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Cointelegraph — Tokenization·Jun 20
Kraken offers SpaceX IPO access through xStocks
Crypto exchange Kraken has launched IPO Access through its xStocks platform, enabling eligible users across more than 110 international markets to register for tokenized SpaceX equity. This initiative allows investors to receive SPCXx tokens, which are backed 1:1 by underlying SpaceX shares, facilitating 24/7 trading on Kraken and other xStocks-integrated platforms. The offering marks a significant convergence between traditional capital markets and blockchain infrastructure, providing retail access to a highly anticipated public listing. SpaceX is reportedly seeking to raise approximately $75 billion at a valuation of at least $1.8 trillion, potentially setting a record as the largest IPO in history. While the offering is available in the European Economic Area and various international regions, it remains restricted in the United States, Canada, Australia, and the United Kingdom due to regulatory constraints. The move highlights the increasing utility of tokenization in democratizing access to private equity and pre-IPO opportunities. By leveraging onchain representations of traditional assets, Kraken aims to streamline participation in major corporate milestones while managing high investor demand.
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Binance discloses revenue
Binance has entered into a revenue-sharing agreement with brokerage infrastructure provider Alpaca, securing 50% of payment-for-order-flow fees and 65% of profits from user stock lending. This partnership supports Binance's expansion into tokenized US stocks and ETFs, a sector where Alpaca serves as a primary custodian. Alpaca currently manages $480 million in assets under custody, accounting for a 29% market share of the $1.62 billion tokenized stock industry. While the total value of tokenized stocks has grown by 29% recently, monthly active addresses have dropped by 77%, suggesting a shift toward long-term holding rather than active trading. This move highlights how major crypto exchanges are monetizing their transition into traditional financial products to meet investor demand. By integrating infrastructure like Alpaca, Binance aims to scale its bStocks product and broader equity offerings. The arrangement underscores the deepening integration between centralized crypto exchanges and regulated brokerage services to bridge digital and traditional asset markets.
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SpaceX’s debut: A win for crypto price discovery, a fail for tokenized access
The SpaceX IPO on June 12, valued at over $2 trillion, served as a high-stakes stress test for tokenized equity access within the crypto market. While pre-IPO perpetuals on platforms like Hyperliquid and Binance successfully provided credible price discovery and recorded $4.6 billion in trading volume, attempts to offer tokenized IPO share allocations failed significantly. Major exchanges including Binance, Bybit, and Bitget were forced to cancel campaigns and issue refunds after the third-party provider xStocks failed to deliver the underlying SpaceX shares. This failure highlighted a critical structural gap where crypto-native platforms lack the necessary primary market access controlled by traditional underwriters and broker-dealer networks. Despite the collapse of these specific tokenized offerings, industry experts emphasize that onchain infrastructure for settlement remains robust, provided it is backed by regulated custody and real underlying assets. The event underscores that while synthetic perpetuals can effectively signal market sentiment, they cannot substitute for the legal and regulatory requirements of traditional IPO machinery. Ultimately, the episode serves as a cautionary lesson on the limitations of third-party wrappers versus issuer-sponsored, compliant tokenization models.
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Binance adds US stock trading in push beyond crypto
Binance has officially launched US equities and ETF trading for eligible users, offering access to over 7,000 assets with zero commission and fractional share purchases starting at $5. This expansion marks a strategic pivot toward becoming a multi-asset financial super app, directly challenging competitors like Coinbase, Kraken, and Bitpanda. The platform facilitates 24/5 trading and allows users to earn passive income through Fully Paid Securities Lending. Furthermore, Binance plans to introduce bStocks, a suite of tokenized securities representing US stocks and ETFs, in the coming weeks. These tokenized assets will be issued by BTECH Holdings LTD, a Special Purpose Vehicle registered in the Abu Dhabi Global Market, and are currently pending regulatory approval from the FSRA. Purchases will be primarily conducted using Circle’s USDC, alongside other supported stablecoins and assets like BNB. This development signifies a major step in the convergence of traditional financial markets and digital asset infrastructure, aiming to increase accessibility and connectivity for global investors.
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SEC plan to scrap ‘Rule 611’ positive for tokenized US stocks: Galaxy
The U.S. Securities and Exchange Commission has proposed rescinding Rule 611 and Rule 610(e), which currently mandate strict order protection and price quote standards across national market systems. Galaxy head of research Alex Thorn identified this move as a significant catalyst for tokenized U.S. equities, as current regulations effectively prohibit decentralized platforms from operating legally. Under existing rules, automated market makers (AMMs) are unable to comply with trade-through restrictions because they execute orders based on pool prices rather than cross-exchange price matching. Because AMM prices fluctuate constantly, they would inherently violate requirements to guarantee the best available price across all platforms. The SEC intends to replace these rigid mandates with a more flexible best execution framework, potentially accommodating the unique operational structure of blockchain-based trading. This regulatory shift follows the launch of the SEC's Project Crypto in August 2025, which aims to modernize digital asset oversight. If finalized after the 60-day feedback period, this change could remove the primary structural barrier preventing tokenized stocks from trading on decentralized exchanges.
