Update (April 14): Binance announced late Wednesday that it has temporarily postponed the listing of the Coinbase stock token due to market volatility.
Crypto exchange Binance is set to list rival Coinbase's stock token on Wednesday.
Binance started trading in tokenized stocks earlier this week, beginning with Tesla. At the time, the exchange said it would list more stock tokens based on market demand.
The Tesla stock token has seen a trading volume of $6.7 million within three days of its listing on Binance.
Binance's stock tokens are priced and settled in BUSD, meaning users can buy and redeem them via the exchange's stablecoin.
Interested traders are required to pass know-your-customer and other relevant compliance measures. However, residents of the U.S., mainland China, Turkey, and other restricted jurisdictions are barred from buying stock tokens on Binance.
Since Binance follows traditional market hours for tokenized stock trading, the Coinbase stock token will follow Nasdaq hours.
It is not clear who will help Binance settle the Coinbase stock token. The Block has reached out to Binance and will update this story should we hear back.