Major exchanges are taking divergent approaches to tokenized RWAs: Binance and OKX focus on institutional collateral and trading, Kraken and Bybit offer expanded tokenized stock products, while Coinbase invests in infrastructure; liquidity and settlement challenges remain.
DeFi & Yields ·
Major cryptocurrency exchanges are pursuing distinct strategies for tokenized real-world assets, with differences emerging around institutional infrastructure versus retail access. Binance has enabled institutions to deploy Franklin Templeton's BENJI tokenized money market fund as collateral through Ceffu since February, while OKX leveraged early MiCA regulatory approval to offer BlackRock's BUIDL for institutional trading via Standard Chartered custody and launched its own tokenized equity line featuring 40+ U.S. stocks and ETFs in July with round-the-clock trading. Kraken and Bybit have taken a consumer-focused route: Kraken expanded its xStocks product to 100 tokenized U.S. stocks and ETFs (though restricted in the U.S., U.K., Canada, and Australia), while Bybit introduced xStocks to provide access to tokenized equities outside traditional market windows. Coinbase has taken a different path, prioritizing infrastructure development through Base and Coinbase Prime rather than operating a retail tokenized equity marketplace.
The nascent market remains constrained by operational friction. In June, a tokenized SpaceX IPO saw demand outpace share availability, forcing several exchanges to cancel orders, execute partial fills, and refund users—a signal of liquidity and settlement bottlenecks. Custody frameworks, regulatory clarity, settlement mechanics, and liquidity depth are emerging as critical determinants of whether tokenized RWAs mature beyond their current scale.