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Kraken parent Payward brings tokenized IPO access to retail investors
Payward Services, a Kraken-affiliated company, is launching a program allowing eligible retail investors to access US initial public offerings (IPOs) at the offering price through tokenized shares. By leveraging the xStocks infrastructure, the initiative enables users to express interest in upcoming IPOs and receive 1:1 backed tokenized shares on listing day. This process democratizes access to investment opportunities typically reserved for institutional clients, effectively removing traditional barriers related to geography and net worth. The shares are backed by underlying stock held in custody by a regulated entity, ensuring a secure link between the blockchain-based tokens and traditional financial assets. This development represents a significant step in the broader RWA tokenization movement, which aims to integrate traditional financial products with blockchain infrastructure. With the RWA market reaching $51 billion, this move highlights the growing trend of using onchain settlement to broaden market participation. The first offerings are expected to roll out to Kraken and xStocks Alliance members in the coming weeks, with plans to expand to additional markets over time.
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Boerse Stuttgart taps SocGen, flatexDEGIRO for EU blockchain settlement push
Boerse Stuttgart’s Seturion has partnered with Societe Generale, its crypto subsidiary SG-FORGE, and online broker flatexDEGIRO to establish a pan-European blockchain securities settlement system. Societe Generale will issue tokenized structured securities, including turbo warrants and investment certificates, on Seturion, with SG-FORGE facilitating settlements using its CoinVertible euro and dollar stablecoins, EURCV and USDCV. FlatexDEGIRO, serving 3.5 million customers across 16 countries, will connect its retail investor flow to the platform, while Nasdaq’s European trading venues will also integrate to support trading of these tokenized securities. This collaboration aims to reduce settlement costs and fragmentation, contributing to a unified European capital market for tokenized assets, and highlights the ongoing efforts by European financial institutions to build regulated blockchain infrastructure. Seturion has submitted a license application to Germany’s BaFin under the EU's DLT Pilot Regime.
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SEC postpones plan allowing 'innovation exemption' for tokenized stocks: Report
The U.S. Securities and Exchange Commission has postponed a proposed "innovation exemption" that would have facilitated the trading of tokenized stocks. This decision follows significant feedback from market participants and stock exchange officials who expressed concerns regarding implementation, specifically the potential for unauthorized token issuance and challenges in verifying ownership on semi-pseudonymous blockchains. The proposed framework aimed to ensure that investors in tokenized stocks receive identical rights to traditional shareholders, including voting and dividend entitlements. While the RWA sector currently holds $1.55 billion in tokenized equities, this delay reflects a cautious regulatory approach to integrating blockchain technology with traditional equity markets. Industry leaders, including the CEOs of Securitize and Bullish, have supported the delay, emphasizing the necessity of ensuring that only authorized public companies can issue tokenized shares. This development highlights the ongoing tension between rapid technological innovation and the regulatory requirements for investor protection and market integrity. As the market for real-world assets continues to grow, the SEC's stance remains a critical factor in determining how digital representations of securities will be legally structured and traded.
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Exodus launches tokenized stock marketplace with Ondo, adds 200
Exodus has launched a new marketplace for tokenized assets in partnership with Ondo Finance, enabling eligible users to trade over 200 tokenized stocks and ETFs directly on the Solana blockchain. This integration allows self-custody wallet users to access a diverse range of real-world assets, though these tokens do not confer direct ownership or shareholder rights. The move highlights the intensifying competition among crypto platforms to provide onchain exposure to equities and pre-IPO companies. Data from RWA.xyz indicates that the broader tokenized stock market has reached $3.5 billion in value, marking a 139% increase over the past 30 days. Much of this sector growth is currently driven by the xStocks platform, which accounts for approximately $2.5 billion in tokenized stock value. As major exchanges like Kraken, Bybit, and Binance race to offer products linked to companies like SpaceX, the Exodus-Ondo partnership underscores the growing institutional and retail demand for onchain financial instruments. This trend signifies a shift toward integrating traditional equity markets into decentralized finance ecosystems to enhance accessibility.
