Binance co-founder and former CEO Changpeng Zhao, CZ, believes the next major shift in public markets could put initial public offerings directly on blockchain networks, as tokenized equities gain traction and financial firms build infrastructure for on-chain securities.
“IPOs will move on chain,” Zhao said Tuesday in a post on X, offering no timeline or details on how such a market would operate.
His comment comes as the infrastructure for blockchain-based securities is already moving forward. Tokenized stocks now represent about $2.9 billion in on-chain value, according to data from RWA.xyz, after growing roughly 14% over the past month.
From tokenized shares to on-chain IPOs
An on-chain IPO could involve issuing and distributing securities through blockchain infrastructure from the outset, rather than adding a blockchain-based representation after a company has already gone public.
Tokenization may allow securities to be divided into smaller units, potentially making them accessible to investors with smaller amounts of capital. However, putting an IPO on a blockchain would not remove the regulatory requirements that apply to public securities offerings.
The U.S. Securities and Exchange Commission (SEC) is reviewing how existing securities rules can accommodate blockchain-based assets. Last week, the agency proposed changes to transfer-agent rules to account for the use of blockchain technology in handling tokenized securities.
The proposed changes cover areas including electronic records, communications and securities transfers. The SEC said the existing rules have not been significantly updated since the late 1970s and early 1980s. The proposal would update the current framework rather than create a separate system for blockchain-based transfer agents.
Industry infrastructure takes shape
Zhao’s prediction comes as several companies continue building infrastructure for tokenized securities and on-chain trading. Securitize has also been expanding its role in regulated tokenized markets. In May 2026, the firm partnered with BlackRock on a new tokenized fund structure, with Securitize managing blockchain-based ownership records and transfer-agent services.
The development followed the success of BlackRock’s BUIDL fund, which was launched with Securitize in 2024. In July 2026, Securitize’s combined company with Cantor Equity Partners II began trading on the New York Stock Exchange under the ticker SECZ.
Ondo has also expanded its tokenized stock business. In July, its Oasis Pro platform received SEC and FINRA approval related to tokenized stock trading, while Ondo expanded 24/7 tokenized stock liquidity on Solana.
The trend is also gaining traction among major crypto platforms. In August 2026, Crypto.com launched tokenized stocks and ETFs with 24/7 access for eligible users, allowing fractional exposure from as little as $1. The offering initially covered around 1,500 stocks and funds, including Nvidia, Tesla, and Apple. However, the products do not give investors direct ownership or voting rights in the underlying securities.
Shein’s recent IPO shows how traditional stocks can quickly move on-chain. Shein raised about $1.7 billion in its September 1 Hong Kong IPO, valuing the company at $26.5 billion. On the same day, xStocks launched $SHEINx on Solana and EVM networks, giving eligible non-US users on-chain exposure to Shein’s stock.
The launch shows how newly listed stocks can quickly become available through blockchain-based markets, adding to the growing connection between traditional finance and crypto infrastructure.
The regulatory hurdle remains
While blockchain could change how an IPO is issued, distributed and settled, it would not remove registration, disclosure or other requirements attached to public securities offerings. That distinction is important as the market moves from experiments in tokenization toward products aimed at mainstream investors.
For now, Zhao’s statement remains a prediction rather than an announcement of a Binance IPO product or a specific upcoming offering. He did not identify a company preparing to conduct an on-chain IPO, nor did he provide details about Binance’s role.
The next step will depend on whether regulators, exchanges and financial institutions can turn the existing tokenization infrastructure into a framework capable of supporting full public offerings. If that happens, Zhao’s short prediction could mark a broader transition—from putting existing stocks on-chain to making the blockchain part of the IPO process itself.
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