Tiger Research: CEX embraces stocks, has the Yamaya coin been abandoned?

Summary of highlights

• The growth in the price model of encrypted currency spot transactions, the rise of decentralised, permanent contracts exchanges, and others, combined with the easing of the regulatory environment since the Trump government came to power, have led to a combination of multiple factors leading to a reorientation of the global head of the encrypted exchange。
• There is now a proliferation of traditional financial products, such as stocks and financial derivatives, and a gradual convergence of business models with traditional financial institutions。
• But the problem follows that the centralized exchange has been the most mobile supplier of the entire encrypted ecology. Once the exchange gradually weakens the encrypted currency industry, the original operating order of the entire encrypted market may be completely broken。
• Since then, the encryption project has entered the self-sustaining phase, and its independence from the exchange will be a watershed in the development of the project, with a clear division of industry patterns。

Trade in apple stocks on a coin platform

As of June 1, users can trade in American stockmarks directly through AAPL and Alphabet (GOOGL). The following day, Cheonan announced the addition of Korea ' s composite stock index component trading, including SK Hercules, Samsung Electronics and the most active Korean shares of modern cars。

THE IDEA OF A MONETIZING STOCK BUSINESS DATES BACK TO 2021. IN APRIL OF THAT YEAR, THE PLATFORM WENT ONLINE TO ACCOUNT FOR STOCK TRANSACTIONS, SUPPORTING TRADES SUCH AS TESLA, APPLE (AAPL), MICROSOFT (MSFT). HOWEVER, THE SERVICE WAS COMPLETELY CLOSED IN JULY OF THE SAME YEAR DUE TO CONTINUED TIGHT REGULATORY PRESSURE. AT THAT TIME, THE OPERATION WAS DIFFICULT TO SUSTAIN, WITH THREE MAIN STRUCTURAL DIFFICULTIES: THE LEGAL CHARACTERIZATION OF STOCK TOKENS AS SECURITIES OR DERIVATIVES REMAINS UNCERTAIN; THE RELEVANT PRODUCT IS NOT EQUIPPED WITH A STATEMENT OF EQUITY IN LINE WITH EU REGULATORY REQUIREMENTS; AND THE CURRENCY ITSELF DOES NOT ACQUIRE DIRECT QUALIFICATIONS TO CARRY OUT SUCH OPERATIONS. THE FEDERAL FINANCIAL SUPERVISORY AUTHORITY OF GERMANY, THE BRITISH FINANCIAL CONDUCT SUPERVISORY AUTHORITY AND THE HONG KONG SECURITIES AND FUTURES SUPERVISORY COMMISSION HAVE ALL RAISED OBJECTIONS BASED ON THE ABOVE ISSUES。

This re-entry into the stock exchange service has resulted in a substantial restructuring of the overall structure. Cheonan is currently completing the orders through the holders of the Abu Dhabi Global Marketplace, and operations are clearly defined as securities brokerage services, completely circumventing previous legal disputes. The core contradiction of the business breakdown in 2021: the vague attribution of the issuer to the bottom asset is now largely resolved。

This industry action shows a clear time convergence. During the same period, Bybit also launched the market for traditional financial goods, not only on the Korean stock contracts of SK Hercules and Samsung Electronics, but also the permanent contract transaction of Space Exploration Technologies (SPCX). Coinbase also followed closely and announced support for the SPCX contract deal。

The reasons behind the shift from a single encrypted currency trading model to an integrated traditional financial services platform are worth exploring。

Three drivers of transition

A triple external pressure to work together to move the exchange away from a purely encrypted currency operating model。

The volume of encrypted money transactions continues to decline

The first pressure comes from the contraction of the total volume of encrypted currency transactions. The core source of exchange revenue is transaction fees in encrypted currencies, while the volume of transactions is determined entirely by market sentiment。

The average daily cash transactions fell sharply from a peak of about $45 billion in October 2025, currently at $7.7 billion, almost 80 per cent. All other centralized exchange spot trades also dropped by about 70 per cent, from a peak of $63 billion to $18.8 billion today. The shrinking volume of transactions means that business models that rely on transactional fees for profit become unsustainable. Indeed, major exchanges have long realized that a sustainable collection system cannot be built based solely on the transaction costs of encrypted currency。

Hyperliquid Liquidity in the Stream

Comparative data clearly show the current market pattern: the gap has become apparent in comparing the trade in bitcoin, the amount of money traded outside Taifung, with real world asset transactions such as stocks and commodities on the Hyperliquid platform。

Hyperliquid continues to absorb liquidity in the chain through the renewal of contracts for up-to-date stocks and bulk commodities. As of mid-2026, 23 of the top 30 targets for the platform ' s renewal of contractual transactions were stocks and bulk commodities, while the price of encrypted money became a minority。

