Coinbase is reportedly in discussions with Bybit to collaborate on custody and global distribution of tokenized assets, including U.S. listed and unlisted stocks. Sources indicate that the talks do not involve equity investment or plans for Bybit to enter the U.S. market. Bybit's U.S. market entry will be pursued through a separate entity led by former co-CEO Helen Liu, in partnership with local collaborators, without Coinbase's involvement. Both Coinbase and Bybit declined to comment on the matter.