Binance and OKX, two leading players in the cryptocurrency exchange sector, are reportedly gearing up to relaunch tokenized US stocks for non-US users in 2026. This move comes in response to the ongoing challenges in the crypto market, characterized by low trading volumes and a lack of market volatility, which have made it increasingly difficult for these exchanges to sustain growth.
Tokenized equities will allow users to trade fractional shares of prominent US companies such as Tesla, Apple, and Microsoft in a market that operates around the clock, closely resembling the movements of traditional stock prices. This initiative forms part of a broader strategy by both exchanges to delve into real-world assets (RWAs) and attract traditional finance yields.
The need for new income avenues is underscored by a significant drop in crypto trading volumes at the start of 2026. Reports indicate that daily spot trading volumes for Bitcoin in January were 37% lower than figures recorded in November of the previous year. The sluggish trading activity, largely owing to muted volatility and decreased investor interest, has compelled exchanges to explore alternative revenue streams.
Binance initially ventured into the tokenized stock arena in 2021 but halted operations due to regulatory scrutiny from agencies like Germany’s BaFin and the UK’s FCA, which deemed these offerings as unlicensed securities. However, with changing dynamics and potential for regulatory evasion, Binance is now contemplating a relaunch specifically targeting non-US users. This strategy could enable the exchange to bypass US regulatory challenges and create a continuous trading environment.
Similarly, OKX is aiming to carve out its share in the tokenized stock market, recognizing the rising demand for exposure to US equities amidst the slowdown in crypto trading. Both exchanges, however, have yet to release formal announcements regarding the specifics of the stocks involved or the timelines for the offerings.
The market for tokenized stocks, although relatively small—valued at approximately $912 million as of early 2026—is gaining traction. Monthly transaction volumes in this sector have surpassed $2 billion. As traditional trading platforms such as Robinhood and Coinbase also venture into tokenized assets, competition intensifies. Robinhood has already initiated tokenized stock offerings in the EU/EEA, with ambitions to expand to 24/7 trading on its upcoming platform built on Arbitrum.
With their extensive user bases and robust infrastructure, Binance and OKX are well-positioned to challenge Robinhood’s foothold in the European market. By focusing on providing their crypto-native users access to traditional equities, they could capture a significant share of the evolving market for tokenized stocks. This move also represents a crucial attempt for crypto exchanges to address liquidity challenges while generating new revenue streams amidst a period of declining trading volumes.
