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#Crypto exchanges are eager to offer these stocks because cryptocurrencies are in the dumps, while shares of many of the U.S. tech giants have continued to rise. Many clients have idle cash, and the crypto exchanges don’t want to see it disappear into the stock market. “Crypto users have a lot of USDT [tether stablecoins] that they are parking there.…They are looking at other financial assets out of the crypto industry,” said Gracy Chen, CEO of crypto exchange Bitget, which started to offer stock tokens last September.
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Crypto Exchanges Want to Trade U.S. Stocks Everywhere
Some of the world’s biggest crypto exchanges are racing to let their customers trade crypto tokens that seek to track U.S. stocks, creating a parallel market that’s beyond the reach of U.S. regulators. Binance is exploring reintroducing stock tokens on its exchange after having removed them in ...