Crypto Exchanges Add 24/7 US Stocks, Tokenized IPO Access

Binance, Kraken, Bybit and Gemini have added US stocks, exchange-traded funds and tokenized IPO access to their crypto trading apps, enabling customers to buy major US names using the same wallets and stablecoin balances they use for cryptocurrencies.

Binance launched direct access to more than 7,000 US stocks and ETFs alongside bStocks, a tokenized product the platform describes as 1:1 economic exposure that settles in stablecoins, can be withdrawn to self-custody wallets and trades around the clock on Binance Spot. Kraken introduced xStocks and, as of its latest update, lists about 100 fully backed tokenized US stocks and ETFs, reports more than $25 billion in transaction volume since June 2025 and targets more than 500 listings by the end of 2026. Bybit announced tokenized IPO access beginning with SpaceX and opened spot trading for that offering on June 12 following a June 7 announcement. Gemini offers Dinari dShares in eligible European countries as 1:1‑backed tokenized stocks with zero trading fees and 24/7 availability.

Binance reported that more than 80% of early trading volume in its direct stock product came from users in emerging markets; about 39% of trades were under $100 and roughly 25% of stock users were younger than 25. Exchanges are presenting equities as a native feature inside crypto accounts rather than as separate brokerage products.

The products use different legal and operating structures. Some route orders through external broker‑dealers and clearing partners to give exposure that resembles conventional share ownership. Many are structured as tokens or custodial entitlements held by a special‑purpose vehicle or custodian, with the user’s legal claim governed by the issuer’s terms and jurisdiction. Others are synthetic or derivative instruments that deliver price exposure through contractual claims rather than transfer of title to underlying shares. Binance has cautioned that bStocks are not shares and do not confer ownership of the underlying companies; Kraken indicates xStocks do not confer shareholder ownership, though account balances may be adjusted for dividends.

Market infrastructure and regulators are adjusting to tokenized trading. The New York Stock Exchange announced a tokenized securities platform designed for 24/7 trading, fractional shares, immediate settlement and stablecoin funding. In March, the Securities and Exchange Commission approved a proposal to allow certain Russell 1000 stocks and major index ETFs to trade and settle in tokenized form through the Depository Trust Company. The SEC’s January 2026 staff statement drew a distinction between issuer‑sponsored tokenized securities and third‑party products, noting that third‑party offerings may be custodial entitlements or synthetic instruments that do not carry issuer rights. The World Federation of Exchanges has warned that third‑party tokenized equities could fragment liquidity and raise custody and enforceability risks.

Analysts and exchange research provide a range of size estimates for tokenization. Binance Research projects crypto exchanges could bring nearly 300 million new users and about $2 trillion in incremental retail capital into global equities by 2031. A June 2026 forecast from Citi models tokenized assets reaching $5.5 trillion by 2030 in a base case, with roughly $2.6 trillion linked to US public equities; a bull case reaches $8.2 trillion and a lower‑growth scenario falls near $2.7 trillion.

The global equity market capitalization was $126.7 trillion in 2024, with US markets representing roughly half of that total. Banks and exchanges anticipate heavy IPO activity in 2026, with names such as SpaceX and other large technology groups in focus. Exchanges and traditional market infrastructure are offering similar product features-fractional ownership, rapid settlement and continuous trading-while competing over custody arrangements, settlement rails and the retail customer relationship.