Tesla contract launched, Binance “seizes pricing power” from traditional stock markets
Author: Wenser
Original title: Binance launches Tesla contract, pointing to NASDAQ and NYSE
Binance, the largest crypto firm, recently sounded the “horn of CeFi's counterattack against TradFi” after the NASDAQ and NYSE have successively submitted applications for tokenized stock transactions.
January 24, Binance spokespersonvoiced“Exploring to relaunch the stock token”; 2 days later, Binance officiallyRelease announcementsIt said “the Tesla (TSLA) stock perpetual contract will be launched on January 28, which supports up to 5 times leverage.”
It's worth mentioning that this is another bold attempt by Binance after a lapse of 5 years since it stopped supporting stock tokens in July 2021. Time has passed, and various aspects such as the current market supervision environment and infrastructure construction have undergone drastic changes.
Binance's move probably means that a “liquidity battle” between CEX and traditional stock exchanges has begun. The Daily Planet Daily will provide a brief analysis of this matter in this article for readers' reference.
Tesla has once again become a testing ground for Binance stock tokenized trading
What the short-lived “stock token experiment” of 2021 left Binance not only to face pressure from regulatory compliance forces, but also to the power of CeFi to break down TradFi's power in traditional financial markets.
Today, 5 years later, Binance's restart of stock token contract trading harbors greater ambition. The reason for this is a huge change in the following 3 areas:
First, the “crypto-friendly attitude” of US government regulators. After the Biden administration stepped down, the Trump administration set off a “crypto storm” in the US and around the world, creating a “new crypto regulatory environment” through various means such as personnel appointments, organizational abolition, and the establishment of laws, etc., and the culture of the US crypto market was completely clear;
Second, the development of tokenized stock trading is in full swing. According torwa.xyz website informationThe total market value of the stock tokenization market is now reported at US$1,096 billion, the trading volume has exceeded US$1.86 billion in the past 30 days, the number of monthly active addresses has exceeded 107,700, and the number of holders has exceeded 170,000. Compared to the market capitalization of less than $500 million in December 2024, the milestone of doubling has been achieved in about a year. As NASDAQ and NYSE related applications may be approved by the US SEC this year, the size of the stock tokenization market will also usher in explosive growth;
Third, improving infrastructure construction such as stablecoins, oracles, and on-chain and off-chain settlement systems. After the GENIUS Act (Stablecoin Genius Act) was signed and passed in 2025, oracle projects such as Chainlink and Pyth Network were selected as official partners of the US Department of Commerce and a series of events such as the US banking system and open applications for crypto banking licenses. Compared to 2021, there was no technical lag in stock token development, listing, settlement, leverage, etc.
Based on the above conditions, Binance once again opened the door to “stock contract trading” after connecting to ONDO Global Market, a tokenized stock trading platform. However, the deep meaning of Binance's move is probably due to the following 2 aspects:
The first is to look for “the number of new users added.” According toBinance official website informationIts total number of users has climbed to 306 million, which already accounts for half of the total number of crypto users in the world, which is around 600 million. There is no doubt that Binance has already entered a “bottleneck in user growth,” which is one of the main reasons why it has already begun to use traditional Internet promotion methods. Compared to the hundreds of millions or even a billion of global stock investors and investment institutions, the crypto community is just a “niche group.” In order to continue expanding and growing, Binance's exploration of new TradFi products is both a coincidence and a matter of necessity.
The second is to find “additional commercial volume.” In 2025, BinanceThe total trading volume of the platform reached $34 trillion, and even beyond2025 stablecoin annual trading volume(The latter amounts to $33 trillion), and the “world's largest centralized exchange” really deserves its name. However, data details show that the Binance platform's spot-related trading volume is about 7.1 trillion US dollars, accounting for only 1/5 of the total trading volume; in other words, most of Binance's trading volume is still on the derivatives side of contracts, options, etc.; this is not only determined by Binance's own CEX business model, but also reflects the huge role of derivatives products in stimulating trading volume and earning platform fees. Meanwhile, the multi-trillion dollar stock market is Binance's coveted “next piece of cake.”
With all the advantages of time and place, Binance naturally followed the trend and re-opened stock contract trading. Using the Tesla (TSLA) contract as the preferred target also seems to have quite a meaning of climbing up wherever it falls. As the US stock symbol with the most potential for growth under Musk, the launch of Tesla's contract can also boost discussions on the topic of restarting stock contract trading on Binance to a certain extent.
On the other hand, the large trading volume of CEXs competing against each other may have made Binance feel a slight sense of crisis.
data displayThe cumulative trading volume of Bitget's US stock contract sector has exceeded 15 billion US dollars. The top 3 most popular trading currencies are Tesla (TSLA), Meta Platforms (META), and Apple (AAPL), with cumulative turnover of 5.4 billion US dollars, 3 billion US dollars, and 1.7 billion US dollars respectively; as of January 5, the cumulative trading volume of the Gate Stock Token ZoneExceed $13.5 billionA total of nearly 80 trading pairs have been launched.
Conclusion: Binance vs. NASDAQ and NYSE, a battle of small and large liquidity
Finally, the author boldly predicts that there must be a vicious battle between crypto CEXs such as Binance and traditional financial stock exchanges such as NASDAQ and NYSE. Of course, this war has yet to be fully started, but the battle between the two is not only a dispute over the number of users, but also a battle over platform liquidity between capital and fees.
Although compared to the annual trading volume of tens of trillions of dollars on NASDAQ and the NYSE, the trading volume and market size of crypto CEXs such as Binance all lag by more than one magnitude. Judging from brand awareness, market size, and transaction volume, this is a complete “small and big” war; however, in terms of user experience, product iteration, and regulatory adaptability, CEXs such as Binance undoubtedly have better flexibility.
Of course, the premise of victory is that regulatory forces will not “pull off the balance”, and this battle for liquidity will probably be a protracted battle — the competition is not only about short-term enrichment effects, but also about the ability to have a deep link with the world economic situation in the long term. As to who wins in the end and who can become the rule-makers for the new game, let's wait and see.
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