In a significant development within the cryptocurrency sector, leading exchanges Coinbase, Binance, and Kraken have unveiled innovative tokenized products, marking a notable trend as the crypto market grapples with a downturn. This strategic move is driven by a shift towards more structured products as investors seek to maintain exposure to digital assets.
Coinbase has forged a partnership with Yahoo Finance to enhance the user experience by linking crypto tickers and equities directly to its platform. This allows users to trade digital assets alongside tokenized stocks seamlessly. According to a joint press release from both companies, this collaboration is a significant initial step towards deeper data integration of Coinbase into Yahoo Finance. George Leimer, general manager of Yahoo Finance, highlighted that this partnership reflects a shift in investor behavior, encouraging consideration of digital assets alongside traditional financial instruments.
Tokenization itself involves creating digital representations of real-world assets—such as stocks, bonds, real estate, or money market funds—on a blockchain. These tokens serve as on-chain records of ownership, enabling assets to be traded, transferred, or utilized in decentralized finance applications with the benefits of speed and programmability.
The momentum for tokenized real-world assets has been remarkable, as evidenced by a nearly 300% year-over-year increase in total value using blockchain as a distribution layer, escalating from $6.3 billion in February 2025 to $25 billion now. Coinbase emphasized that its collaboration with Yahoo Finance further legitimizes the digital asset space, stating, “Our Everything Exchange vision is about removing artificial boundaries between asset classes and building for the next generation of markets.”
Amidst these developments, Kraken has launched regulated tokenized equity perpetual futures contracts through its xStocks framework. This new offering allows eligible non-U.S. clients to access tokenized assets with up to 20x leverage around the clock on the Kraken and Kraken Pro platforms. Mark Greenberg, Kraken’s Global Head of Consumer, noted that “regulated tokenized equities as perpetual futures represent a new chapter for global capital markets,” where equities, indices, and commodities can be traded with the same efficiency as cryptocurrencies.
On another front, Binance—currently the largest crypto exchange by trading volume—has commenced offering its own tokenized assets via Ondo Finance. These assets are part of Binance Alpha, a curated ecosystem for early-stage products. However, the exchange clarified that while these tokens provide exposure to the underlying assets, they do not confer all shareholder rights, such as voting privileges.
The overarching theme of these initiatives underscores a growing interest in the tokenization of assets, illustrating a strategic pivot in the cryptocurrency landscape as market participants seek more stable and structured investment opportunities.
