Crypto.com is making a calculated push into equity-linked products with the launch of tokenized stock derivatives that track the price of major stocks without conferring any ownership rights, a structural choice designed to keep the offering squarely in derivatives territory and away from securities regulation.

The exchange began offering the products on August 12, allowing users to take directional bets on equities using USDT as collateral and settling positions entirely in crypto. The instruments are structured as perpetual contracts with automatic roll-over, mirroring the mechanics of crypto perpetual swaps that have become the industry’s most heavily traded product.

The design is deliberate. No actual shares change hands, and no…