Crypto.com joins the tokenized stock race as exchanges chase Wall Street

Crypto.com has joined the growing list of exchanges offering tokenized US stocks, launching a product that the exchange describes as giving holders 24/7 price exposure to Wall Street, backed 1:1 by real shares sitting in regulated US custody.

The tokens aren't derivatives in the technical sense. Each one represents a claim on a share actually held in custody, closer to Kraken's xStocks or Dinari's dShares than to a perpetual future or CFD. What holders don't get matters just as much as what they do: no proxy voting rights, no say in mergers or other corporate actions, and no cash dividends. Dividend payments are automatically reinvested into the token balance instead, after a 30% US withholding tax is deducted. Crypto.com's own risk disclosure states plainly that the product "is not suitable for investors seeking capital protection, guaranteed returns, or direct ownership of equities."

Crypto.com isn't early to this. The tokenized-stock category has grown fast but from a small base: Binance Research tracked the broader tokenized real-world-asset market rising roughly 589% between June 2025 and May 2026, from about $12 billion to $32 billion, while tokenized stocks specifically, a slice of that total, grew 422% over the same stretch. Kraken's xStocks, built on Backed Finance's Solana-based tokens, has grown to roughly $507 million in that category. Bybit added Nvidia, Tesla, Apple, Alphabet, Circle, and Robinhood tokens on July 31, and Binance runs a comparable bStocks line near $334 million. Coinbase announced plans in June to enter with its own onchain shares and dividend payments.

“Stock perpetuals have gone from basically zero to about 28% of our trading volume over the past year.”

— Gracy Chen, CEO, Bitget

Bitget's numbers point to a different corner of the same trend: rather than asset-backed tokens, its stock perpetuals let traders take leveraged, derivative-style bets on equity prices without any underlying share in custody at all, a real derivatives product distinct from what Crypto.com or Kraken are offering. Both approaches are competing for the same demand: exposure to US equities without a traditional brokerage account, available around the clock instead of during market hours.

• Crypto.com's Tokenized Stocks are 1:1 collateralized by real shares in US custody, not derivatives
• Holders get no voting rights, no merger say, and no cash dividends; payouts reinvest after 30% US withholding tax
• Broader tokenized RWA market: +589% (~$12B to $32B, June 2025-May 2026); tokenized stocks specifically: +422% over the same period, per Binance Research
• Comparable products: Kraken xStocks (~$507M), Binance bStocks (~$334M), Bybit's July 31 equity-token additions, Bitget's derivative stock perpetuals (~28% of its volume)

Exchanges keep circling the same unresolved question: how much of Wall Street can actually move onchain before the wrapper breaks. SpaceX's $75 billion valuation exposed the gap between what a tokenized private-company stake claims to represent and what it can actually deliver when the underlying company won't cooperate, and Bitget's own guide for funds borrowing against tokenized Apple and Tesla stock shows institutions are already treating these wrappers as usable collateral, even while the tokens themselves carry none of the rights that come with owning the real thing.

This piece is informational, not a recommendation to buy, sell, or hold any asset.