Now readingArticle

Crypto exchanges are opening a two-front war for the stock market

Back to TopTopShare

Top Categories

  • Bitcoin News](/content/news/bitcoin/index.html)
  • Ethereum News](/content/news/ethereum/index.html)
  • XRP News](/content/news/xrp/index.html)
  • Solana News](/content/news/solana/index.html)

Trending Now

SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocationTokenizationJun 13, 2026](/content/spacexs-ipo-exposes-the-first-crack-in-tokenized-stocks/index.html)

Latest Crypto News

The future of vaults: neobanks and invisible DeFiDeFiJun 13, 2026](/content/the-future-of-vaults-neobanks-and-invisible-defi/index.html) US export order removes Anthropic Mythos model access fueling crypto bets on AI that is beyond government reachAIJun 13, 2026](/content/us-anthropic-fable-mythos-crackdown-fuels-crypto-bet-on-ai-that-is-beyond-government-reach/index.html)

Coverage

Market Movers

Market Views

Popular Prices

  • Bitcoin](/content/coins/bitcoin/index.html)
  • Ethereum](/content/coins/ethereum/index.html)
  • XRP](/content/coins/xrp/index.html)
  • Solana](/content/coins/solana/index.html)

Sectors

Ecosystems

  • Ethereum](/content/blockchain/ethereum/index.html)
  • Binance Chain](/content/blockchain/binance-chain/index.html)
  • Solana](/content/blockchain/solana/index.html)
  • Polygon](/content/blockchain/polygon/index.html)

California Governor Election WinnerXavier Becerra 88.9%](/content/predictions/market/california-governor-election-2026/index.html) Knicks vs. SpursSpurs 64.5%](/content/predictions/market/nba-nyk-sas-2026-06-13/index.html) **Will the Iranian regime fall by June 30?**No 99.1%](/content/predictions/market/will-the-iranian-regime-fall-by-june-30/index.html) **Kharg Island no longer under Iranian control by…?**August 31 7%](/content/predictions/market/kharg-island-no-longer-under-iranian-control-by-march-31/index.html)

View all trending markets

Crypto Politics Sports Finance Tech Culture

Global Elections Bitcoin Iran US Election NBA Tech Aliens Business Economic Policy Formula 1

Recent

Tennessee Strategic Bitcoin Reserve Act (HB 1695)ExpiredHB1695 would have authorized Tennessee’s state treasurer to invest limited eligible state funds in Bitcoin with caps, custody...](/content/crypto-laws/tennessee-strategic-bitcoin-reserve-act-hb-1695/index.html) South Dakota HB 1155: State Bitcoin Investment BillExpiredSouth Dakota HB 1155 would have permitted the State Investment Council to invest up to 10% of eligible...](/content/crypto-laws/south-dakota-hb-1155-state-bitcoin-investment/index.html) Strategic Digital Assets Reserve Act of South Carolina (H. 4256)In committeeSouth Carolina H. 4256 would authorize State Treasurer investment in certain digital assets, including Bitcoin, under proposed reserve,...](/content/crypto-laws/south-carolina-h-4256-strategic-digital-assets-reserve-act/index.html)

Jurisdictions

  • United States](/content/crypto-laws/jurisdiction/united-states/index.html)
  • European Union](/content/crypto-laws/jurisdiction/european-union/index.html)
  • Singapore](/content/crypto-laws/jurisdiction/singapore/index.html)
  • United Kingdom](/content/crypto-laws/jurisdiction/united-kingdom/index.html)
  • India](/content/crypto-laws/jurisdiction/india/index.html)

Topics

Statuses

Law Types

Guide Series

Guide SeriesBuy Borrow DieBy CoinRabbitExplore why savvy investors borrow against crypto instead of selling, with insights on liquidity,...View series](/content/guides/series/buy-borrow-die/index.html) Guide SeriesInstitutional PlaybookBy WhiteBITExplore WhiteBIT’s Institutional Playbook, a 3-part guide series on exchange due diligence, crypto-as-a-service, and...View series](/content/guides/series/institutional-playbook/index.html)