THE CHAIN MARKET IS NO LONGER THE EXCLUSIVE DOMAIN OF ENCRYPTED CURRENCY. THE VOLUME OF A TRANSACTION GOING TO A CENTRALIZED EXCHANGE IS NOW SUFFICIENT FOR THE TRADITIONAL CENTRALIZED EXCHANGE TO PROTEST, WHICH ALSO SOUNDED THE ALARM FOR THE MAJOR CEXS。

The regulatory environment is changing

The third pressure came from the change in the overall direction of supervision following the Trump administration. The United States Securities and Exchange Commission withdrew its action against Coinbase and Kraken. At a time of strong regulatory attitudes, applying for traditional financial notes carries a high risk of compliance; now that the regulatory boundaries are becoming clearer, the various types of financial licences become not only endorsement of compliance, but also the advantage of platform-specific competition。

Within a clear framework of rules, exchanges can explore new directions based on their existing strengths. Three major pressures were concentrated at the same time, with increasing demand for equities and various types of financial derivatives in the superseding markets, and head exchanges, if they are to survive in the long term, must move ahead with the pace of transformation and move beyond a completely new development path。

Response of major centralized exchanges

Faced with the same industry dilemmas, centralized exchanges have chosen different paths of development。

BEN: Building an integrated financial super platform

The idea of a single-stop, integrated trading platform is very clear: all transactions by users are kept in their own environment to avoid loss of users。

Cheon-An has already been able to set up the tracks ahead of schedule and has achieved remarkable results. The platform set up a centralised trading operation, which was launched in April 2019, cutting into the chain ' s ecology, and in the first half of 2025, the Binance Alpha product successfully took a significant market share of the chain。

In 2026, however, chain liquidity began to tilt towards equity. Hyperliquid pioneered the direct impact on the chain user community, which has accumulated over the years, thanks to the continued capture of liquidity by stock and commodity-related products. In response, it did not choose to compete positively with Hyperliquid in the chain, but rather to introduce stock trading services to its over 200 million stock users. It is clearly a more prudent choice to hold on to existing users than to go deep into the field and kill。

The operational model of the operation is as follows: a transaction order submitted by a user at the front end of the currency will be received by Nest Trading, a global market holder in Abu Dhabi, who will then be transferred to Alpaca Security to complete the follow-up process. The execution of orders, liquidation, settlement and custody of assets are the sole responsibility of Alpaca. Currency is not directly in possession of the relevant securities assets, and this architecture is designed to avoid direct securities regulation。

It is worth mentioning that Nest Trading has been confirmed as the main subject of the currency and that it also holds minority shares in Alpaca. The parties entered into a share of proceeds agreement, Nest Trading was allocated 50 per cent of the order flow charges and 65 per cent of the securities lending income。

It is now self-sustaining to build a package of supporting infrastructure and a comprehensive financial transition super-app. Prior to further liquidity to Hyperliquid and the stock market, the Platform was fully committed to consolidating the basic disk of inventory users。

Bybit: Two-line parallel development model

Bybit was founded in 2018 and began with a rapid expansion in derivatives trading, with a maximum of 100 times leverage and low fees. The platform now uses a central, twin-line strategy: moving the mobility of the centralized exchange to the block chain network, on the one hand, and directly online traditional financial asset derivatives, on the centralized platform, on the other。

The layout of the platform begins with operations along the chain. In June 2025, Bybit officially took the first step in the deployment of a monetized stock product launched by Backed on a spot plate. In November of the same year, the Bybit United Mantle Public Chain, in cooperation with Backed, formally launched the xStocks product in the Mantle block chain, covering mainstream American shares such as NVDA and Apple。

In May 2026, Bybit went on-line atoms asking for quotations at the Decentre Exchange in Mantle Ecology. Rather than relying on automatic market-based orders, the function seeks quotations directly from the issuer of the assets to enable chain transactions to meet the enforcement standards required by traditional financial institutions。

At the centralised business block, Bybit also acts frequently. As a result of industry pressures similar to that of coins, the Platform launched a contract in April 2026 for the renewal of traditional financial goods, which has since been renewed on a weekly basis. At present, mainstream American shares such as Tesla, NVDA, Apple and others, such as gold, silver and crude oil, support all-weather trading with USDT. On 4 June, Samsung Electronics, SK Hercules, Modern Motors Extension Contract officially came online, while the Platform opened up pre-market shares for space exploration technology。

The ultimate goal of both main lines of operation is to build up infrastructure, to create a chain and a bottom line, and to achieve a fine-tuning of traditional financial assets. Unlike François, Bybit does not place all its focus on centralised platforms, but relies on the Fluxion and Mantle commons to sustain the ecology of the deep-crop chain。

Coinbase: The most credible exchange in the United States market

Coinbase was listed in 2021 in NASDAQ and was included in the 500 Index in May 2025. Relying on Wall Street capital, it is also the most recognized central encrypted exchange of global institutions。

