xStocks launches on Bybit Spot: How to trade stocks on-chain

For crypto traders, accessing US stock market opportunities has often meant navigating separate platforms and converting digital assets to fiat. Now, xStocks on Bybit Spot removes that barrier, letting you trade fully-backed, tokenized US stocks 24/7, using USDT, all within your existing Bybit account. 

In this article, we explore what xStocks is, how it works, its key benefits — and how you can start trading it on Bybit Spot and Bybit Alpha.

Key Takeaways:

• xStocks are fully-backed tokenized stocks available 24/7 to trade on Bybit Spot and Bybit Alpha.

• Backed Assets (JE) Limited (a Jersey private limited company) is the issuer of xStocks, which is designed to be 1:1 representations of real-world stocks like Apple, Tesla and NVIDIA.

• Unlike CFDs, xStocks provides investors with ownership of the underlying asset and are freely transferable on the blockchain.

Bybit introduces on-chain stock trading with xStocks

In a move to provide a gateway between crypto and traditional finance, Bybit has partnered with Backed Finance to launch xStocks. This collaboration brings fully compliant, tokenized stocks to Bybit Spot, offering users a novel way to invest in equities.

By participating in xStocks spot trading on Bybit, traders can gain early access to tokenized equities, a brand-new class of investment products. This provides first-mover advantages in a new market, access to blockchain-based stocks with 24/7 trading and the ability to diversify portfolios seamlessly. Bybit supports this launch with first-class liquidity, positioning itself as a premier destination for on-chain stock trading.

What are tokenized/on-chain stocks?

Tokenized stocks, or on-chain stocks, are digital representations of traditional shares issued on a blockchain. Each token corresponds to a fraction or whole share of an underlying stock, enabling investors to buy, sell and trade these shares on the blockchain.

What on-chain stocks can you trade on Bybit?

xStocks now includes over 60 tokenized US stocks and ETFs, available for trading against the USDT stablecoin. The list features Magnificent Seven tech stocks like Apple (AAPL), Tesla (TSLA), Alphabet (GOOGL), Microsoft (MSFT), NVIDIA (NVDA), Meta (META) and Amazon (AMZN) and crypto stocks like Strategy (MSTR), Robinhood (HOOD) and Circle (CRCL). Please note that a trading rate of 0.2% and position size limit of 300,000 USDT apply.

What are xStocks?

xStocks is issued by Backed Assets (JE) Limited, a Jersey private limited company issuance entity in Jersey wholly owned by Backed Finance. Founded in 2021, Backed issues xStocks as digital tracker certificates designed to reflect the economic exposure of individual public listed equities and ETFs.

Each xStock is a digital token structured to correspond on a 1:1 basis with an underlying share, with the issuer maintaining that an equivalent share is held in custody for each token in circulation.

These are not derivatives, but fully collateralized digital assets. They’re issued as tracker certificates under a MiFID II–compliant EU prospectus and supported by regulated custodians in Switzerland and the US, as represented by the issuer. xStocks are initially available on the Solana blockchain, leveraging the transparency and efficiency of its on-chain infrastructure to facilitate access to traditional asset exposure.While Bybit facilitates access to xStocks through its platform for eligible users, it does not issue or sell xStocks, and does not guarantee the delivery or redemption of the underlying shares. Users should review the relevant disclosures and documentation provided by the issuer and conduct their own due diligence before trading xStocks.

How to trade xStocks on Bybit Spot

Trading xStocks on Bybit is as simple as trading any other cryptocurrency on the Spot market. To get started, follow these easy instructions:

1. Log in or create a Bybit account, and complete the necessary KYC level 1 verification.

2. Navigate to Bybit Spot in the Bybit App or on the Bybit website.

3. Search for the desired xStock token using its ticker. Popular examples include NVDAX, APPLX, TSLAX, METAX, GOOGLX, AMZNX, HOODX, CRCLX and others. For the full list of available xStock tickers, visit the Bybit Spot market.

4. Choose your order type (Market, Limit or Conditional). You can place your order by entering its Value, Quantity or Stock Quantity, based on your preference. For Limit or Conditional orders, you’ll also need to enter the order price or trigger price.

5. Enter the amount of USDT you wish to trade. You can switch between token price and underlying stock price using the double-arrow toggle on the Trading page, Order Placement page or Order History page. When selecting 100% of your available balance for a market order, the displayed maximum value or quantity may differ slightly from the final executed amount. This buffer helps ensure smooth execution during price fluctuations.

6. Confirm the transaction. A confirmation window will appear. Tap on the arrow next to Token Price/Stock Price to switch the price display if needed. Review your order details, and tap on Confirm.