View all series

Recent Guides

Crypto Basics Beginner What Is a Testnet and How Do Crypto Testnets Work?Before real funds move on a blockchain, developers and users test everything on a testnet....](/content/guides/what-is-a-testnet-and-how-do-crypto-testnets-work/index.html) DeFi Beginner Zero-Knowledge Proof (ZK Proof): What It Is and How It WorksZK proofs show up everywhere in crypto, from rollups to identity systems to shielded payments....](/content/guides/zero-knowledge-proof-zk-proof-what-it-is-and-how-it-works/index.html) Crypto Basics Beginner What Is Mainnet in Crypto And How Does It Work?A mainnet is the live version of a blockchain, where real money moves, fees are...](/content/guides/what-is-mainnet-in-crypto-and-how-does-it-work/index.html) Crypto Basics Beginner What Is the MACD Indicator and How To Use It?The MACD indicator is one of the most-used tools in crypto trading, but most beginners...](/content/guides/what-is-macd-indicator-how-to-use-it/index.html)

View all guides

Guide Categories

Crypto BasicsStart learning crypto with beginner-friendly guides to wallets, trading, blockchain,... DeFiExplore DeFi guides covering wallets, dapps, staking, liquidity, lending, yield,... BitcoinLearn Bitcoin basics with guides to BTC wallets, mining, security,... Wallet SecurityLearn wallet security basics, from addresses and seed phrases to... NFTs

Browse all categories

Review Categories

Browse Directory

Company Verticals

Product Categories

People Categories

Company

Help & Legal

Follow

Section Navigation

News

Latest News

SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocationTokenizationJun 13, 2026](/content/spacexs-ipo-exposes-the-first-crack-in-tokenized-stocks/index.html) The future of vaults: neobanks and invisible DeFiDeFiJun 13, 2026](/content/the-future-of-vaults-neobanks-and-invisible-defi/index.html) US export order removes Anthropic Mythos model access fueling crypto bets on AI that is beyond government reachAIJun 13, 2026](/content/us-anthropic-fable-mythos-crackdown-fuels-crypto-bet-on-ai-that-is-beyond-government-reach/index.html) Wholesale inflation is back in focus. Here’s what PPI means for your money and BitcoinMacroBearishJun 13, 2026](/content/wholesale-inflation-is-back-in-focus-heres-what-ppi-means-for-your-money-and-bitcoin/index.html)

Asset Coverage

  • Bitcoin news](/content/news/bitcoin/index.html)
  • XRP news](/content/news/xrp/index.html)
  • Ethereum news](/content/news/ethereum/index.html)
  • Solana news](/content/news/solana/index.html)

Topic Coverage

Market Structure

Coins

Coin Views

Prices

  • Bitcoin price](/content/coins/bitcoin/index.html)
  • Ethereum price](/content/coins/ethereum/index.html)
  • XRP price](/content/coins/xrp/index.html)
  • Solana price](/content/coins/solana/index.html)

Sectors

Ecosystems

Prediction Markets

Prediction Markets

Laws

Browse

Recent

Tennessee Strategic Bitcoin Reserve Act (HB 1695)ExpiredHB1695 would have authorized Tennessee’s state treasurer to invest limited eligible state funds in Bitcoin with caps, custody...](/content/crypto-laws/tennessee-strategic-bitcoin-reserve-act-hb-1695/index.html)

South Dakota HB 1155: State Bitcoin Investment BillExpiredSouth Dakota HB 1155 would have permitted the State Investment Council to invest up to 10% of eligible...](/content/crypto-laws/south-dakota-hb-1155-state-bitcoin-investment/index.html) Strategic Digital Assets Reserve Act of South Carolina (H. 4256)In committeeSouth Carolina H. 4256 would authorize State Treasurer investment in certain digital assets, including Bitcoin, under proposed reserve,...](/content/crypto-laws/south-carolina-h-4256-strategic-digital-assets-reserve-act/index.html)

