- Coinbase, Binance, and Kraken launched competing tokenized stock products on Tuesday, intensifying competition for on-chain traditional assets.
- Coinbase now offers over 8,000 tokenized stocks via Yahoo Finance, while Binance uses Ondo Finance and Kraken launched perpetual futures.
- The move follows the SEC’s January clarification that tokenized securities fall under existing federal laws, providing a clearer regulatory path.
- Crypto exchanges are seeking new revenue as Bitcoin trades far below its all-time high and trading volumes have declined.
In a coordinated Tuesday offensive, the three major cryptocurrency exchanges—Coinbase, Binance, and Kraken—simultaneously launched rival tokenized stock trading products. This aggressive push highlights the crypto industry’s race to capture demand for blockchain-based versions of traditional financial assets.
Coinbase announced a partnership with Yahoo Finance to offer over 8,000 tokenized stocks. The exchange will provide 24/5 trading for these assets, which track real-world equities.
Consequently, Binance also announced it started offering tokenized assets through Ondo Finance. Its equity tokens provide exposure to price movements but do not grant full shareholder rights like voting.
Meanwhile, Kraken launched tokenized perpetual futures tied to major indexes and stocks using technology from xStocks. The company stated these contracts, available 24/7, include derivatives tracking Gold, the S&P 500, and Nasdaq 100.
This competitive surge follows a U.S. Securities and Exchange Commission clarification in January. The regulator confirmed that tokenized securities fall under existing federal laws regardless of their on-chain nature.
Experts also believe that the passage of the GENIUS Act in 2025 and the expected Clarity Act this year are likely to lead to a boom. This potential is detailed in an industry analysis available here.
The hunt for new revenue streams is a driving factor behind this shift. Bitcoin’s price now trades nearly 50% below its October all-time high of over $126,000, pressuring exchange earnings.
Coinbase reported a fourth-quarter loss of $2.49 per share as revenue fell 22% to $1.78 billion. Weaker trading volumes accompanied Bitcoin’s retreat from its peak during that period.
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