Crypto.com has joined the race to offer tokenized stock perpetual futures in the United States after CEO Kris Marszalek announced SEC authorization for the products. They will be offered through the new futures exchange OG.com, following engagement with both the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) over single-stock perpetual futures. The announcement came hours after Kraken disclosed plans to bring Hyperliquid HIP-3 markets, which offer RWA (real-world asset) perpetual futures, to the U.S. Crypto.com's expansion follows a $400 million strategic investment from Citadel Securities in July, intended to support expansion into asset classes and markets including tokenized securities and derivatives. The developments come as RWA perpetual futures volume rose from $20 billion in January to more than $140 billion by July, while open interest (capital committed to outstanding contracts) climbed 22-fold from $220 million to $5.3 billion, according to DeFiLlama. The competing initiatives leave U.S. market share for tokenized stock perpetual futures undecided.