Jurisdictions

Topics

Statuses

Law Types

Learn

Featured Guides

Buy Borrow DieWhy long-term crypto holders borrow against assets instead of selling](/content/guides/why-long-term-crypto-holders-borrow-against-assets-instead-of-selling/index.html) Buy Borrow DieWhy collateral reuse is the hidden risk in crypto lending](/content/guides/why-collateral-reuse-is-the-hidden-risk-in-crypto-lending/index.html) Buy Borrow DieCapital preservation in practice: how major players use high-LTV crypto-backed loans](/content/guides/buy-borrow-die-high-ltv-crypto-loans/index.html) Institutional PlaybookThe Market Maker’s Exchange Checklist (Liquidity, Latency, and Risk Controls)](/content/guides/the-market-makers-exchange-checklist-liquidity-latency-and-risk-controls/index.html) Institutional PlaybookCrypto-as-a-Service Playbook: How Banks, Telcos, and Fintechs Launch Crypto Products Fast, Safely, and Compliantly](/content/guides/crypto-as-a-service-playbook-how-banks-telcos-and-fintechs-launch-crypto-products-fast-safely-and-compliantly/index.html)

Guide Categories

Reviews

Review Categories

Directory

Browse Directory

Company Verticals

Product Categories

People Categories

More

Company

Help & Legal

Follow

Search CryptoSlateSearch CryptoSlateesc

Searching...

No resultsTry a different name or ticker.

Jun. 12, 2026at 1:05 pm GMT• 6 min read

Quick Take

  1. 01 Binance, Kraken, Bybit, and Gemini are adding US stocks and tokenized equities to crypto apps.
  2. 02 That lets retail traders buy Apple or Nvidia with the same wallet, stablecoin balance, and 24/7 interface they use for crypto.
  3. 03 The open question is whether these products become true shareholder access or regulated wrappers that fragment liquidity and rights.

[MakeCryptoSlatepreferred on")

Share on XShare on FacebookShare on TelegramShare on LinkedInShare via email

Binance, Kraken, Bybit, and Gemini are moving to add US stocks and ETFs to their crypto trading apps, making a direct play for the retail brokerage relationship that Wall Street has owned for a century.

Binance launched direct access to more than 7,000 US stocks and ETFs alongside bStocks, a tokenized product offering 1:1 economic exposure to selected US equities that settle in stablecoins, can be withdrawn to self-custody wallets, and trade 24/7 on Binance Spot.

Kraken's xStocks reached 100 fully backed tokenized US stocks and ETFs, surpassed $25 billion in transaction volume since June 2025, and is targeting 500+ listings by the end of 2026.

Advertise with CryptoSlate

On June 7, Bybit announced it would give retail investors access to tokenized IPOs, starting with SpaceX, with spot trading opening on June 12.

Gemini allows customers in eligible European countries to trade Dinari dShares, tokenized stocks backed 1:1 by corresponding US equities, with zero trading fees and 24/7 availability.

Each exchange is making the same offer to trade Nvidia, Tesla, or Apple using the same wallet, stablecoin balance, and always-on interface already used for Bitcoin and Solana.

That offer forces two simultaneous confrontations: rival crypto exchanges competing for the same users, and Wall Street brokers defending the equity trading relationship they have owned for a century.

\ \ Related Reading Kraken expands xStocks to BNB Chain enabling global access to tokenized equities \ \ The expansion opens doors for global investors to trade tokenized US equities.\ \ Jul 9, 2025·Oluwapelumi Adejumo](/content/kraken-expands-xstocks-to-bnb-chain-enabling-global-access-to-tokenized-equities/index.html)

Exchanges racing each other

Binance's first-week data for its direct stock product shows that users in emerging markets accounted for over 80% of trading volume. Around 39% of trades were under $100, and roughly 25% of stock users were under 25.

