Changpeng Zhao (CZ), co-founder and former chief executive of Binance, says tokenized US stocks could give investors outside the United States practical access to American equity markets. Speaking on The Rollup podcast on October 27, Zhao argued that the primary audience for tokenized equities consists of people who cannot open US brokerage accounts or trade during regular American market hours.

“Most people cannot even open a US brokerage account,” Zhao said during the interview.

CZ: The Real Demand for Tokenized US Stocks Comes from Outside the US

On October 27, 2026, Binance founder CZ @cz_binance said in an interview with The Rollup founder Andy @andyyy that demand for tokenized U.S. stocks primarily comes from people outside the United States who…

— Wu Blockchain (@WuBlockchain) October 29, 2026

Zhao also noted that investors in Asia may face overnight trading sessions when buying shares listed in New York. The US regular trading session runs from 9:30 a.m. to 4:00 p.m. Eastern Time, which falls overnight in much of Asia. In his view, brokerage restrictions and inconvenient trading hours remain the two main barriers keeping overseas investors out of American equities.

His remarks come amid a broader push by established financial institutions to bring traditional assets onto blockchain rails.

Tokenized US Stocks Could Expand Access

Tokenization creates blockchain-based versions of financial assets. Depending on their legal structure, these products can either track shares or represent direct ownership of the underlying security, and that legal structure determines what rights a token holder actually has. Investors must still meet local rules, and holding a token does not automatically provide voting or dividend rights.

Established financial firms are also moving into the sector. This week, DTCC launched a securities tokenization service supporting 34 assets, a notable step by a major market infrastructure provider. DTCC — the Depository Trust & Clearing Corporation — handles post-trade clearing and settlement for US securities, so its entry into tokenization brings the technology into core market plumbing. Twenty firms, including JPMorgan, Citi and Fidelity, have signed agreements to use the platform, which targets eligible institutions rather than retail investors.

Zhao pointed to countries with populations near 100 million where entire stock exchanges record around $50 million in daily trading volume, and compared that amount with the activity a single investor in New York might handle. He argued that blockchain-based markets could connect local companies with a much wider group of buyers. The comparison did not identify specific countries, and the interview did not provide data showing how much additional trading tokenization would generate.

Company Objections Shape Tokenized Stock Plans

The tokenized stock market is also facing resistance from listed companies themselves. An OKX–ICE tokenized stock proposal has received objections from 26 issuers, including IBM, Oracle, Intel and IonQ.

Under the US Securities and Exchange Commission’s temporary framework, eligible platforms must notify companies before offering tokenized versions of their shares. Companies can object to listings, while participating platforms remain subject to stated conditions — a structure that gives issuers a direct say in whether their shares circulate in tokenized form.

Zhao also discussed putting natural resources on blockchain networks, including rare earth minerals and water-related assets. Such products, he said, would need clear ownership records and suitable markets before investors could trade them.

Separately, BNB Chain’s Jenner testnet upgrade introduced a standard designed for compliant assets, including tokenized financial products. The network has not announced a mainnet date for the upgrade. The SEC framework governing these listings is currently temporary, and the Jenner mainnet rollout has no set date, so both the regulatory footing and the infrastructure for tokenized stocks remain works in progress.