Coinbase, Kraken and Binance Push Deeper Into Tokenization as Capital Shifts

Coinbase, Binance, and Kraken all announced tokenized products on Tuesday as the trend takes hold among crypto exchanges amid a depressed market and capital rotation into more structured products.

Coinbase has teamed up with Yahoo Finance to link crypto tickers and equities on the news site directly to the San Francisco-based crypto exchange, where users can trade them, either the digital asset or a tokenized stock.

The companies said in a joint press release that it’s the first step to integrating Coinbase data more deeply into Yahoo Finance.

Tokenized real-world assets have continued to grow even as the broader crypto market slides, a divergence that analysts say points to capital rotating into more durable structures rather than exiting the sector altogether.

“This partnership addresses a clear shift in investor behavior toward considering digital assets alongside traditional investments,” George Leimer, general manager of Yahoo Finance, said in a statement.

Tokenization refers to the process of representing real-world assets—such as stocks, bonds, real estate, or money market funds—as digital tokens on a blockchain.

These tokens function as on-chain records of ownership, allowing assets to be transferred, traded, or used in decentralized finance applications with the speed and programmability of crypto networks.

The total value of real-world assets using the blockchain as a distribution layer is up nearly 300% year over year, from $6.3 billion on February 25, 2025, to $25 billion, RWA data shows.

Coinbase said Tuesday the integration adds further legitimacy to digital assets.

“Our Everything Exchange vision is about removing artificial boundaries between asset classes and building for the next generation of markets,” the company said in its own press release.

On the same day, Kraken launched regulated tokenized equity perpetual futures contracts using the xStocks framework.

The new perpetual futures contracts will give eligible non-U.S. clients around-the-clock access to tokenized assets with up to 20x leverage on the Kraken and Kraken Pro platforms.

“Regulated tokenized equities as perpetual futures represent a new chapter for global capital markets,” Mark Greenberg, Kraken’s Global Head of Consumer, said in a press release shared with Decrypt. “One where equities, indices, and commodities trade with the same speed, accessibility, and flexibility as crypto via tokenization, delivering a more robust risk management experience.”

Meanwhile, Binance, the largest crypto exchange by volume, has started offering its own tokenized assets through Ondo Finance.

Those assets will be available through Binance Alpha, a curated ecosystem that the exchange uses for early-stage assets as a precursor to a full exchange listing.

The exchange said the tokens grant exposure to the underlying assets, but “they do not grant all shareholder rights, such as voting rights.”