How Kraken and Bybit Are Listing Tokenized US Stocks And What It Means for Crypto Exchange Development?

The headline may sound niche, but the implications are massive: Kraken and Bybit broke into the stock market, but how? They have started listing tokenized US stocks, powered by xStocks, a Solana-based tokenization platform built by Backed Finance. This is a clear indication that tokenized RWAs are moving from vaporware to viable products. Exchanges still stuck in the spot-crypto loop will be deemed obsolete and irrelevant as pioneers like Kraken and Bybit set new standards for crypto exchange development and onboard Wall Street.

What Are Tokenized US Stocks and Why Are Kraken & Bybit Listing Them?

Tokenized US stocks are blockchain-based representations of real shares, such as Tesla (TSLA), Apple (AAPL), and Amazon (AMZN), typically backed 1:1 by the actual underlying equities held in custody by a licensed provider. They are not synthetics or mirrored assets but regulated, asset-backed tokens that enable 24/7, on-chain, permissionless stock trading, just like crypto. 

Here’s how cryptocurrency exchange development projects list tokenized US stocks:

Why Are Kraken & Bybit Jumping In?

The crypto exchange developers and strategists behind the future-focused trading platforms like Kraken and Bybit already sensed where the puck is headed. Here’s why any emerging cryptocurrency exchange development project must jump in:

• No doubt, tokenized RWAs are heating up in developed and developing nations, including the US, UAE, Singapore, Switzerland, and Rwanda. Tokenized treasuries and stocks are now moving billions, and there’s no better time to tap into the hype than now. 
• User demand for non-crypto exposure is rising, especially in emerging markets where access to U.S. equities is limited. By tokenizing U.S. stocks, crypto exchange development projects that impose fewer restrictions on user entry can expand their access in limited-access regions.
• Exchanges are fighting to stay relevant by expanding beyond just Bitcoin and altcoins. Tokenized bonds, US stocks, and other RWAs, etc., create a perfect market for cryptocurrency exchange development projects, helping them onboard a large segment of HNW and retail non-crypto users.

By listing these tokens, the leading cryptocurrency exchanges are betting big on RWAs going mainstream, creating hybrid finance hubs that offer both crypto-native and TradFi-like instruments in one place. 

How to List Tokenized Stocks on Your Crypto Exchange?

If you’re building or scaling a crypto exchange, this is no longer just a trend to watch. It’s now a category you need to list with the help of your crypto exchange development company.

1. Build Infrastructure for RWA Token Integration

Kraken and Bybit didn’t issue these tokens. They just listed them. That means any exchange can do the same. If you’re not preparing for this new normal, you’re behind already. This is no longer a “wait and watch” market but a full-fledged token category with a hundred million trading volume.

What Existing Crypto Exchanges Need To Do To List Tokenized RWAs?

• Support ERC-20/SPL tokens representing real-world stocks (like bTSLA, bAAPL)
• Collaborate with a cryptocurrency exchange software development company to implement RWA whitelisting logic, which enables listing of assets only from verified issuers (Backed, Matrixdock, Swarm)
• If your product is still evolving, ensure to make room in your cryptocurrency exchange development roadmap for:
  • RWA trading pairs
  • Dedicated RWA dashboards
  • Custom APIs for pricing and metadata

2. Set Up Compliance & Jurisdictional Access Controls

These tokens aren’t those average DeFi meme coins that can just be listed without any regulatory or technical complexity. They represent regulated securities in the real world, and all the rules applied to regulated securities in your target jurisdictions apply to these assets. Even if you’re a fully DeFi-native exchange, you’ll need to draw lines around who gets access to these tokenized securities.

How Can Exchanges List Tokenized RWAs Legally?

• Partner with your crypto exchange software development company to implement geo-restricted access where necessary (e.g., U.S. or other securities-restricted regions)
• Integrate KYC-gated access tiers for RWA-specific trading zones.
• Work with on-chain privacy-preserving identity tools like the following to gain compliance without compromising decentralization:
  • Verite
  • Polygon ID
  • zkPass
• For advanced compliance, cryptocurrency exchange development projects can allow NFT- or soulbound token-based access passes for verified RWA traders.

3. Plug Into Trusted RWA Issuers and Custodians

You need not set up the whole tokenization machinery, as you can leverage the trustworthiness of top trusted RWA issuers and custodians by listing assets tokenized by them. These aren’t any ordinary shitcoins but real products brought on-chain. 

What Crypto Exchanges Need To Do To List Tokenized RWAs From Trusted Issuers?

• Integrate APIs and smart contracts from top tokenized asset issuers, such as:
  • Backed Finance
  • Ondo Finance
  • Matrixdock
• Also, verify the following to ensure legitimacy and users’ confidence in the crypto exchange development project:
  • Legal wrapper (is it a security or synthetic?)
  • Backing mechanism (is it 1:1 or fractionalized?)
  • Redemption logic (can users cash out to TradFi?)

Not just the verification, but crypto exchanges must also educate their users about these logics so they know what they’re getting into. 

4. Build Stock-Aware Trading Logic

TradFi markets come with market hours, halts, dividends, and splits. You can’t just copy-paste the instruments from TradFi and implement them in your spot trading logic. For a serious and credible tokenized stock trading-enabled cryptocurrency exchange development project, stock-aware logics are essential, whether you’re targeting retail or institutional users. You must act like a broker-dealer even if you’re not regulated as one. 

