Bybit Partners xStocks to Launch 10 Tokenized U.S. Stocks on Blockchain

Bybit, a leading cryptocurrency exchange, has announced a strategic partnership with xStocks to introduce tokenized versions of major U.S. company stocks. This collaboration aims to enable users to trade these tokenized stocks directly on the blockchain, thereby bridging the gap between traditional finance and decentralized finance (DeFi). The launch is set to begin on June 30, with a phased rollout of ten tokenized stock pairs over the following week.

The tokenized stock pairs include COINX (Coinbase), NVDAX (NVIDIA), CRCLX (Circle), APPLX (Apple), HOODX (Robinhood), METAX (Meta/Facebook), GOOGLX (Google/Alphabet), AMZNX (Amazon), TSLAX (Tesla), and MCDX (McDonald’s). These tokens will be paired with USDT (Tether) and supported by Spot Grid Bots, which will help automate trading strategies. Users will be able to deposit and withdraw these tokens using the Solana (SOL) network, ensuring seamless transactions.

Each tokenized stock is backed by an actual stock and issued by xStocks, a blockchain platform developed by Backed Finance. The primary goal of this collaboration is to make stock trading more accessible, borderless, fractional, and available 24/7, similar to the trading experience of cryptocurrencies. This move by Bybit is part of its ongoing effort to integrate traditional financial instruments with the benefits of blockchain technology, offering users a new avenue to gain exposure to leading U.S. tech and finance companies directly from their crypto exchange.

The phased launch schedule is as follows: COINX and NVDAX will go live on June 30, followed by CRCLX and APPLX on July 1, HOODX and METAX on July 2, GOOGLX and AMZNX on July 3, and finally TSLAX and MCDX on July 7. This staggered approach allows for a controlled and efficient rollout, ensuring that users have a smooth transition to trading these new tokenized assets.

Bybit's initiative to launch tokenized stock pairs with xStocks represents a significant step forward in the convergence of traditional finance and DeFi. By offering users the ability to trade tokenized versions of major U.S. company stocks directly on the blockchain, Bybit is providing a more accessible and flexible trading experience. This move not only expands the range of financial instruments available on the Bybit platform but also aligns with the broader trend of integrating blockchain technology into traditional financial markets.