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BStocks integration goes live on Lista DAO, turning tokenized stocks into DeFi collateral
Lista DAO has integrated Binance’s bStocks, enabling users to utilize tokenized US equities as collateral for borrowing and yield farming on the BNB Chain. Launched around June 16, 2026, this integration allows holders of NVDAB, TSLAB, and MUB tokens to generate returns on their equity exposure without liquidating their positions. These BEP-20 tokens are 1:1 backed by real shares of NVIDIA, Tesla, and Micron, verified through a Proof of Collateral mechanism that preserves dividend rights. By allowing these assets to function within DeFi lending markets like Lista DAO and Venus, the initiative bridges traditional stock market exposure with decentralized finance liquidity. This development offers investors a way to maintain equity holdings while simultaneously deploying them as productive collateral within a single blockchain ecosystem. While providing significant capital efficiency, the integration introduces complex risks, including smart contract vulnerabilities, custodial concerns, and potential on-chain liquidations driven by equity price volatility. The move represents a notable step in the evolution of RWA tokenization by bringing major US securities into the operational flow of decentralized lending protocols.
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Binance Brings Back Stock Trading Through Ondo Finance Partnership
Binance has reintroduced tokenized stock trading through a strategic partnership with Ondo Finance, marking a significant expansion of its real-world asset offerings. This move follows the exchange's previous history with tokenized stocks in 2021 and aligns with its recent efforts to integrate RWA products like Circle's USYC, OpenEden's cUSDO, and BlackRock's tokenized U.S. Treasury fund. The initiative addresses growing global demand for tokenized equities, a sector currently approaching $1 billion in total value. By leveraging blockchain technology, Binance aims to provide retail users in regions with limited brokerage access a more convenient way to trade U.S. equities. This development reflects a broader industry trend, as major platforms like Kraken, Bybit, and Robinhood also roll out similar products. Furthermore, these tokenized assets offer utility beyond trading, serving as potential collateral for borrowing within decentralized finance protocols. As traditional exchanges like Nasdaq and the New York Stock Exchange explore similar offerings, this partnership underscores the accelerating convergence between traditional financial markets and blockchain infrastructure.
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Are Tokenized Stocks the New Altcoins? On-Chain Equities Heat Up Amid SpaceX IPO
The tokenized equity market is experiencing rapid growth, with its combined market cap surging from $20 million in late 2024 to approximately $1.4 billion. This shift is highlighted by the launch of tokenized SpaceX (SPCX) on Solana by Backpack, which saw over $100 million in volume on its first day on Gate, alongside significant activity on Hyperliquid. Unlike the failed synthetic models of the past, modern tokenized stocks are asset-backed, with regulated custodians holding real shares 1:1 via special purpose vehicles. Major platforms like Coinbase, Kraken, Bybit, and Trust Wallet are integrating these products, offering users 24/7 access to equities like NVDA and TSLA. While Binance's direct stock trading service has seen higher daily turnover, the tokenized sector continues to scale, reaching a record $5.16 billion in daily volume in June. This convergence is forcing a shift in the broader crypto market, as altcoins increasingly face pressure to demonstrate real revenue rather than relying on speculative sentiment. Ultimately, the integration of traditional equities into blockchain ecosystems represents a fundamental evolution in how digital assets are valued and traded.
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Tokenized Stocks With Dividends: Why Coinbase’s On-Chain Shares Plan Matters for DeFi
The potential issuance of tokenized Coinbase shares represents a significant evolution in the RWA market by bridging traditional equity rights with decentralized finance infrastructure. By utilizing blockchain-based ledgers and registered transfer agents, such a move would allow for the programmable, automated distribution of dividends directly to investor wallets, likely via stablecoins like USDC. Unlike previous synthetic or offshore "stock token" experiments that lacked legal substance, a Coinbase-led initiative would prioritize regulatory alignment, including KYC/AML compliance and secondary trading on registered Alternative Trading Systems. This approach mirrors the operational success of existing tokenized funds like BlackRock's BUIDL on Ethereum and Franklin Templeton's on-chain money fund on Polygon. For the DeFi ecosystem, this development could introduce a new class of compliant, yield-bearing collateral that functions within permissioned, identity-verified protocols. The integration of L2 networks like Base further enhances the feasibility of these distributions by reducing transaction costs and improving user experience. Ultimately, this shift signals a transition toward more efficient, transparent corporate actions on public networks, provided issuers maintain rigorous legal and technical standards.
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Securitize to Launch Tokenized Securities on Nasdaq, Enabling 24/7 Trading
Securitize has announced a strategic initiative to launch tokenized securities on the Nasdaq platform, marking a significant evolution in how traditional financial assets are traded. By leveraging blockchain technology, this integration aims to facilitate 24/7 trading capabilities for tokenized real-world assets, moving away from the limitations of traditional market hours. This development represents a major milestone for the RWA sector, as it bridges the gap between institutional-grade infrastructure and decentralized finance protocols. The move is expected to enhance liquidity and accessibility for investors, potentially setting a new standard for how securities are issued and managed globally. By utilizing Nasdaq's robust market infrastructure alongside Securitize's tokenization expertise, the partnership addresses key regulatory and operational hurdles that have previously hindered widespread adoption. This shift underscores the growing institutional appetite for tokenized assets and signals a broader trend toward the modernization of global capital markets. Ultimately, this collaboration serves as a critical proof-of-concept for the integration of blockchain-based assets into established, regulated financial exchanges.
