Coinbase and Bybit are discussing tokenized U.S. stocks, custody, and global distribution of public and pre-IPO shares.
Coinbase is holding talks with Bybit on plans for Onchain U.S. stocks and related custody services.
The discussions focus on tokenization, storage, and global access to assets, including public stocks and pre-IPO shares.
People familiar with the matter said the talks do not include an equity deal. They also said the discussions are separate from any Bybit plan to enter the U.S. market.
Coinbase and Bybit Discuss Onchain U.S. Stock Plans
Coinbase and Bybit are exploring ways to bring U.S. stocks Onchain. The talks cover tokenization, custody, and global distribution.
Public stocks and pre-IPO shares are part of the plan. As a result, the effort could expand access to these assets.
A person familiar with the talks shared details with CoinDesk. The person said the discussions are still ongoing.
The source also said the focus is global, not local. In turn, that gives the talks a broader scope.
据 CoinDesk 报道，Coinbase 正与 Bybit 探讨合作，计划围绕代币化资产（包括美国上市及未上市股票）开展托管与全球分发等业务。知情人士称，双方讨论不涉及股权投资或 Bybit 进入美国市场的相关安排。Bybit 进入美国市场的计划将通过另一个实体推进，由前联席 CEO Helen Liu…
— 吴说区块链 (@wublockchain12) April 20, 2026
Bybit’s worldwide user base is part of the reason for the talks. The source pointed to Asia as one key region.
Users there may want access to tokenized U.S. stocks. So, both firms are exploring how such products could be offered.
The discussions center on blockchain-based versions of stock assets. These assets could be issued, held, and distributed digitally.
Coinbase may support custody and core infrastructure. Bybit, meanwhile, could help with market reach and distribution.
Talks Do Not Include An Investment or Merger Deal
The reported talks do not involve an equity investment. They also do not include a takeover or merger plan.
According to the source, the discussions are limited to business cooperation. That point sets them apart from earlier market reports.
Last month, Wu Blockchain reported that both firms were discussing an investment agreement.
That report linked the talks to Bybit’s U.S. market plans. However, the source speaking to CoinDesk rejected that version. The person said no such investment deal is under discussion.
Coinbase, Bybit Explore Bringing U.S. Stocks On-Chain
Coinbase is in discussions with Bybit to explore tokenization, custody, and global distribution of assets including U.S. public and pre-IPO stocks.
The talks do not involve any equity investment or Bybit’s U.S. market entry,… pic.twitter.com/OtpE0XAGN2
— Wu Blockchain (@WuBlockchain) April 20, 2026
This means the talks with Coinbase have a different purpose. They are about tokenized assets and custody services.
They are not about helping Bybit enter the U.S. market. Instead, they focus on cross-border product opportunities.
Coinbase and Bybit both declined to comment on the matter. Even so, the source account adds useful detail.
It separates the current talks from earlier speculation. That distinction helps clarify the direction of both companies.
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Bybit Plans U.S. Expansion Through a Separate Entity
Bybit is still planning a U.S. expansion, according to the source. However, that effort is separate from the Coinbase talks.
The source said a new entity will be created for that move. Former Bybit co-CEO Helen Liu is expected to lead it.
A local partner is expected to support the U.S. plan. That partner would handle licensing and compliance matters.
Bybit, in contrast, would provide technology, product tools, and liquidity. This structure would divide duties between both sides.
The source did not name the local partner involved. Still, the outline suggests a regulated market approach.
It also shows that Bybit is trying to build a legal entry path. Meanwhile, its talks with Coinbase remain global in nature.
For now, no final agreement has been announced by either company. The talks are still at an early stage.
Even so, they show continued interest in tokenized real-world assets. They also show how crypto firms are seeking new growth areas.
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