Coinbase also maintains a business layout on the chain. In 2023, it launched the ETA 2 network, Base, which grew rapidly and in 2025 accounted for nearly half of the total number of locks on the second floor. But after 2026, Base ' s growth stalled and was no longer the core direction of the company。

At this stage, Coinbase ' s focus has shifted completely to institutional clients. In August 2025, the company completed the purchase of Deribit at $2.9 billion, taking a share of about 85 per cent of the global encrypted options market. The platform then acquired futures broker qualifications issued by the United States Commodity Futures Trading Commission, introduced cross-guarantee trading functions, consolidated cash, futures and long-term contractual positions into the same bond account and further expanded the corporate client base. During the year, hedge funds and management agencies experienced a new quarterly high in their borrowing balances on the platform。

In December 2025, Coinbase had its own off-line zero commission stock and exchange trading fund transaction services in App. Currency is the indirect mode of operation of a foreign broker, while Coinbase carries out stock exchanges directly on the basis of years of compliance qualifications. On 4 June, the Platform announced its support for the pre-market share of SpaceX。

Hyperliquid is constantly enriching its products and accumulating liquidity in the regulatory grey zone, while Coinbase pre-packaging its stock business, which also gives it more responsiveness to industry changes。

Kraken: Towards Federal Encryption Bank

Kraken was created in 2011 as one of the oldest exchanges in the encryption industry. Its core strategy is the continuous consolidation of various financial licences, the establishment of an autonomous infrastructure, and the eventual creation of a United States federally supervised bank for the custody of encrypted assets。

Access to compliance is the first priority for Kraken. In March 2025, the company spent $1.5 billion on a trading platform, Ninjatrader, which successfully took over the futures broker licence of the United States Commodity Futures Trading Commission, while taking over 20,000 retail dealer users of the platform. In April 2026, a further $550 million was purchased in Bitnomial. The platform, which has been in operation for 10 years, is the only original encryption platform in the industry that brings together the three core licences of the American Commodity Futures Trading Commission (CFTC) - the contract market licence, derivative settlement organization licence, and futures broker licence. In March 2026, Kraken successfully obtained the Fed's account; in May of the same year, he submitted an application to the United States Monetary Agency for the licence plate of the National Trust Company。

While fully advancing the compliance layout, Kraken did not neglect the ecological aspects of the chain. The platform launched the Self-Study Level 2 Network in December 2024, Ink, and then built a loan agreement on the network, Tydro and the Decentre Sustainable Contract Exchange Nado. 2026 DeFi Earn, a Bitcoin Vault hosting service was launched in May. The design logic of all chain products revolves around assets that clearly explain value to institutional clients, as well as the kyats that are not part of the chain ' s business planning。

When other exchanges went online to keep their customers, Kraken chose another track and aspired to become a home-grown encrypted bank to which institutional clients relied。

The specific strategies of the centralized exchanges vary, but there is one thing in common: it no longer holds an important place in the future planning of all platforms。

Where will the encryption industry go

For a long time, the centralized exchange has been the mobility pillar of encrypted ecology. It is through this support that the vast majority of encryption projects can survive。

The deep-seated problem in the industry is that few encryption projects can prove their true value on the basis of actual business sales. The logic behind the price of tokens has never been the basic face of the project itself, but rather the early diversion of the exchange, for example, through online listings and mobile mining. This mode of operation is sustained on the premise that exchanges and traders remain enthusiastic about encrypted tracks。

Now that retail end-to-end transactions are shrinking and heat is declining, there will also be a tightening of online support for exchanges and market extension resources, which are bound to be unsustainable。

Market winds have shifted, and funds have started to flow to projects that can rely on the production of real products to generate value, rather than solely on exchange-borne blood. HYPE is the most typical example. Although it is this platform that diverts the flow of money from the chain that originally belonged to the encrypted currency and leads it to the stock class, HYPE is still one of the brightest encrypted assets of the day. This phenomenon also means that a mutually beneficial symbiotic relationship between the central chemical exchange and the encryption project is gradually breaking down。

The strategic choices of the major exchanges also confirm this trend. The bulk trade volume and the user base are fundamental to the survival of the exchange, and their foundations will only continue to be eroded if they continue to maintain a pure and encrypted monetary course. Today, the market has lost its old enthusiasm for new and encrypted tokens. Exchanges have no choice but to actively explore new sources of revenue while guarding existing platform structures and user groups。

This is also the central reason for the collective shift from major platforms to equity derivatives, financial value-added services and asset hosting operations. In the process of overall resource slanting, the exchange has effectively given way to the Shanco project to respond to market challenges。

In the past, when the market fell into a lower cycle, the Centralized Exchange and the entire encryption industry would co-press and co-operate with Bear City. But today, the exchange is beginning to explore ways in which growth can also be achieved away from encrypted currencies. This also bodes well for the downfall of the current trade, which will be more difficult in the field of encryption than in any previous bear market。