Tokenized U.S. Stocks: How Binance, Ondo, OKX and NYSE Compare

Stock-linked crypto products and tokenized shares can look similar on a trading screen, but they do not necessarily offer the same rights or protections. As of September 29, 2026, Binance, Ondo, OKX and the NYSE are pursuing different approaches—and the NYSE’s proposed digital venue has not launched.

What each platform offers

Platform	Product and status	Hours and leverage	Geographic access
Binance Futures	Seven USDT-margined perpetual contracts linked to U.S. stocks, including Hut 8, AMC and UiPath. These are derivatives, not shares.	Reported 24/7 trading and up to 20× leverage.	The report says U.S. traders are restricted; it does not establish a complete country-by-country eligibility list.
Ondo Perps	Perpetual futures launched in July; a September 28 report says spot trading was added for 12 tokenized stocks and ETFs.	The Perps launch announcement describes 24/7 trading and up to 20× leverage. Those figures describe the derivatives product; the available report does not specify hours or leverage for the newer spot markets.	The Perps launch was for investors outside the U.S. The available reports do not establish every restricted jurisdiction or the spot product’s full eligibility rules.
OKX	OKX says tokenized stocks are live for European users, with 100 markets at launch.	Tokenized stocks are described as trading 24/7. OKX’s advertised leverage of up to 10× applies to separate pre-IPO perpetuals, not to its tokenized-stock product.	OKX describes the tokenized-stock offering as available only in eligible jurisdictions and unavailable to U.S. persons or residents of restricted jurisdictions.
NYSE	A planned digital venue for tokenized U.S.-listed stocks and ETFs; distribution agreements have been announced, but the venue has not launched.	The proposed venue is intended to trade around the clock. That is a plan, not evidence of a live market.	Launch remains subject to required regulatory approvals; the available reports do not establish a final customer-eligibility map.

The figures above describe different products. In particular, leverage attached to a perpetual contract should not be confused with leverage on a tokenized share. Nor does a token described as “tokenized” necessarily confer the rights of the underlying company’s stock: Binance’s stock-linked futures are derivatives, while the SEC’s exemption sets specific conditions for qualifying tokenized securities. 3

What the SEC’s five-year exemption requires

On September 17, 2026, the SEC granted temporary, conditional relief to certain Tokenized Securities Venues, or TSVs, trading tokenized National Market System stocks through permissioned on-chain arrangements. It is a limited regulatory route for qualifying venues—not blanket approval for every crypto platform or stock-linked product. 12

A token traded under the framework must provide the same rights and privileges as the traditional security, including dividend and voting rights. The SEC’s statement also says issuers must have an opportunity to object to their security being traded on a TSV. A synthetic product that merely follows a stock’s price does not meet that shareholder-rights standard. 3

The relief is conditional and temporary, lasting five years. Trading-halt requirements and limits on eligible securities and trading volume also apply. One reported Tier 1 limit is a maximum of 75 symbols and, for each stock, trading volume capped at 0.25% of the prior month’s average daily volume. These conditions apply to qualifying venues under the exemption; they are not a general cap on every stock-linked product. 712

Why 24/7 access does not guarantee liquidity

Longer trading hours can make markets accessible outside the standard session, but they do not guarantee a deep order book or a fair execution price. The SEC’s August 2026 data show that the overnight session accounted for 0.9% of average NMS share volume on an average trade date. That figure describes U.S. stock-market trading overall, not the liquidity of any one tokenized-stock or perpetual market.

The practical takeaway is to check the exact instrument, not just the headline claim. Confirm whether it is a share-like token or a derivative, which hours apply to that specific product, whether leverage is offered, and whether your location is eligible. The SEC exemption does not by itself establish that any of the products above qualifies for its relief or can be offered in every jurisdiction. 13