Crypto.com Joins Kraken in U.S Tokenized Stock Perps Rush

Crypto.com has entered the race for U.S tokenized stock perpetual futures (perps) after receiving SEC authorization to offer such products. In a recent X post, CEO Kris Marszalek announced that Crypto.com would be offering tokenized stock perps via its new futures exchange, OG.com. This move comes just hours after Kraken revealed plans to bring Hyperliquid HIP-3 markets (RWA perps) to the United States.

The development marks an opportunity for Crypto.com to expand into the U.S market, which it has been planning for some time. In July, the exchange received a $400M strategic investment from Citadel Securities to help expand into tokenized securities and derivatives. Marszalek described the size of this opportunity as 'staggering', stating that crypto is increasingly becoming the rails for finance.

The growth of RWA perps has been significant, with volume surging 7x in just a year from $20B to over $140B. Total Open Interest increased 22x from $220M to $5.3B, indicating massive capital flows into this sector. It remains to be seen who will win the U.S market share.