What Crypto Exchanges Need To Do To Launch Credible Tokenized Stock Trading Platforms?

• Implement time-based trading logic (maybe, disable trades during NYSE off-hours)
• Reflect dividend yields, splits, and NAV changes in the token UI.
• Add disclaimers around:
  • Real-world backing
  • Issuer risk
  • Market availability

5. Offer Composability: Liquidity Pools, Vaults, Collaterals

If you own a decentralized cryptocurrency exchange development project, this is where you’ll either play catch-up or take the lead. Design your exchange so that different financial components, mainly LP pools, vaults, and collaterals, can interact with each other. Composability is only where DeFi shines, so it should be your edge. 

What Beyond Listings Should DEXs Allow For Tokenized Stocks or Other Assets?

The listing should just be the starting point. Shout out loud about what your users can do with these tokenized RWAs on your decentralized exchange. You can collaborate with your cryptocurrency exchange software development company to build/build for:

• Tokenized Stock LP pools (e.g., bTSLA/USDC, bAAPL/ETH) where people provide liquidity for these trading pairs and earn rewards in return. 
• Synthetic ETFs (Vault Strategies) enable users to own more than just one stock token. Users could deposit into a vault that tracks a basket of leading stock tokens.
• Collateralizable RWA tokens that users could use during leveraged trades (only after proper risk scoring).

6. Create an RWA Discovery and Education Layer

People in Web3 or even Web2 aren’t familiar with tokenized stocks yet. Cryptocurrency exchange development projects that teach while they enable their trades will win user trust. This isn’t a silly shitcoin category but a whole narrative rewriting the TradFi and on-chain rules. 

How Can Exchanges Educate Their Users About Tokenized Stocks?

• Creating RWA explorer dashboard:

In addition to listing any tokenized equity, your exchange must offer full disclosures and clarity with an interface that shows the full breakdown of the asset’s legitimacy. This will make your cryptocurrency exchange development stand apart from the rest:

• • Asset → e.g., Tokenized Tesla share (bTSLA)
  • Issuer → The entity minting the token (like Backed, Matrixdock, etc)
  • Custodian → Who holds the underlying Tesla shares (e.g., a licensed custodian)
  • Legal Wrapper → What legal structure ties the token to the real asset (e.g., Swiss DLT Law, SPV, etc.)

• Setting up the Yield/Dividend tracker:

If the real-world stock pays dividends, your token should reflect that. This tracker must show:

• How much dividend was issued
• When it was received
• How was it distributed to token holders (if at all)

Offer on-chain transparency and show off your decentralization ethics. 

• Offer a “Compare to real stock” pricing view:

Again, show that those stock tokens accurately track the stock price and aren’t manipulated. You can show the token price vs. the actual stock price from NASDAQ or NYSE and include any deviation, if the token is trading at a premium or discount.

• Give tooltips & explainers on:

• • Real-world asset linkage: Let users know how these tokens are tied to RWA (stocks, bonds, etc.)
  • Redemption rights: Let users know if they can redeem the token for the actual stock or cash equivalent.
  • Regulatory classification: Give full disclosures on whether these tokens are deemed as securities and if they’re compliant in certain regions.

Are you building for tokenized finance, or are you getting left behind?

What Kraken and Bybit did with tokenized stocks is only the beginning, and they probably left some empty spaces where your cryptocurrency exchange development project can fill in.

The infrastructure, the issuers, and the demand are all lining up. And the best part? Most of it is permissionless and modular (if your exchange is built by a reliable crypto exchange development company). So, your exchange, whether it’s five years or five weeks old, can:

• Integrate real-world asset tokens
• Respect regulatory walls
• Expose stock-like behaviors and features
• Design composable RWA tools
• Lead with transparency and user education

Because maybe in a few months, if someone wants to buy Apple stock, they won’t want to wait for their broker to wake up, but they’ll just trade bAAPL instantly.

And your existing exchange or upcoming cryptocurrency exchange development project better be ready for it. That’s where Antier comes in.

Why Build Tokenized Stock Trading Tech With Antier?

Antier is a leading cryptocurrency exchange software development company offering:

• Full-Stack Exchange Development: Spot, futures, options, NFTs, RWAs, we build it all.
• RWA-Ready Infrastructure: We integrate tokenized stock issuers’ APIs, price oracles, and custody APIs out of the box.
• Compliance-First Engineering: From geo-fencing to zkKYC modules, we code modules with regulations of your target jurisdictions in mind.
• Legal Services: Not just compliance module development, but Antier offers cryptocurrency exchange legal services as well.
• Mobile & Web Platforms: Seamless UX, fast order books, battle-tested admin dashboards, we offer everything you need to ace the tokenized stock trading space.
• Modular Architecture: Launch fast, scale faster with plug-in RWA tokenization or listing support modules along with support for staking, wallets, liquidity, or AI risk engines when you’re ready.
• 9+ Years of Fintech DNA: We aren’t another crypto exchange developer. We’re crypto-native technologists, designers, and legal architects who know what it takes to ship regulated, high-performance cryptocurrency exchange development projects.

Share your requirements and let’s build the future of finance together.