Exchanges Shift Focus from Tokens to Stocks Amid Failing Launches

Delphi Consulting analyzed token listings on five major exchanges from January 2025 to May 2026 and found a 12% win rate, with 52% of tokens losing more than 80% of their value. The median return was -82%. Kraken now offers over 100 tokenized stocks and ETFs through its xStocks product, which allows users to buy fractional shares with a $1 minimum.

Robinhood EU lists over 2,000 Stock Tokens linked to companies like Nvidia, Microsoft, Apple, and the Vanguard S&P 500. Coinbase also offers stock and ETF trading inside its app, with zero commission and $1 fractional shares for US users. The total value of tokenized stocks across all platforms was $1.48 billion as of June 1, up 39% over 30 days.

Binance Research estimates that crypto exchanges could channel $2 trillion in incremental capital and nearly 300 million new users into global equity markets by 2031 under a base case, rising to $5 trillion in annual incremental equity capital under a bull case. Stablecoins could reduce off-ramp costs by 3.6% or about $40 per transaction.

Exchanges are now offering tokenized stocks as the answer to failing token launches. A retail user can buy tokenized exposure to a company with quarterly earnings, analyst coverage, and a familiar brand through the same account that previously offered only new token listings at a -82% median return.