All xStock pairs on Bybit are quoted against USDT, allowing for quick and easy transactions using your stablecoin balance. With 24/7 availability and near-instant settlement, you can react to market opportunities anytime, anywhere.

How to trade xStocks on Bybit Alpha

xStocks are also accessible via Bybit Alpha, Bybit's account-based on-chain trading platform. Launched in October 2025, Bybit Alpha allows users to access on-chain opportunities directly from their Unified Trading Account (UTA), with no need to set up a separate wallet, manage gas tokens or handle seed phrases.

This makes Bybit Alpha an ideal entry point for traders who want on-chain exposure to tokenized stocks without the complexity of traditional decentralized finance (DeFi) tools. Using Bybit Alpha, you can access xStocks, such as AAPLx and NVDAx, directly from your Bybit account via a familiar, secure interface.

Steps to trade xStocks on Bybit Alpha

1. Log in to your Bybit account, and navigate to Bybit Alpha from the main menu.

2. Select the xStock token you wish to trade (for example, AAPLx or NVDAx).

3. Choose your order type and enter the amount you wish to trade.

4. Confirm the transaction. Settlement is handled directly through your UTA.

How xStocks trading on Bybit works: Mechanism and market dynamics

The value of xStocks is designed to track the price of the corresponding underlying equity through a pegging and arbitrage mechanism maintained by the issuer. According to Backed Finance, each token is backed 1:1 by an actual share held with a regulated third-party custodian, and token issuance is structured to be verifiable on-chain.

Market participants, including market makers, play a crucial role by issuing and redeeming tokens from the issuer based on supply and demand dynamics. If the price of an xStock on Bybit deviates from the price of the underlying stock on exchanges like the NYSE or Nasdaq, arbitrageurs are incentivized to close the gap, much as they do in stablecoin markets.

This mechanism creates two interconnected markets: 

• The primary market (US stock exchanges) is open during standard trading hours, and serves as the price anchor. 

• The secondary market (on-chain trading on Bybit) operates 24/7. 

Outside of US market hours, the price of an xStock may float slightly, acting as a prediction market based on pre-market or after-hours news and sentiment.

Key features and benefits of xStocks

xStocks are designed as a superior way to access equities on-chain, and they offer several unique features. One key feature is 24/7 trading availability. Unlike traditional stock markets that operate on fixed schedules, xStocks can be traded anytime on the Bybit Spot market.

To ensure investors receive the full economic benefit of the underlying share, xStocks use a rebasing mechanism. This automatically adjusts the number of tokens in a holder's wallet to reflect corporate actions such as dividends or stock splits without requiring any action from the user.

Bybit also applies a Multiplier mechanism for xStocks. The Multiplier is updated whenever stock splits, reverse splits or dividend events occur. This reflects the updated number of underlying shares represented by each token, ensuring the token remains accurately pegged to its real-world equivalent after such corporate actions.

Benefits for traders are significant: the blockchain provides full transparency of ownership and collateral, and allows for fractional ownership, making it easier to invest in high-priced stocks. Furthermore, transactions benefit from the efficient settlement times of the blockchain, clearing in near–real time instead of the multi-day settlement of traditional markets.

Why trade xStocks on Bybit?

As a top-tier crypto exchange, Bybit provides an ideal environment for trading xStocks. Users benefit from deep liquidity and a familiar, user-friendly interface. The platform allows you to trade these on-chain US stocks directly with stablecoins such as USDT, removing the need for traditional brokerage accounts and complex fiat onboarding processes.

This 24/7 access is perfect for global traders in different time zones who want to react to market news without waiting for Wall Street to open. Most importantly, it enables true portfolio diversification. Crypto traders can now easily capture the upside of the strong performance in US equities markets directly within their Bybit accounts.

xStocks vs. Stock CFDs on Bybit TradFi

Bybit offers two distinct ways to get exposure to stocks: xStocks on the Spot market and stock CFDs on Bybit TradFi Trading. While both provide access to stock price movements, the two products are fundamentally different.

Trade on-chain stocks on Bybit now

The launch of xStocks on Bybit marks a significant step in bridging the gap between traditional equities and the digital asset market. This innovative product offers the security and value of real-world stocks with the efficiency, accessibility and 24/7 availability of crypto.

The fast-growing real-word asset (RWA) tokenization market has hit $24 billion as of June this year, and is projected to reach $50 billion by the end of the year. With strong advocates for tokenization from notable investors like Blackrock’s Larry Fink, and regulatory clarity in the US paving the way, tokenization could rapidly transform traditional and tangible assets like real estate, commodities, bonds and equities into digital tokens on blockchain.

By providing a platform for these tokenized assets, Bybit empowers users to diversify their portfolios and engage with global markets in a truly modern, on-chain environment.

Ready to join the future of equity investing? Start trading xStocks on Bybit Spot today.

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