These are mobile-first traders who already live inside crypto apps and now have a direct route to US equities without ever opening a conventional brokerage account.

With Binance opening that route, every competing exchange faces the competitive logic: a user who can buy Apple, hold stablecoins, and trade Bitcoin in one app stays there. Kraken, Bybit, and Gemini are all responding by making equities native to crypto accounts.

The battle lines run across inventory depth, liquidity, stablecoin funding, trading hours, fees, wallet withdrawal, and IPO access.

Platform Stock/ETF access Trading model Hours Differentiator Strategic threat
Binance 7,000+ direct US stocks/ETFs; bStocks for selected equities Direct stock access plus tokenized 1:1 economic exposure 24/7 for bStocks; extended access for direct stocks Stablecoin settlement, self-custody withdrawal, large global user base Turns crypto app into brokerage hub
Kraken 100 xStocks; targeting 500+ by end-2026 Fully backed 1:1 tokenized equities/ETFs 24/5 $25B+ transaction volume since June 2025 Builds scale and liquidity in tokenized equities
Bybit Tokenized IPO access starting with SpaceX IPO-style tokenized access Spot trading from June 12 Private/pre-IPO access angle Repackages scarce institutional access for retail
Gemini Dinari dShares in eligible European countries 1:1-backed tokenized stocks 24/7 Zero trading fees, EU availability Shows the trend is CEX-wide, not Binance-only

Bybit's SpaceX angle shows where that last category is heading, with access to pre-IPO or newly public companies, historically gatekept by institutional brokers and wealth managers, repackaged as a retail distribution product available globally.

Kraken also opened access to the SpaceX IPO for clients in more than 110 countries via xStocks.

Binance Research projects that crypto exchanges could channel nearly 300 million new users and approximately $2 trillion in incremental capital into global equities by 2031.

The prize is the default financial app for a generation of traders who grew up trading crypto on their phones.

Crypto apps vs. market structure

NYSE announced a tokenized securities platform in January, designed for 24/7 trading, fractional shares, immediate settlement, and stablecoin funding.

In March, the SEC approved Nasdaq's proposal to allow certain Russell 1000 stocks and major index ETFs to trade and settle in tokenized form through the DTC.

Traditional market infrastructure is converging on the same product logic as crypto exchanges. The contest between them is over who controls the rails, the rights framework, the custody layer, and the retail distribution relationship.

The World Federation of Exchanges has warned regulators that third-party tokenized equities can fragment liquidity, weaken price discovery, and expose investors to custody and enforceability risks absent from conventional share ownership.

The SEC's January 2026 staff statement distinguished issuer-sponsored tokenized securities and third-party products, noting that the latter may be custodial entitlements or synthetic instruments that provide exposure without equity, voting, information, or other rights from the referenced issuer.

Binance says bStocks are not stocks or shares and do not allow holders to own the listed company's underlying shares directly.

Kraken says xStocks do not confer ownership, though account balances may adjust to reflect dividends.

Robinhood's EU product page describes its stock tokens as derivative contracts priced by reference to the underlying security, granting no rights to the underlying security.

Each product delivers economic exposure inside a crypto account, with the holder's legal position determined by the issuer's structure, jurisdiction, and redemption mechanics.

CryptoSlate Daily Brief

Daily signals, zero noise.

Market-moving headlines and context delivered every morning in one tight read.

5-minute digest 100k+ readers

Email address

Get the brief

Free. No spam. Unsubscribe any time.

Whoops, looks like there was a problem. Please try again.

You’re subscribed. Welcome aboard.

What traders are actually buying

At one end of the tokenized stock products spectrum, Binance's direct stock product routes orders through an external brokerage and clearing partner, giving users exposure more closely resembling conventional share ownership.

