Crypto exchange competition is spilling into tokenized versions of traditional financial assets, according to new research from CoinGecko. A report released Wednesday finds that the market capitalization of tokenized “real-world” assets listed on major crypto trading platforms has climbed sharply, reaching $6.6 billion in June 2026—up from $1.4 billion in January 2025.

CoinGecko’s analysis tracks tokenized exposure across exchanges including Binance, OKX, Bybit, Bitget, Gate and MEXC, spanning categories such as precious metals, US stocks, commodities, global indexes and forex. The data suggests that what began as a metals-led niche has expanded into US equities, with derivatives now playing an outsized role in how these assets are traded.

Key takeaways

• CoinGecko reports tokenized traditional assets on major crypto exchanges grew to $6.6B in June 2026 from $1.4B in January 2025.
• Precious metals drove early momentum, but by mid-2026 US stock perpetual futures became the dominant activity by both volume and open interest.
• Trading is heavily skewed toward derivatives: perpetual futures account for the majority of activity, while spot markets remain smaller.
• Derivatives appear to be easier for exchanges to scale because they can list leveraged products without necessarily issuing, custodying, or holding the underlying tokenized asset.
• Centralized exchanges are expanding beyond crypto to retain users as both decentralized exchanges and traditional brokerages compete for share.

Tokenized “real-world” assets accelerate on major exchanges

CoinGecko frames the growth as a response to pressure across the broader exchange landscape. The study identifies that tokenized traditional assets—ranging from metals to equities—have expanded quickly in market cap terms over roughly 18 months.

Crucially, CoinGecko’s report doesn’t just point to total growth; it also maps how trading preferences are shifting. The market’s initial expansion, the report says, was fueled largely by tokenized precious metals. Over time, that focus broadened into tokenized US equities.

By mid-2026, CoinGecko reports that US stock perpetual futures overtook precious metals across both trading volume and open interest. The report attributes this turn to investor attention on semiconductor stocks and to expectations for upcoming initial public offerings (IPOs). While these drivers are specific to equity demand, the broader takeaway is that exchange-listed tokenization is beginning to follow the same “liquidity gravity” seen in crypto: where leverage and activity concentrate, participation follows.

Derivatives dominate: perpetual futures outpace spot

One of the more actionable elements of CoinGecko’s analysis is its breakdown of trading structure. According to the report, perpetual futures account for “the vast majority” of trading activity, while spot markets are comparatively small.

The reason offered by CoinGecko is practical for exchanges: derivatives are typically the product of choice for traders who prefer leverage, and perpetual contracts can be listed without exchanges needing to issue, custody, or directly hold the underlying tokenized asset.

This helps explain why tokenization can grow even when the broader ecosystem hasn’t fully reached the stage where spot trading of tokenized real-world assets is the main event. In effect, leveraged trading venues can bootstrap demand and liquidity faster than spot markets, because the operational burden of holding and managing the underlying asset is reduced.

Why centralized exchanges are moving beyond crypto

The report positions tokenized traditional assets as an expansion strategy for centralized crypto exchanges. As competition intensifies, exchanges appear to be looking for incremental revenue streams and new user segments rather than relying solely on crypto spot and derivatives.

CoinGecko points to two pressure fronts. First, decentralized exchanges have chipped away at market share. Second, traditional brokerages are broadening their digital asset offerings, increasingly overlapping with crypto trading ecosystems.

A notable example cited by CoinGecko is Robinhood, which Cointelegraph previously reported has significantly expanded its digital asset offerings (see Cointelegraph’s coverage). The broader implication is that users are not only choosing between venues; they are also increasingly choosing between platforms that blend legacy finance and blockchain-based trading experiences.

Institutional tokenization momentum reinforces the trend

CoinGecko’s exchange-focused findings sit within a wider narrative of institutional adoption. Earlier this year, Standard Chartered projected that tokenization could support the expansion of decentralized finance into a $2.7 trillion market by 2030 through real-world asset adoption (as covered by Cointelegraph in a related report). Separately, Bernstein analysts estimated the broader tokenization market could reach $4 trillion by the end of the decade, citing accelerating embrace of blockchain-based assets by financial institutions (see Cointelegraph’s earlier coverage).

These projections matter because they help contextualize why exchanges are investing effort in tokenized products now rather than later. When large institutions begin to treat tokenization as infrastructure—not just experimentation—liquidity, custody arrangements, and regulatory pathways can improve, making it easier for trading venues to scale.

Cointelegraph also previously reported partnerships aimed at expanding access to tokenized securities. For instance, BitGo and OTC Markets Group have partnered to expand access for more than 150 broker-dealers (as described in Cointelegraph’s report). In another example, Tradable teamed with the Stellar network to bring up to $1 billion in private credit assets onchain (see Cointelegraph’s coverage).

Taken together, these developments underline a recurring theme: tokenization is increasingly built across the same rails—blockchain networks and token standards—while distribution is where competition shows up fastest. CoinGecko’s data suggests that on crypto exchanges, distribution is increasingly happening through derivatives, with perpetual futures providing the main on-ramp for traders.

