In his latest post on X, Binance founder Changpeng Zhao noted that IPOs would inevitably move on-chain. His remarks come as Wall Street experiences an unprecedented boom in tokenized real-world assets.
For instance, Binance’s bStocks platform reached a market capitalization of over $500 million on July 29, less than seven weeks after its June 11 launch. The platform currently holds 56 tokens, of which SNDKB, SPCXB, MUB, CRCLB, and SOXLB have the largest allocations.
The platform is seeing organic, decentralized growth as more market capitalization shifts toward secondary tokens. It is officially the fastest-growing tokenized equity product in the world. Just back in May, the platform barely had any presence. But by July, it had captured 27% of the global market cap.
Much of this growth came at the expense of incumbent leader Ondo, whose dominance fell from 75% to 45% as competition in the tokenized equity market intensified.
Why on-chain IPOs could reshape capital markets
CZ’s prediction could have major implications for how companies raise capital and how investors access newly listed shares. Traditional IPOs are often dominated by investment banks, stock exchanges, clearing houses, brokers, and other intermediaries, which can take weeks or months from the initial filing to the first day of trading.
On-chain models might streamline some of these steps by representing shares as digital tokens on a blockchain. Investors could obtain ownership records virtually instantaneously, and smart contracts might automate some settlement, compliance, and corporate actions.
The shift could also open up the market to public investors. Tokenized securities might not have to be restricted to investors with access to traditional brokerage platforms and could be marketed via digital-asset platforms in the future as securities regulated by local securities laws and investor eligibility requirements.
Tokenized IPOs, however, would not eliminate the need for regulation. Issuers would still need to comply with securities laws, while platforms would need to handle investor identification, custody, market surveillance, and restrictions on who can buy and transfer the assets.
On-chain spot trading increased to $5.3 billion in May
CZ’s post elicited mostly positive reactions. Commenters celebrated the fact that soon, everything will be available on-chain. One user on X, in particular, commented, “When IPOs move onto the blockchain, the rules of the game in the traditional primary market are being rewritten. Innovation is worth watching, but there’s still a long way to go before widespread adoption.”
One user even asked whether Apple or any other big company’s stocks could soon be tokenized on-chain. Overall, liquidity within the tokenized equity market has ramped up significantly towards the summer.
The total on-chain spot trading volume has set a new historical benchmark in May, hitting about $5.3 billion. This translates into a commendable 44% monthly increase in volume, highlighting greater liquidity and participation across all leading distributed ledger systems.
Perpetual futures on tokenized stocks also hit about $34 billion on centralized exchanges within the same period. On the other hand, Solana reached a historical milestone in June by surpassing the US$10 billion mark in total share token transfer volume.
Although there’s a huge contrast in volume compared to traditional equity markets, which process $1.1 trillion in combined daily trading volume based on 2025 Cboe benchmarks, there is no denying the momentum. The current infrastructure provides the foundation required for large-scale adoption once the standardized regulations are ready.
LSEG is planning to launch tokenized UK shares
The London Stock Exchange Group is formalizing its entry into digital asset infrastructure. In a statement on Tuesday, LSEG outlined plans to introduce tokenized UK equities to lower barriers for international capital seeking exposure to London-listed issuers.
Furthermore, the group is establishing a joint initiative with Payward, the parent entity of Kraken, to evaluate alternative ledger-based settlement and trading mechanisms for traditional equities.
Earlier in February, it stated it was building a blockchain system to handle trades. Now, they plan to convert regular UK-listed stocks into digital tokens to make it easier for people who already buy and sell cryptocurrencies to invest in traditional British companies.
Advocates of tokenization believe the project could change how stock markets operate by enabling 24/7 trading and near-instant settlement, while also improving liquidity and lowering costs. The World Federation of Exchanges, however, had called on regulators last year to clamp down on tokenized stocks, warning of new risks for investors and threats to market integrity.
“Tokenization has the potential to change how investors access and how issuers use financial markets, but it must develop in a way that preserves the trust, rights, and role of regulated markets,” said Julia Hoggett, CEO of the London Stock Exchange and head of digital and securities markets at LSEG.
The firm also plans to take its partnership with Payward a step further by listing xStocks — tokenized versions of publicly traded shares — on LSE 24 in 2027, subject to regulatory approval.
Other major exchanges are also moving deeper into crypto-related markets. Deutsche Boerse said in April that it had acquired a $200 million stake in Kraken, or 1.5% on a fully diluted basis.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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