Coinbase and Bybit are engaged in discussions to collaborate on the tokenization, custody, and global distribution of U.S. public and pre-IPO stocks. According to sources familiar with the matter who spoke to CoinDesk, the talks are focused on creating a framework that would allow users outside the United States to gain on-chain access to these traditional financial assets.
The reported plan aims to leverage the complementary strengths of both exchanges. Coinbase brings its regulated market experience and strong U.S. presence, while Bybit contributes its broad international user base, particularly in Asia. A source emphasized the global demand, stating, "The U.S. is home to certain assets that global users want." The discussions are described as active but preliminary, with no final agreement reached. Both companies have declined to comment.
Importantly, the sources clarified that these talks are strictly about product cooperation and do not involve any equity investment, stake sale, or merger between Coinbase and Bybit. Furthermore, the discussions are separate from Bybit's plans to enter the U.S. market. An earlier report suggesting an investment link was disputed.
Bybit's U.S. expansion is expected to proceed through a separate entity, reportedly led by former co-CEO Helen Liu. This effort would involve an unnamed local partner handling licensing and compliance, with Bybit providing the technology, product, and liquidity. Coinbase is not involved as the local partner in this separate structure.
The move aligns with a broader industry trend of crypto exchanges forming strategic partnerships to advance tokenized finance. Recent examples include Intercontinental Exchange's (ICE) stake in OKX and Deutsche Boerse's $200 million strategic investment in Kraken.
