KuCoin Enters $1B Tokenized Stock Race with Tesla and MicroStrategy Futures
Crypto exchange KuCoin has launched perpetual futures contracts tied to Tesla (TSLAUSDT) and MicroStrategy (MSTRUSDT), marking its entry into the burgeoning tokenized stock market. Announced on Friday, the USDT-settled products allow traders to speculate on the price movements of the two companies around the clock without owning the underlying shares. These synthetic derivatives feature no expiration date and allow positions to be opened with as little as 1 USDT, significantly lowering the barrier to entry for traders on its platform, which serves over 40 million users.
The choice of Tesla and MicroStrategy is strategic, as both companies are significant corporate holders of Bitcoin. MicroStrategy, which rebranded to Strategy in February 2025, is the largest public holder with 738,731 BTC, while Tesla holds 11,509 BTC. This link provides a natural bridge for crypto-native traders looking for exposure to equity markets through a familiar interface and settlement asset.
Exchanges Battle for Dominance as RWA Market Tops $26 Billion
KuCoin's move is a direct response to intensifying competition as the market for tokenized real-world assets (RWAs) explodes. The total value of tokenized RWAs, excluding stablecoins, has climbed to approximately $26 billion, with the sub-sector for tokenized equities surpassing the $1 billion milestone in early 2026. This represents a dramatic expansion from just $291 million at the start of 2025, signaling strong investor appetite for blockchain-based versions of traditional assets.
Other major exchanges are also vying for position. On March 10, Coinbase launched crypto and equity-index futures for users in 26 European countries. Similarly, Kraken has rolled out tokenized equity perpetuals for its eligible non-US clients, offering 24/7 leveraged exposure to major US stocks. This flurry of product launches highlights a strategic race among platforms to build an "exchange for everything," combining crypto and traditional financial instruments under a single roof.
Traditional Finance and Regulators Scrutinize 24/7 Derivatives
The convergence of crypto and traditional finance is accelerating, with legacy institutions also exploring the technology. The New York Stock Exchange is developing a platform for tokenized stocks, and Nasdaq has filed with the SEC to list similar products, partnering with Kraken's parent company Payward. This mainstream interest validates the long-term potential of asset tokenization.
However, the rapid innovation is attracting regulatory attention. The European Securities and Markets Authority (ESMA) recently warned that perpetual futures could be classified as Contracts for Difference (CFDs), subjecting them to stricter rules on leverage and risk disclosure. Exchanges are navigating this landscape by obtaining specific licenses, such as Coinbase's MiFID license in Cyprus. KuCoin also noted that access to its new contracts may be restricted in certain jurisdictions, reflecting the complex and evolving global regulatory framework for these hybrid products.