At the other end, products structured as synthetic or derivative instruments provide users with price exposure through a contractual claim on an issuer, wrapper, or counterparty.

Most products now on the market sit between those poles, with custodial entitlements backed 1:1 by real shares held by a third-party special-purpose vehicle, in which the user's rights depend on that vehicle's structure and jurisdiction.

A trader buying “Nvidia” on a crypto exchange gets price exposure to Nvidia's stock, with a claim that runs to a custodian or derivative counterparty, governed by terms that differ materially from those covering a share purchased through a registered broker-dealer.

Product structure What the user sees What the user may actually hold Typical rights question Risk to explain
Broker-routed direct stock access “Buy Apple” Exposure routed through brokerage/clearing infrastructure Does the user have ordinary shareholder rights? Depends on brokerage, custody, and jurisdiction
1:1-backed tokenized stock “Tokenized Apple” Token or entitlement backed by shares held by issuer/SPV/custodian Are voting, dividend, redemption, and claim rights passed through? User may rely on wrapper/custodian, not issuer
Synthetic or derivative token “Apple price exposure” Contractual claim referencing Apple’s share price Is there any claim on the underlying security? Counterparty, redemption, and disclosure risk
Crypto-native transferable token “Withdrawable stock token” On-chain instrument usable outside the exchange What happens if trading, custody, or redemption fails? Market fragmentation and enforceability risk

What the numbers price in

Citi's June 2026 tokenization forecast puts the range of outcomes in concrete terms. In the base case, tokenized assets reach $5.5 trillion by 2030, led by public-market securities, including roughly $2.6 trillion in US equities.

In the bull case, total tokenized assets reach $8.2 trillion, with US equities approaching $3.9 trillion, a number that would represent a structural reorientation of how global retail capital accesses American markets.

Crypto exchanges become the dominant retail brokerage for traders outside the US, and stablecoins eventually replace cash accounts as the funding layer for equities, ETFs, and private-market exposure.

IPO access becomes a distribution product that crypto apps sell to their global user bases. The closing bell loses cultural authority when traders across emerging markets have spent years buying Apple on their phones, unaware of 4 p.m. Eastern Time as a constraint.

Scenario Total tokenized assets by 2030 US equity-linked opportunity What it means for crypto exchanges What it means for Wall Street
Bear case $2.7T Compliance-heavy, limited rollout Tokenized stocks remain a niche product, slowed by broker-dealer, derivatives, and exchange-registration rules. NYSE, Nasdaq, DTC, and regulated brokers capture most tokenized equity flows.
Base case $5.5T Around $2.6T in public-equity demand Crypto apps become important distribution channels for non-US and emerging-market retail investors. Traditional infrastructure keeps custody and settlement control, but loses some user relationship to crypto apps.
Bull case $8.2T US equities approaching $3.9T Crypto exchanges become full retail brokerage competitors, with stablecoins funding equities, ETFs, and IPO access. Wall Street faces a parallel global brokerage layer built on crypto wallets and always-on trading behavior.

In the bear case, regulators force third-party tokenized equity products into broker-dealer, derivatives, or exchange registration frameworks, imposing rights disclosures and custody standards that slow rollout by jurisdiction.

Tokenized assets land near Citi's $2.7 trillion floor, with public equities remaining a compliance-heavy side product. NYSE and Nasdaq, operating under DTC and SEC approval, capture the regulated tokenization layer, while crypto apps serve traders in markets where conventional brokerage access remains thin.

The real contest

The global equity market cap reached $126.7 trillion in 2024, with US markets accounting for nearly half, according to SIFMA's 2025 fact book.

Goldman Sachs projects US IPO proceeds could reach a record $160 billion in 2026, with SpaceX, OpenAI, and Anthropic among the names driving that cycle.

