Binance CEO Predicts On‑Chain IPOs, Infrastructure Already Exists

Binance founder Changpeng Zhao announced that initial public offerings (IPOs) are expected to shift to on‑chain platforms. While he gave no timeline, the necessary infrastructure is already live and the first tokenized deals have been completed.

What Changes for Investors

• Access: Tokenized IPOs can be opened to retail buyers from day one, while traditional allocations continue to be handled by institutions and accredited investors.
• Timing: On‑chain venues quote prices around the clock, eliminating the need to wait for a market opening.
• Size: Shares can be divided into small fractions natively, allowing investors to purchase partial units.
• Costs: Automation reduces the fees taken by underwriters, lawyers and auditors that are typical in conventional listings.

What Remains Unchanged

The legal obligations do not change. The U.S. Securities and Exchange Commission has stated that tokenizing a share does not relieve issuers of registration and disclosure duties. Some tokenized products may track share prices without conferring full shareholder rights, depending on the fine print.

Regulatory and Market Developments

• The New York Stock Exchange adopted a rule in April that allows tokenized versions of large‑cap stocks to trade alongside conventional shares, with next‑day settlement.
• In Europe, a licensed exchange under the EU’s distributed‑ledger pilot regime hosted the first on‑chain IPO in the same month.
• Liquidity remains a question, as thin order books can cause price volatility despite 24/7 trading.

Market Size

Tokenized stocks now hold roughly $2.9 billion in on‑chain value, a 14 % increase over the previous month, according to data from rwa.xyz. Grayscale lists BNB Chain among the leading tokenized‑stock chains.