Coinbase is in talks with Bybit about collaboration on tokenization, custody, and global distribution of assets, including U.S. public stocks and pre-IPO shares.

Coinbase is giving Bybit access to U.S. assets that are in high demand among international users, while Bybit is providing access to a global audience—primarily in Asia.

Separately from this partnership, Bybit plans to enter the U.S. market through a new legal entity led by former Co-CEO Helen Lu and a local partner who will handle licensing and compliance. Bybit will take on the technology, product, and liquidity.