The race for U.S tokenized stock perpetual futures (perps) is heating up as Crypto.com joins the trend.
In an X post, Crypto.com CEO Kris Marszalek announced that they have gotten SEC authorization to offer tokenized stock perps in the U.S. He added that the products will be offered via the new futures exchange (OG.com).
Source: X
He noted that theyve been engaging both regulators, the SEC and the CFTC, to bring single-stock perps to the U.S markets.
The most interesting part is that the announcement was made a few hours after Kraken revealed plans to bring Hyperliquid HIP-3 markets (RWA perps) to the United States.
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Who will win U.S tokenized stock perps race？
These developments together mean that the U.S market is up for grabs for RWA perps, especially those tracking single tokenized stocks. Unsurprisingly, Crypto.com has been planning this expansion for a while.
In July, the exchange received a whopping $400M strategic investment from Citadel Securities. The funding was designed to help the exchange expand into other asset classes and markets, including tokenized securities and derivatives.
Kris Marszalek best described what the exchange views as an opportunity, noting that,
The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance. Having built the right regulatory and tech infrastructure over the last decade, Crypto.com is now perfectly positioned to capture this new wave of growth across all asset classes.
Most of the tier-1 exchanges have evolved from just crypto platforms. Now, users can receive, save, trade, and invest their funds across these platforms, effectively making them financial super-apps.
RWA perps hit record $140B volume in 2026
RWA (real-world asset) tokenized perps are just one of the trading areas that are increasingly gaining momentum across these crypto platforms.
To grasp the pace of growth, the segment‘s volume surged from $20B in January to over $140B by July. That’s a 7x growth within a year.
Source: DeFiLlama
Over the same period, the total Open Interest (OI) increased 22x from $220M to $5.3B. In other words, massive capital is being pumped into this sector. It remains to be seen who will win the U.S market share.
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Final Summary
- Kraken-Hyperliquid partnership and Crypto.com are racing for U.S tokenized stock perps trading.
- RWA perps volume hit a record $140B, while capital flows increased 22x, underscoring strong growth and interest.