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SEC Mulls Tokenized Stocks as Crypto Firms Eye Blockchain Equity Trading
The U.S. Securities and Exchange Commission (SEC) is currently evaluating the regulatory framework for tokenized stocks as various cryptocurrency firms express increasing interest in blockchain-based equity trading. This development signals a potential shift in how traditional financial assets are integrated into decentralized ledger technology, moving beyond simple digital representations toward fully compliant on-chain trading. Industry participants are actively engaging with regulators to determine how existing securities laws apply to tokenized equity, which promises to enhance settlement speeds and market transparency. By exploring these frameworks, the SEC aims to balance innovation with investor protection, addressing concerns regarding custody, clearing, and settlement processes. The move is significant for the RWA market as it bridges the gap between legacy stock exchanges and blockchain infrastructure, potentially unlocking liquidity for global investors. If successful, this regulatory clarity could pave the way for major financial institutions to tokenize traditional equities on public or private blockchains. Consequently, the integration of tokenized stocks represents a critical evolution in the maturation of the RWA sector, moving it closer to mainstream institutional adoption.
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DeFi & L1L2 — 💎 Crypto.com launched Tokenized Stocks in the App; Vitalik Buterin proposed an option-based model for decentralized stablecoins
Crypto.com has expanded its platform offerings by launching tokenized stocks, providing retail investors with synthetic pre-IPO perpetual contracts. This development allows users to trade the trajectories of private tech companies 24/7, effectively dismantling traditional barriers to institutional exclusivity. Simultaneously, Vitalik Buterin has proposed a novel option-based model for decentralized stablecoins to address systemic risks inherent in current debt-based systems. By splitting assets into stable and volatile tokens, this model aims to eliminate forced liquidations and reliance on real-time oracles. These advancements arrive as market data indicates a broader rotation of capital from crypto assets toward high-growth equity sectors. While global equities like the Nasdaq Composite and MSCI Emerging Markets index saw significant gains in May, major cryptocurrencies experienced declines. These shifts highlight the growing integration of traditional financial instruments into decentralized ecosystems to enhance portfolio stability and accessibility.
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Blockchain.com deepens onchain stock offerings as tokenized equities market grows
Blockchain.com has expanded its platform by adding 173 tokenized stocks and ETFs through a strategic partnership with Ondo Finance. This integration increases the platform's total catalog of tokenized traditional assets to over 430 offerings, accessible across the Ethereum, Solana, and BNB Chain networks. The new listings encompass a diverse range of products, including private company shares like SpaceX’s SPCX token, active ETFs, Treasury products, and thematic baskets focused on sectors such as AI and robotics. By leveraging Ondo’s routing and liquidity infrastructure, Blockchain.com aims to meet the rising demand for onchain access to traditional financial instruments. This development occurs as the broader tokenized equities market experiences significant growth, with distributed value reaching approximately $1.57 billion, a fivefold increase from the previous year. Industry experts suggest that potential regulatory shifts, such as the SEC's proposal to remove structural barriers in national market system regulations, could further accelerate the adoption of tokenized US equities in DeFi. The move underscores a broader trend among crypto platforms to bridge the gap between traditional finance and blockchain technology to capture institutional and retail interest.
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Ondo Finance: Tokenized Stocks Reach $1.5 Billion
Ondo Finance President Ian de Bode recently highlighted the rapid expansion of the real-world asset sector, noting that tokenized U.S. Treasuries have surged from $1 billion to nearly $15 billion over the past two years. Simultaneously, tokenized stocks have achieved significant traction, surpassing $1.5 billion in market value since their launch in June of last year. This growth is largely fueled by robust offshore demand, with listings on major platforms like Binance, OKX, and MetaMask enabling global investors to access U.S. markets directly through their existing digital wallets. The integration of 24/7 trading cycles and stablecoin settlement mechanisms is effectively accelerating the migration of traditional financial instruments onto blockchain infrastructure. De Bode suggests that the potential introduction of perpetual contracts for tokenized stocks could eventually create a market exceeding the size of the current cryptocurrency industry. This shift underscores a broader trend of traditional finance adopting crypto rails to enhance liquidity and accessibility for global participants. The data reflects a maturing RWA ecosystem where institutional-grade assets are increasingly becoming accessible via decentralized interfaces.