Key facts
- Kraken's parent company, Payward, is launching a tokenized equities program called xStocks.
- The xStocks program will offer retail investors in over 100 countries access to U.S. IPO allocations.
- Tokenized shares in the xStocks program will be backed 1:1 by underlying stock held in custody.
- Bybit has launched a service called Bybit IPO Express for tokenized IPO access.
- Bybit IPO Express will initially offer tokenized access to SpaceX's upcoming IPO.
- Coinbase International Exchange has launched pre-IPO perpetual futures contracts.
- Coinbase's pre-IPO futures will initially focus on SpaceX for non-US users.
- Coinbase's pre-IPO futures are USDC-settled and available 24/7 for international users.
- Bitget now accepts tokenized stocks and ETFs as collateral for USDT-M futures.
- Bitget accepts tokenized versions of Apple, Tesla, and Nvidia stocks as collateral.
- Bitget's move aims to improve capital efficiency and flexibility for futures trading.
Several major cryptocurrency exchanges and related companies are expanding their offerings to include tokenized access to traditional financial markets, particularly initial public offerings (IPOs) and stocks. Kraken's parent company, Payward Services, is introducing its xStocks tokenized equities program. This initiative will allow retail investors in more than 100 countries to gain access to U.S. IPO allocations at the offering price. The tokenized shares will be directly backed on a 1:1 basis by the underlying stock held in custody.
Similarly, cryptocurrency exchange Bybit has launched its Bybit IPO Express service, which provides users with access to tokenized IPOs. The service's initial offering will be tokenized access to SpaceX's anticipated IPO, marking a significant step in integrating traditional finance with digital assets. Coinbase International Exchange is also entering this space by launching pre-IPO perpetual futures contracts, with SpaceX being the first asset available. These USDC-settled contracts are accessible 24/7 for users outside the United States and are designed to transition into post-IPO contracts once SpaceX officially goes public.
Further blurring the lines between crypto and traditional markets, crypto exchange Bitget has begun accepting tokenized versions of various stocks and ETFs as collateral for its USDT-M futures. This includes tokenized versions of Apple, Tesla, Nvidia, and twelve other equities and exchange-traded funds. This integration, part of Bitget's Unified Trading Account system, aims to boost capital efficiency and offer greater flexibility. It allows users to manage their futures positions while simultaneously maintaining exposure to traditional market-linked products.