Coinbase and Bybit Explore On-Chain Access for U.S. Stocks Worldwide

TLDR

• Coinbase and Bybit are discussing tokenized U.S. public and pre-IPO stocks.
• Talks cover custody and global distribution, not equity investment or U.S. market entry.
• Bybit’s U.S. expansion is expected through a separate entity led by Helen Liu.
• A local partner, not Coinbase, is expected to handle licensing and compliance in the U.S.
• The talks aim to expand access to U.S. assets for users outside the United States.

Coinbase and Bybit are said to be working together on tokenization, custody and distribution of U.S. stocks. The talks are still underway, and both firms have declined to comment. The reported discussions focus on global access to tokenized assets, not a stake sale or a U.S. entry deal.

Coinbase and Bybit explore tokenized stock access

Coinbase is in talks with Bybit to explore tokenization of U.S. public and pre-IPO stocks. The discussions also cover custody and global distribution. A person familiar with the matter shared the details with CoinDesk.

The reported plan is aimed at users outside the United States. Bybit has a broad international user base, especially in Asia. Coinbase, meanwhile, has a stronger U.S. presence and regulated market experience.

The source said the companies are looking at ways to work together on access to U.S. assets. That could allow more users to hold tokenized versions of those assets. The talks are still active, and no final agreement has been announced.

This report follows earlier claims of a possible investment arrangement between the two firms. Those earlier claims were disputed by the source. According to the source, the current talks are about product cooperation, not ownership.

Talks do not cover Bybit’s U.S. market entry

The source said the discussions do not include any equity investment by Coinbase. They also do not involve Coinbase helping Bybit enter the U.S. market. That point was made to dismiss an earlier report about an investment link.

Bybit is still planning a U.S. expansion, according to the source. However, that move is expected to happen through a separate entity. Former Bybit co-CEO Helen Liu is said to be leading that effort.

The source said an unnamed local partner will provide licensing and compliance. Bybit is expected to contribute the technology, product, and liquidity. Coinbase is not the local partner in that structure.

Both Coinbase and Bybit declined to comment on the matter. Even so, the source drew a clear line between the two efforts. One track is about tokenized assets, and the other is about U.S. market entry.

Global reach is central to the reported talks

The reported talks are global in nature and focus on user access across regions. Bybit’s international reach is part of that plan. The source said users in Asia and other markets may want tokenized U.S. stocks.

“The U.S. is home to certain assets that global users want,” the person said. The same source added that Bybit is international, while Coinbase is more U.S.-focused. That mix could support wider distribution of tokenized assets.

The source also said, “Even if Coinbase becomes a super app in the U.S., they are still only in the U.S.” That comment points to the value of overseas reach. It also shows why custody and distribution are central to the talks.

The broader market is also moving in a similar direction. In March, ICE announced a stake in OKX. More recently, Deutsche Boerse announced a $200 million strategic investment in Kraken. Those moves show that tokenized finance and exchange partnerships remain an active area across the sector.

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