Bybit xStocks: A Real Version of On-Chain US Stock Trading
Bybit partnered with the Swiss compliant platform Backed to launch its xStocks service in May 2025, tokenizing US stocks and ETFs for trading on its platform. These assets are backed 1:1 by real stocks and can be traded on the Ethereum and Solana networks.
Stocks currently available for trading include a portion of the following: Backed Stocks RWA
Key Advantages
24/7 Trading
No longer limited by traditional US stock market hours (e.g., NYSE’s 9:30 AM - 4:00 PM), xStocks achieves true 24/7 trading, accommodating users from different countries at any time.Global User Participation
Bybit opens registration to users outside the US, making US stock investments globally accessible.Low Barrier to Entry
Supports ‘fragmented investment,’ allowing users to purchase partial shares, such as 0.01 shares of Tesla, without the need to hold entire shares, significantly lowering the capital requirement to enter the market.Instant On-Chain Settlement
Trades don’t have to wait for the T+2 clearing cycle, with settlements occurring almost in real-time, enhancing capital efficiency.Solana Network Support for Deposits and Withdrawals
Users can opt for the efficient and low-fee Solana network for deposits and withdrawals, suitable for frequent traders.
Fee Structure and Trading Limits
xStocks sets maker and taker fees based on user VIP levels, starting at 0.2%, with advanced users enjoying rates as low as 0.045%. Moreover, each account has a position limit for xStocks of up to 300,000 USDT equivalent.
Core Conclusion:
- RWA (Real World Assets) enhances asset liquidity, accessibility, and processing efficiency through blockchain technology, but the specific benefits vary based on asset type and regulatory environment.
- Bybit launched xStocks to enable on-chain trading of US stocks, offering advantages such as 24/7 trading, low entry barrier investments, and convenient transfers, but the claim of ‘tax-free’ is not universally applicable and should be judged prudently based on the user’s tax jurisdiction.
Core Value of RWA
RWA refers to traditional assets such as stocks, bonds, and real estate being tokenized on the blockchain for trading. According to multiple studies, the primary advantages of RWA include:
- Increased Liquidity: Assets can be divided into smaller units, promoting transaction activity.
- Enhanced Accessibility: Lower investment barriers allow ordinary users to access traditionally high-threshold asset classes.
- Transaction Transparency: Ownership and transaction history are recorded on-chain, reducing fraud risk.
- Efficiency Improvement: The reduction of intermediaries speeds up transactions and settlements.
- Security Assurance: The distributed structure of blockchain enhances ownership security and risk resistance.
For example, the market value of tokenized government bonds surpassed $5.6 billion in 2025, reflecting the rapidly increasing market acceptance of the digitalization of traditional financial assets (CoinGecko data).
Tax Issues to Watch: Not All Areas Are ‘Tax-Free’
Although some users believe that on-chain trading may be ‘tax-free,’ the actual tax treatment depends on the user’s location:
- Australia: On-chain trading is considered an asset transfer and is subject to capital gains tax (CGT).
- European Union: The DAC8 regulation, which will take effect in 2026, requires exchanges to report user transactions, tightening oversight.
- Japan: Crypto trading is generally regarded as ‘miscellaneous income,’ with a maximum tax rate of up to 55%.
Therefore, tax obligations still exist regardless of whether trading occurs on-chain, although the tax implications of profits realized on-chain become significantly more difficult to trace.
Community Views and Market Feedback
From user feedback on platform X, xStocks is enthusiastically received by crypto investors for its ‘low threshold, globalization, and 24/7 trading’ traits.
- @xStocksFi: Emphasizes the convenience of asset fragmentation and cross-chain access.
- @CryptoMiners_Co: Believes this is a typical representation of RWA’s practical implementation.
- @AlvaApp: Reminds to pay attention to regulatory compliance and custody transparency.
Summary
RWA opens up a new avenue for traditional financial assets through blockchain, with advantages in improving liquidity, enhancing transparency, and expanding participation. The xStocks project launched by Bybit exemplifies this trend, providing on-chain US stock trading services that significantly lower barriers and enhance trading freedom. However, the claim of ‘tax-free’ still requires careful judgment, and compliance is essential for safeguarding asset security.
[](https://bly.one/US Stocks)
Bybit is a cryptocurrency exchange established in March 2018, providing a professional platform where crypto traders can find ultra-fast matching engines, excellent customer service, and multi-language community support. The company offers innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace, and API support to retail and institutional clients worldwide, striving to be the most reliable exchange for emerging digital asset categories.