Coinbase and Bybit reportedly explore collaboration on tokenizing U.S. stocks, focusing on custody and distribution without any equity stake or market entry deal

Bybit already distributes Backed's xStocks on Solana (listed equities only, Swiss DLT structure), so this Coinbase deal only makes sense as a pre-IPO play — custodying SpaceX/Stripe/OpenAI secondary is the market Carta owns and Backed can't touch. Coinbase Prime brings US-regulated custody, Bybit brings Asia distribution without Coinbase having to stand up offshore broker-dealer infrastructure. No equity stake = both sides keep clean exits if SEC flips back to enforcement mode.

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