Stablecoins Enter Public Markets

In June 2026, Binance announced the launch of U.S. stock and ETF trading services for eligible non-U.S. users, covering more than 7,000 U.S.-listed equities and exchange-traded funds.

According to publicly available information, the securities transactions are routed through Nest Trading, which connects to Alpaca, a U.S.-licensed brokerage firm responsible for order execution, clearing, settlement, and custody. Users may initiate transactions using balances in USDC, USDT, and certain digital assets, and receive the corresponding economic exposure to the underlying securities.

The timing of this development is significant.

Over the past two years, competition within the crypto industry has gradually moved beyond trading execution. The differences between exchanges are no longer defined only by spot trading, derivatives, or the number of listed assets. They are increasingly reflected in custody systems, stablecoin networks, institutional service capabilities, and the ability to connect with real-world assets.

Binance’s entry into the U.S. securities market through this structure illustrates a new direction for the industry: stablecoin-based account systems are beginning to form direct connections with traditional securities infrastructure.

In the global financial system, securities markets have long operated within a highly developed institutional framework. Banks are responsible for cash custody. Broker-dealers are responsible for trade execution and asset custody. Clearing institutions manage ownership transfer and final settlement. Cross-border investment activity relies on SWIFT, CHIPS, Fedwire, and the global correspondent banking network to move funds across jurisdictions.

For international investors, the U.S. capital market remains one of the deepest and most liquid markets in the world, with a broad range of asset classes. However, access to this system often requires multiple steps, including bank account opening, currency conversion, cross-border transfers, and brokerage account funding. The entire process is built around account systems, with cash and assets operating across separate networks.

Stablecoins are adding a new layer to this structure.

From a market evolution perspective, stablecoins first served as a liquidity medium within the digital asset market. They then gradually entered the fields of on-chain Treasuries, money market funds, and cash management products. In recent years, the rapid growth of tokenized Treasuries has created a direct connection between stablecoins and traditional fixed-income assets. Binance’s connection between stablecoin accounts and the U.S. stock market further expands the role of stablecoins in public market asset allocation.

The significance of this development becomes clearer when viewed within the broader competitive landscape of the industry.

Kraken has been one of the earlier trading platforms to promote the convergence of securities and digital assets. Its stock trading business covers more than 11,000 U.S. stocks and ETFs and connects to the U.S. securities market through Kraken Securities. Kraken’s development path reflects a typical brokerage-oriented trend: integrating stocks, ETFs, cash accounts, and digital asset accounts within a single platform.

Coinbase has taken a different route. Over the past few years, Coinbase has continued to strengthen its prime brokerage, institutional custody, stablecoin settlement, and asset issuance capabilities. As it gradually advances its stock and ETF business, Coinbase’s development direction appears closer to that of an integrated financial platform for the digital age. Stablecoins, custody, institutional services, and asset distribution capacity are becoming core competitive elements.

Following Binance’s launch of securities trading services, the three major global crypto platforms show a clear convergence in strategic direction.

Kraken connects to securities markets.

Coinbase connects to institutional capital markets.

Binance connects to global stablecoin liquidity.

Their starting points are different, but their direction of evolution is becoming increasingly aligned.

This alignment reflects a shift in the center of industry competition.

Over the past decade, the core asset of crypto exchanges was trading volume.

Over the past five years, the core asset shifted toward liquidity.

At the current stage, the core asset is moving toward financial infrastructure.

Stablecoin networks, custody capabilities, clearing capabilities, institutional services, and real-world asset access are becoming new competitive barriers.

From this perspective, Binance’s latest move is closer to an expansion of financial infrastructure than a single product launch.

Securities assets continue to operate within the existing regulatory framework. The legal structure, custody system, and investor protection framework of the U.S. securities market have not changed. The change is taking place at the funding access layer. Stablecoins are beginning to serve as a bridge between digital asset networks and traditional securities markets.

This change is consistent with the broader development direction of on-chain finance in recent years. Traditional financial systems organize capital flows around accounts, while on-chain finance organizes liquidity around assets.

Asset issuance, ownership records, income distribution, and collateral financing capacity are gradually migrating toward unified networks. As on-chain Treasuries, on-chain funds, and on-chain credit products expand, financial activity is evolving from an account-centered organizational model toward an asset-centered organizational model.

In this process, stablecoins serve as a foundational settlement medium. Their role is no longer limited to payments. They are gradually becoming a unified liquidity layer connecting different asset classes.

Whether for tokenized Treasuries, tokenized money market funds, or a wider range of future tokenized assets, a unified funding layer is needed for value exchange and liquidity management.

The recent development paths of Binance, Kraken, and Coinbase show that industry competition has entered a new stage. Exchanges are gradually evolving from digital asset trading venues into integrated financial access points. Their business boundaries are expanding into securities, custody, asset issuance, stablecoin settlement, and institutional financial services.

For the global wealth management industry, this shift has practical significance.

High-net-worth investors are facing an increasing number of on-chain asset classes. On-chain Treasury products have already reached meaningful scale. On-chain money market funds continue to grow. On-chain private credit products are beginning to attract institutional capital. Over the next few years, global asset allocation is likely to develop with traditional assets and digital assets operating in parallel.

In this context, the importance of stablecoin accounts will continue to rise. Their functions are gradually expanding across cash management, asset allocation, yield generation, and cross-border mobility. Digital asset custody, global asset distribution networks, and on-chain fixed-income products may become some of the fastest-growing areas of financial infrastructure in the next stage.

From a long-term perspective, the current phase is closer to the beginning of financial infrastructure convergence. Banking systems, brokerage systems, and on-chain financial networks are forming new collaborative relationships. Traditional financial institutions provide regulatory frameworks, custody capabilities, and credit systems. On-chain networks provide around-the-clock settlement capacity, global liquidity, and asset programmability.

Binance’s connection to U.S. securities infrastructure, Kraken’s development of securities trading networks, and Coinbase’s continued strengthening of institutional financial services together outline a clear trend: the digital asset industry is entering an infrastructure competition cycle.

Over the next few years, market attention may gradually shift from the price volatility of individual assets toward asset issuance networks, stablecoin liquidity networks, and the construction of global digital financial infrastructure. As more Treasuries, funds, private credit instruments, and other real-world assets enter on-chain systems, global capital markets may form a more closely connected structure. Stablecoin account systems are likely to become one of the important entry points connecting these asset networks.