Going forward, the key question for investors and traders is whether the current derivative-led structure will translate into deeper spot liquidity and broader usage of tokenized assets—or whether perpetuals will continue to concentrate most activity. CoinGecko’s findings point to an evolving demand map, with equities now playing a larger role than metals; the next watch item is whether that shift persists as tokenized IPO expectations and sector-specific attention change.

Soccer confederations, lawmakers criticize proposal

The crypto market was mixed before the Federal Reserve’s interest-rate decision later Wednesday. The CoinDesk 20 Index has added 0.41% since midnight UTC, with 10 members advancing and 10 declining.

Bitcoin BTC$64,512.66, the largest cryptocurrency, added 0.75% to claw back some of Tuesday’s losses after a volatile 48 hours that saw it spike to $66,700 last week before crashing to $62,400 in the wake of the rout in South Korean stocks.

Inflation running at 4.1% makes the case for the Fed to raise the fed funds target rate for the first time in three years. Balanced against that, a pause in Iran-U.S. hostilities has taken some of the heat out of oil prices and slightly trimmed the odds of an increase.

Ether (ETH) is down 0.13% on the day. S&P 500 and Nasdaq 100 index futures are both positive, while gold holds above $4,000 and silver gained 1.40%, suggesting markets are hedging rather than committing ahead of the announcement.

Derivatives positioning

• Steady positioning ahead of Fed meeting: The crypto taker long-short volume ratio is almost in a perfect balance ahead of the Fed meeting. Open interest (OI) has held steady near $113 billion over the past 24 hours while volume increased by 10% to $205 billion. Taken together, the numbers point to steady positioning but slightly higher churn.
• Spot gains yet to lift futures participation: Both BTC and ETH’s spot prices have risen more than 1% in 24 hours, but the moves have yet to translate into increased participation in futures. BTC’s OI remains steady near 750K BTC. ETH’s dropped for a fourth straight day to 14.14 million ETH.
• UNI is an exception: Most of the top-20 tokens have seen OI hold steady or fall over 24 hours. UNI is an exception, with OI up slightly to 68.53 million tokens, the most since July 13. This validates the 5% upswing in the token’s price in the wake of BlackRock’s decision to bring its tokenized Treasury fund to the decentralized exchange.
• Mixed signals from OI-adjusted CVD: The 24-hour OI-adjusted CVD paints a mixed picture. It’s positive for tokens such as ADA, TRX, XRP, CC, UNI and ETH, a sign of more and more traders going long at market orders rather than passive limit orders. Other coins display the opposite dynamic.
• Implied volatility stays near recent lows: Bitcoin and ether’s 30-day implied volatility indexes remain near recent lows, a sign that traders do not expect any near-term jitters. It also contradicts the unease in the analyst community over the fact that traders still assign a 35% probability of the Fed raising rates on Wednesday. This is unusual as markets typically reach a consensus on what the Fed will do before the decision.
• Puts dominate BTC options volume: In Deribit-listed options, BTC puts at strikes $62,000, $60,000 and $54,000 dominate the 24-hour volume rankings. A put option offers insurance against price drops in the underlying asset. In ETH’s case, calls are at the top of the list.

Token talk

• XRP led altcoin gains on Wednesday, rising 1.72% to $1.086, with ADA$0.1635 rising 1.48%. Both are continuing to recover from their July lows as the major cryptocurrencies consolidate.
• Jupiter (JUP) was the standout 24-hour performer among DeFi coins, rising 5.79% as trading volume ticked up, extending a recovery that has now seen it rise in three of the past four days.
• FET continued its retreat, falling 4.60% since midnight and 6.78% over 24 hours. The AI token is now down nearly 14% over the past week as the sector’s early-July momentum continues to unwind.
• PUMP$0.001878 shed 5.14%, giving back the bulk of last week’s speculative gains as retail enthusiasm fades.
• Monero (XMR) bucked the trend with a 1.82% gain to $347, quietly extending a run of outperformance from the privacy coin sector that has gone largely unnoticed amid the broader market turbulence.

Options are derivative contracts used by traders to hedge price volatility risks. A call option offers asymmetric upside exposure in the underlying asset for a small upfront payment, much like a lottery ticket. A put option represents an insurance against price drops.

Exchanges typically follow a playbook when offering derivatives as a product. They start with futures to build a deep, liquid order book and tight spreads, and only once that core market is humming do they layer on options as a second wave of more complex, higher‑margin products.

A Binance representative shared volume figures for gold and silver perpetual futures that underscore their popularity. Gold perpetuals, according to the representative, have hit a peak daily volume of $7.77 billion, while silver perpetuals reached $7.27 billion. These peaks represented roughly 3–8% of COMEX gold volume and 9–20% of COMEX silver volume at that time.

“The volume growth suggests that when access to traditional market exposure becomes simpler and more integrated, user participation can ramp up quickly,” the representative said. “Liquidity can become relevant quickly.”

The new options are European-style and settled in USDT. The contracts reference a weighted average of prices drawn from multiple independent third-party data vendors that report the traditional gold and silver markets. This approach produces a robust, market-representative benchmark that does not rely on any single venue or token, according to Binance.

