Core Viewpoint - Major crypto exchanges Binance and OKX are exploring the reintroduction of tokenized US stocks to diversify into real-world assets amid stagnant crypto trading volumes [1][4]. Group 1: Tokenized Stocks Initiative - Binance is considering relaunching tokenized stocks for non-US users, a product it previously tested in 2021 but abandoned due to regulatory challenges [2][3]. - The initial launch in April 2021 included stock tokens for major companies like Tesla, Microsoft, and Apple, issued by German broker CM-Equity AG [2]. - The service was discontinued in July 2021 under regulatory pressure from authorities such as Germany's BaFin and the UK's FCA, which viewed the offerings as unlicensed securities [3]. Group 2: Market Context and Motivations - Crypto exchanges are seeking new revenue streams due to persistent stagnation in trading volumes, with average daily spot volumes in January 2026 tracking 2% below December and 37% below November levels [5]. - Analysts indicate that crypto markets remain largely dormant, with volatility and trading volume near December's lows, suggesting a liquidity trap that amplifies risk for traders [6][7]. - The exploration of tokenized equities is seen as a "natural next step" for bridging traditional finance and crypto [4].

Core Viewpoint - The cryptocurrency industry is facing criticism for its resistance to the Senate's cryptocurrency market structure bill, with calls for compromise to avoid worse regulations in the future [1][4]. Group 1: Industry Reactions - Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, emphasized that "no bill is better than a bad bill," reflecting concerns from industry leaders like Coinbase CEO Brian Armstrong regarding the Senate's proposed legislation [2]. - Coinbase has withdrawn its support for the Senate's cryptocurrency market structure bill, citing issues with provisions related to tokenized equities, decentralized finance, and stablecoin rewards [2]. - Galaxy Digital has also criticized the bill, labeling it as "the single largest expansion to financial surveillance authorities since the USA PATRIOT Act" [3]. Group 2: Future Outlook - Witt predicts that a cryptocurrency market structure bill will eventually be enacted, stating, "It's a question of when, not if," and warns against the assumption that the industry can operate indefinitely without a regulatory framework [4]. - He urges the cryptocurrency industry to seek a compromise with the current pro-crypto administration, suggesting that future regulations could be more unfavorable under a different administration [4]. - Witt cautions that while the CLARITY Act may not be perfect, a future Democratic version could be significantly worse, advocating for continued efforts to improve the current proposal [5].

Core Insights - Chainlink has expanded its Data Streams product to provide 24/5 coverage for U.S. stocks and exchange-traded funds, enabling decentralized trading platforms to price equities during pre-market, post-market, and overnight sessions [1][2] Group 1: Product Expansion - The upgrade addresses a liquidity gap in on-chain trading of real-world assets, as previous U.S. stock feeds only covered regular market hours, leading to inaccurate pricing during off-hours [2] - The Data Streams product is distinct from Chainlink's Price Feeds, specifically designed for U.S. equities to operate on-chain [2] Group 2: Operational Model - Data Streams operate on a "pull" model, delivering sub-second updates only when a trade occurs, which supports high-frequency trading and reduces network gas costs associated with constant on-chain reporting [3] Group 3: Additional Features - The expanded feeds include metadata such as market status flags and bid/ask spreads, essential for protocols to adjust risk parameters during overnight trading [4] - The 24/5 data rollout is part of a broader initiative to replicate the full lifecycle of traditional assets on-chain, with collaborations involving Swift, Euroclear, and DTCC to automate corporate actions [4][5] Group 4: Market Impact - Major derivatives exchanges like BitMEX and Lighter are utilizing the product to offer perpetual futures contracts on U.S. stocks and ETFs [7] - Chainlink's announcement coincides with the NYSE's plans to introduce a blockchain-based tokenized stocks and ETF trading venue later this year [7]

RT xStocks (@xStocksFi)xStocks are going live on @ton_blockchain.Tokenized equities, built as a neutral public good, are now expanding to meet Telegram’s ecosystem of over 1 billion people.Learn more ↓ https://t.co/QcRQ9wd4gu ...

Kraken-backed xStocks have gone live on the TON blockchain, allowing users to access tokenized versions of US stocks and exchange-traded funds directly inside Telegram through its built-in TON Wallet. Key Takeaways: xStocks bring tokenized US stocks and ETFs directly into Telegram via TON Wallet. The tokens offer onchain price exposure without share ownership and are restricted by jurisdiction. The launch tests whether mass distribution can drive adoption of tokenized equities. The move brings to ...

Kraken x Alpaca just hit a new gear.xStocks → first tokens on @AlpacaHQ’s ITN.Two teams, one goal: make tokenized equities actually work at scale.Info: https://t.co/sT4vgVZgOy ...

Technology & Infrastructure - xStocks introduces xBridge, enabling cross-chain movement of xStocks [1] - xBridge utilizes Chainlink's CCIP as its cross-chain infrastructure [1] - The bridge initially connects Solana to Ethereum, with plans for further expansion [1] Tokenized Equities & Rebasing - xBridge is the first bridge to preserve rebasing for tokenized equities [1] Vision - The company envisions a future that is open, composable, and omnichain [1]

RT xStocks (@xStocksFi)Tokenization is inevitable.Just as digital bank money overtook cash, so will stablecoins overtake the digital dollar, and the same will happen for tokenized equities and their underlying. ...

RT Dinari (@DinariGlobal)Tokenized equities only work when the infrastructure matches the demands of U.S. markets.That means predictable settlement, unified liquidity, and the ability to encode regulatory rulesets.This is exactly why the Dinari Financial Network was built on Avalanche. ...

📣 We’re bringing @BackedFi, the company driving the issuance of xStocks, fully into Kraken.Why? Because tokenized equities won’t reach global scale without unified rails.With @xStocksFi now fully in-house, we’re accelerating the future of open, 24/7 capital markets 👇https://t.co/1ahaCiPnnW ...