn
“We’re
entering a new phase of market access, one where crypto, stocks, and
traditional finance don’t compete, they coexist and complement each
other,” said Gracy Chen, CEO at Bitget.
“With
tokenized equities on Onchain, we’re giving users the ability to move between
asset classes with the speed and flexibility of Web3, while still connecting to
the value of traditional markets,” she explained. “This is how we see CeDeFi evolving it’s an
easier alternative that has fewer blockades, and higher chances of adoption.”
Bitget
stresses three points that it says set the service apart: Firstly, trades clear
on-chain in seconds, cutting the two-day wait that traditional brokers still
require. Secondly, tokens trade 24 hours a day, five days a week, avoiding Wall
Street’s opening bell-to-closing bell limits. And thirdly, users pay blockchain
gas but no brokerage commission, and the tokens are freely transferable between
wallets.
Kraken Expand Tokenized
Stocks to BNB Chain
Meanwhile,
Kraken and tokenized asset issuer Backed Finance expanded their xStocks
offering to the BNB Chain, allowing the same tokenized equities to be issued as
BEP-20 tokens. The move enables users to deposit and withdraw these tokens
through BNB Chain in the coming weeks.
Arjun Sethi, Kraken’s Co-CEO
“This
is the beginning of an always-on equity market – one that is permissionless,
transparent, and built for the internet,” said Arjun Sethi, co-CEO of
Kraken.
Kraken
first announced its intention to
launch tokenized U.S. stocks in late May, with the official rollout taking
place at
the end of June. Around the same time, a similar product was introduced by
another major exchange, Bybit.
Trading Platforms Race to
Capture Market Share
The
announcements follow a wave of similar launches across the crypto industry. Robinhood
recently announced plans to offer tokenized stocks in Europe, while Gemini
has introduced trading with tokenized U.S. stocks through partnerships.
Coinbase is seeking regulatory approval to
bring tokenized stocks to U.S. customers.
The xStocks
Alliance, which includes over 60 equity and ETF tokens, has become a key
infrastructure provider for these offerings. BNB Chain’s addition to the
alliance expands the network of exchanges and decentralized finance protocols
supporting tokenized equity trading.
These
platforms are marketing several advantages over traditional stock trading,
including 24/5 trading hours, faster settlement times, and the ability to use
tokenized stocks as collateral in decentralized finance protocols. The tokens
can be moved across different blockchain networks and integrated with lending
and derivatives products.
|
Platform |
Issuer |
Launch status |
No. of stocks / ETFs at |
|
Kraken |
xStocks |
Live (phased rollout) |
60+ U.S. stocks & ETFs |
|
Bybit |
xStocks |
Live |
60+ U.S. stocks & ETFs |
|
Robinhood |
Stock tokens |
Pilot this summer |
200+ U.S. stocks & ETFs |
|
Gemini |
via Dinari |
Live |
Rolling launch, first share MSTR |
|
Dinari |
dShares (direct dApp) |
Live (FINRA approved) |
40+ U.S. stocks & ETFs |
|
Backed Finance |
xStocks (issuer) |
Live |
60+ U.S. stocks & ETFs |
|
Bitget |
xStocks |
Live |
60+ U.S. stocks & ETFs |
Skeptics Question Added
Value Over Existing Products
However,
some industry observers question whether tokenized stocks offer meaningful
advantages over existing financial products. Critics
note that the tokens function similarly to contracts for difference (CFDs),
which European brokers have offered for years.
Anton Golub
“It’s
wrapper,” wrote Anton Golub, Chief Business Officer at Dubai-based crypto
exchange Freedx, in a LinkedIn post. “It’s not real equity,” he
added, pointing out that buyers would own tokens tracking real stocks rather
than actual shares.
Liquidity
concerns also persist, particularly for
round-the-clock trading. While platforms promise 24/5 access, traditional
market makers cannot hedge positions during weekends, potentially leading to
wide spreads and limited liquidity during off-hours.
The
regulatory landscape remains complex, with most platforms offering tokenized
stocks only to non-U.S. users. European regulations allow broader access to
these products compared to U.S. securities laws, making Europe the primary
market for now.
Market Momentum Builds
Despite Challenges
Despite
skepticism, institutional interest in tokenized assets continues growing.
Market research suggests tokenization of real-world assets could expand from
approximately $0.6 trillion in 2025 to $18.9 trillion by 2033.
Major
financial institutions including BlackRock and JPMorgan have moved beyond pilot
programs to deploy blockchain-based products, while traditional brokers race to
capture market share in the emerging sector.
The
tokenized stock offerings remain limited to users outside the United States due
to regulatory restrictions, though Coinbase continues pushing for approval to
serve U.S. customers. Most platforms operate through offshore entities or
European licenses to provide these services.