The CLARITY Act is facing another delay as US lawmakers prioritize federal nominations, a Russian sanctions package, and other legislative business ahead of its summer recess.

The development makes it increasingly likely the bill will not be deliberated upon during the ongoing session and will be discussed during the autumn session.

Clarity Act Faces Another Delay

The United States Senate has put the CLARITY Act on the back burner as it debates federal nominations, new sanctions against Russia, and other legislative business. According to a CoinDesk report, the bill is unlikely to be taken up by the Senate before its summer recess on August 8. Journalist Eleanor Terrett revealed that the Senate leadership is discussing deliberations beyond the planned recess if they can garner enough votes to invoke cloture and press ahead with the bill. Additionally, some senators also want a vote on the SAVE America Act and Russia-Iran sanctions.

Terrett stated on X,

“A must-read on the Senate math behind the Clarity Act without the hype. I reported this morning that Senate leadership has discussed potentially keeping members in Washington beyond the scheduled recess if they have the votes to invoke cloture on the motion to proceed.”

Democratic lawmakers remain hopeful of a compromise banning senior government officials, including President Donald Trump, from investing in crypto projects.

A Procedural Delay

However, the delay is not due to Republicans and Democrats failing to agree upon the way forward. Senate Majority Leader John Thune has prioritized discussion on the Russian sanctions package, and Senate rules outline that only one contested bill can be considered at a time. Additional Senate business has also reduced floor time. As a result, lawmakers have found it difficult to discuss the CLARITY Act during the ongoing session.

Meanwhile, SEC Chair Paul Atkins reiterated his belief that the Senate will pass the CLARITY Act. Atkins added that the SEC is ready to create rules to implement the bill once it becomes law. He added that it can also address market issues if Congress delays the bill. However, the SEC Chair stressed the importance of regulatory clarity to “future-proof” crypto in the US.

President Trump Can Reconvene Senate

According to legal analyst MetaLawman, Article II, Section 3 grants President Trump the authority to reconvene the Senate during the August recess, allowing lawmakers to vote on the CLARITY Act and other delayed bills.

“President Trump Has Legal Authority to CANCEL THE SENATE RECESS. The President has the Constitutional authority to call an “extraordinary session” of the Senate to vote on the SAVE AMERICA ACT and the CLARITY ACT.”

However, as things stand, a final Senate vote on the CLARITY Act looks unlikely before next week.

How The Delay Impacts Crypto

The CLARITY Act is a crucial piece of legislation for the cryptocurrency industry. If it fails to advance during the ongoing session, it could face a substantial delay as lawmakers focus on other priorities in upcoming sessions, including election-related legislation. The delay effectively leaves the industry in limbo, with only the GENIUS Act offering some regulatory clarity. For now, the industry will rely on SEC and CFTC oversight while waiting for the bill to pass.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The dollar’s next move hinges on tonight’s Fed decision, and this time markets genuinely don’t know what to expect. While economists still lean toward a hold—with CME FedWatch odds sitting near 68.5% for no change—Kevin Warsh’s hawkish rhetoric on having “no tolerance” for inflation, paired with growing internal FOMC support for a hike, has pushed hike odds up sharply from just 18% two weeks ago to over 30% today. Complicating things further, Warsh has deliberately scaled back forward guidance, meaning tonight’s press conference may offer fewer clues than usual.

The euro, meanwhile, has already had its say: the ECB held rates steady at 2.25% last Thursday, as expected, with Lagarde reaffirming the 2% target while flagging that energy-driven inflation risks from the Middle East conflict have yet to fully play out. Eurozone inflation cooled to 2.8% in June, but sticky services inflation near 3.5–4% keeps the door only cautiously open for a September move in either direction.

With EUR/USD trading near 1.1408, tonight’s Fed decision—not the ECB—is what will likely determine the pair’s next major direction.

EUR/USD Technical Analysis

As the EUR/USD chart shows, the pair has been consolidating within a defined range since late June, squeezed between an ascending trendline and a descending trendline, both converging around the current price near 1.1400. The 200-period EMA continues to slope lower above price, reinforcing a cautious backdrop ahead of tonight’s Fed decision.

Bullish Scenario

Should the dollar weaken on a dovish Fed outcome, price would need to break above the converging trendlines and reclaim the 0.382 Fibonacci retracement near 1.1420, with the 200-period EMA just above acting as the next key test. A confirmed break above the EMA would open the path towards the 0.5 and 0.618 retracements near 1.1480–1.1500, where stronger resistance has capped rallies since late June.

Bearish Scenario

Conversely, a hawkish surprise—or even a hike—could send the euro sharply lower, breaking both the ascending trendline and the psychological 1.1360 support level. A confirmed break here would expose the 1.1320 zone, the 0.0 Fibonacci level marking the origin of the entire recovery move, with further downside risk towards fresh multi-week lows if selling pressure accelerates.

With price coiled right at the intersection of both trendlines and the Fed decision just hours away, EUR/USD looks primed for a decisive move. Will the dollar reassert its dominance, or will the euro finally break free of this range?

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.