The S&P 500's tech sector accounted for more than 39% of the index's market cap in early June, the highest concentration on record. These are the assets global retail traders want, and crypto exchanges are the first mobile-native, stablecoin-funded, always-on platforms positioned to sell access to them outside the US brokerage system.

NYSE and Nasdaq are building tokenized rails and regulators are drafting frameworks, but the user relationship already belongs to the crypto app.

The brokerage war ahead will be fought over whether the world's retail traders buy stocks through Wall Street's infrastructure, or through the apps already sitting on their phones.

1H+0.07%24H+1.23%7D+5.57%

30D-21.11%60D-13.21%90D-10.70%

Bitcoin is +1.23% over the past 24 hours and currently sits at rank #1 by market cap.

Market cap $1.29T

Volume (24h) $16.6B-37.63%

Circ. supply20.04M

FDV $1.35T

TradingView Chart Widget

1m

30m

1h

Indicators

1m

30m

1h

1m

30m

1h

Indicators

USD

A

L

Date Range

1D

5D

1M

3M

6M

YTD

1Y

5Y

All

00:21:32 UTC

Official resources

bitcoin.org Whitepaper

View full Bitcoin profile](/content/coins/bitcoin/index.html)

More Bitcoin market context Supply, launch date, volume flow, and price-cycle context.

Total supply20.04M

Max supply21M

Launch dateJan 3, 2009

Volume change-37.63% 24H

From ATH-49.08% $126,198.07 on Oct 6, 2025

From ATL+132.1M% $0.05 on Jul 14, 2010

Global market cap$2.2T

24H market volume$48.46B

Bitcoin dominance58.66%

Bitcoin](/content/coins/bitcoin/index.html) Solana](/content/coins/solana/index.html) Kraken](/content/companies/kraken/index.html) Binance](/content/companies/binance/index.html) Bybit](/content/companies/bybit/index.html) Gemini](/content/companies/gemini/index.html) Nvidia](/content/companies/nvidia/index.html) Tesla](/content/companies/tesla/index.html) Apple](/content/companies/apple/index.html) Robinhood](/content/companies/robinhood/index.html) Citigroup](/content/companies/citigroup/index.html) Nasdaq](/content/companies/nasdaq/index.html) Goldman Sachs](/content/companies/goldman-sachs/index.html) OpenAI](/content/companies/openai/index.html) Anthropic](/content/companies/anthropic/index.html)Show 7 more

Featured Regulation Exchanges Tokenization

Advertise with CryptoSlate

Context

Related coverage

Explore related reporting by asset, place, or topic.

Tokenization

\ \ Tokenization\ \ SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation \ \ SpaceX is exposing the first big crack in tokenized stocks: everyone can trade the name, but not everyone owns the same thing.\ \ 1 hour ago](/content/spacexs-ipo-exposes-the-first-crack-in-tokenized-stocks/ "SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation"/index.html)

\ \ Trading\ \ SEC targets 20-year-old rule standing between Wall Street and blockchain trading \ \ The SEC’s plan to scrap the trade-through rule could remove a major obstacle for equities trading on blockchain networks.\ \ 1 day ago](/content/sec-targets-20-year-old-rule-standing-between-wall-street-and-blockchain-trading/ "SEC targets 20-year-old rule standing between Wall Street and blockchain trading"/index.html)

\ \ AIBullish\ \ Ripple chases AI’s machine economy as XRPL stablecoins near $1 billion \ \ The company is tying RLUSD’s rapid growth to a broader push for autonomous payments, even as real-world demand remains early.\ \ 1 day ago](/content/ripple-chases-ais-machine-economy-as-xrpl-stablecoins-near-1-billion/ "Ripple chases AI’s machine economy as XRPL stablecoins near $1 billion"/index.html)

CryptoSlate may use AI tools to support research, editing, and production workflows. Published articles remain editorially reviewed by our team. Read our full AI usage disclaimer.

Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. For more information, see our company disclaimers.

×

Expand

More about