Crypto exchanges aren’t just competing with each other anymore. They’re coming for Schwab, Fidelity, and every traditional brokerage that ever asked someone to fill out a 12-page form to buy a single share of Apple.

Binance Research released a report titled “Equity Layer: From Tokens to Tickers” projecting that crypto exchanges could channel up to $5 trillion annually in new equity capital into global stock markets over the next five years. The base case is slightly more conservative but still enormous: $2 trillion in incremental equity capital by 2031, alongside roughly 300 million new investors entering the market, primarily from emerging economies.

The emerging market thesis

Binance’s data underscores…