Coinbase And Bybit Discuss Tokenization, Custody, And Global Distribution Of U.S. Stocks

Coinbase and Bybit are reportedly working together on “tokenization, custody and distribution of U.S. stocks,” with discussions focused on global access to tokenized assets rather than any stake acquisition.

“Coinbase, Bybit said to be working together on tokenization, custody and distribution of U”

@coindesk

CoinDesk reports that Coinbase (COIN) is “working with Bybit” to explore tokenizing “U.S. public and pre-IPO stocks,” and that the talks are “in progress” with a person familiar with the plans speaking on condition of anonymity.

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CoinDesk adds that the talks “do not involve any sort of stake acquisition or similar deal for Bybit to enter the U.S.”

CoinCentral similarly frames the effort as “product cooperation, not ownership,” saying the discussions “focus on global access to tokenized assets, not a stake sale or a U.S. entry deal.”

Whalesbook echoes the separation, stating that Coinbase’s exploratory discussions “explicitly exclude any equity investment or direct involvement” in Bybit’s separate U.S. entry efforts.

Across the reporting, the cooperation is described as covering “tokenization, custody and global distribution” and as being aimed at users “outside the United States,” with Bybit’s international reach—“particularly in places like Asia”—positioned as a key part of the plan.

The reported Coinbase-Bybit discussions center on bringing U.S. equity exposure onto blockchain rails through tokenization, custody, and distribution.

CoinDesk says the talks focus on “the global distribution and custody of tokenized stocks and other assets,” and that the assets under consideration include “U.S. public and pre-IPO stocks.”

CoinCentral

CoinCentral adds that the plan is “aimed at users outside the United States,” and that the source described “ways to work together on access to U.S. assets” so “more users” can “hold tokenized versions of those assets.”

CoinDesk also says the cooperation is “more global in nature, leveraging Bybit's worldwide reach,” specifically noting “places like Asia, where users may want access to tokenized versions of U.S. stocks.”

Whalesbook describes the scope in operational terms, saying the discussions are focused on “the technological and operational aspects of bringing traditional financial instruments onto blockchain rails for a wider global audience.”

Together, the sources portray custody and distribution as the practical bridge between U.S. assets and non-U.S. users, with Bybit’s user base and Coinbase’s regulated-market experience positioned as complementary inputs.

While the tokenization talks are described as global, the reporting repeatedly draws a line between that cooperation and Bybit’s separate plan to enter the United States.

“Coinbase, the prominent U”

Whalesbook

CoinDesk says the talks “do not involve any sort of stake acquisition or similar deal for Bybit to enter the U.S.,” and it adds that Bybit’s U.S. plan involves “an unidentified local partner, which is not Coinbase.”

CoinDesk further reports that the U.S. entry will “create a new entity said to be spearheaded by former Bybit co-CEO Helen Liu,” with the local partner providing “licensing and compliance” while Bybit provides “the tech, product and liquidity.”

CoinCentral similarly states that “the discussions do not include any equity investment by Coinbase” and that they “do not involve Coinbase helping Bybit enter the U.S. market,” while also saying Bybit is “still planning a U.S. expansion” through “a separate entity.”

Whalesbook reinforces the separation by saying Coinbase’s exploratory discussions “explicitly exclude any equity investment or direct involvement” in Bybit’s U.S. efforts, and it describes that U.S. effort as “spearheaded by former co-CEO Helen Liu.”

In CoinDesk’s framing, the person familiar with the plans dismissed a prior report as “a report of a possible investment publicized last month,” emphasizing that the current talks are “more global in nature” and not an ownership arrangement.

The Coinbase-Bybit tokenization discussions are presented in the context of other exchange and market-operator moves toward crypto-adjacent infrastructure and tokenization.

CoinDesk notes that “other market participants explore similar link-ups,” citing Intercontinental Exchange (ICE) and Deutsche Boerse alongside crypto exchanges.

@coindesk

Specifically, CoinDesk says that “Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, in March announced it was taking a stake in crypto exchange OKX,” and it adds that “Just last week, Deutsche Boerse, made a $200 million strategic investment into Kraken.”

CoinCentral repeats the same ICE and Deutsche Boerse points, stating “In March, ICE announced a stake in OKX” and that “More recently, Deutsche Boerse announced a $200 million strategic investment in Kraken.”

Whalesbook expands the comparison by describing ICE as “developing a comprehensive platform for trading and on-chain settlement of tokenized securities” and by stating that ICE has made “strategic investments, including in the OKX exchange.”

Across these sources, the common thread is that traditional market operators and crypto platforms are aligning around tokenized securities, custody, and settlement capabilities, with the Coinbase-Bybit talks fitting into a broader pattern of partnerships and investments.

The sources portray the Coinbase-Bybit effort as ongoing and not yet finalized, with both firms declining to comment and no final agreement announced.

“Coinbaseand Bybit are said to be working together on tokenization, custody and distribution of U”

CoinCentral

CoinDesk says the talks are “in progress” and that “Bybit and Coinbase both declined to comment,” while also stating that the discussions “do not involve any sort of stake acquisition or similar deal.”

CoinCentral

CoinCentral similarly says “The talks are still active, and no final agreement has been announced,” and it reiterates that both firms “declined to comment on the matter.”

Whalesbook frames the separation of tracks—tokenized-asset cooperation versus U.S. market entry—as a key factor in how the companies proceed, describing “this strategic bifurcation” as highlighting “the complex regulatory hurdles” and “distinct approaches required.”

In the meantime, the reporting suggests that the tokenization cooperation is aimed at expanding access for users outside the United States, with CoinDesk describing the U.S. assets that “global users want” and CoinCentral quoting the same source line: “The U.S. is home to certain assets that global users want.”

Finally, the broader market context in the sources—ICE’s stake in OKX and Deutsche Boerse’s $200 million investment into Kraken—sets a backdrop in which tokenization and exchange partnerships remain active themes.