SpaceX's IPO highlighted the ambiguity in crypto exchanges' equity-linked instruments. Products ranged from actual shares to tracker certificates and perpetual futures, each with distinct risks and ownership claims.
Crypto exchanges are shifting focus to tokenized stocks, offering exposure to equities like Nvidia and Apple, after new token listings proved detrimental to retail investors. This pivot aims to attract new users and capital, potentially channeling trillions into global equity markets via crypto infrastructure.
Binance has launched US equities trading for eligible users, offering commission-free trading on over 7,000 stocks and ETFs. The exchange plans to introduce tokenized stocks, called bStocks, in the coming weeks, pending regulatory approval, as part of its expansion into a multi-asset platform.
The SEC is preparing an 'innovation exemption' for tokenized stocks, potentially allowing crypto platforms to list digital versions of public securities without company consent. This move could significantly impact the growth of the tokenized stock market, raising questions about investor understanding of legal ownership versus price tracking.
Bitget Wallet now offers access to over 130 tokenized stocks and ETFs via xStocks infrastructure, expanding its RWA offerings to 300+ products. The service is unavailable in the US and UK.
The SEC is leaning towards allowing third-party platforms to tokenize stocks, a major reversal. Iran launched a Bitcoin-based maritime insurance platform to bypass sanctions. Strategy purchased $2B in Bitcoin, but the price dipped amid ETF outflows.
The SEC is expected to release an innovation exemption for tokenized stocks this week, allowing firms to test trading on novel venues like AMMs and public blockchains under defined parameters. This move could determine if crypto-native models compete with incumbents for US investors.
