โอเมื่อ Nvidia บน Bitget เริ่มจ่ายเงินปันผล ตลาดหุ้นสหรัฐเข้าสู่ช่วงเวลา Reality

Author: David, Chaoxiang Research

Tokenized stocks are one of the fastest-growing sectors in the crypto industry over the past two years, and also one of the most criticized.

What's the criticism? That they are empty shells.

For example, you spend 100 USDT to buy a token called NVDA, thinking you own a small piece of NVIDIA stock. In reality, you likely only receive a price shadow that follows the stock price. There are no real underlying shares, no dividends, and none of the rights that come with actual stock ownership.

But this criticized sector has become a major trend in the current version of the crypto industry.

And one exchange has produced a set of numbers that are hard to ignore.

According to Bitget's Q1 2026 Transparency Report, the peak trading volume of non-crypto assets now accounts for 40% of the platform's total volume. Stocks, gold, and forex – things typically found in brokerage apps – are now being traded in significant amounts on crypto exchanges.

TokenInsight's Q1 derivatives market report provides another benchmark: Bitget ranks second globally in stock perpetual swaps, with a market share of 22.61%.

Furthermore, for tokenized stocks issued by Ondo, Bitget alone accounts for approximately 89% of the trading volume. The cumulative trading volume of stock futures has surpassed $10 billion, and spot trading has exceeded $1 billion.

Look at the user side.

According to Bitget's user asset allocation report released in May this year, 52% of users' portfolios already contain both cryptocurrencies and US stocks. Half of the users are no longer just buying coins; their accounts hold assets from two different worlds.

A year ago, all these figures were zero.

The numbers are certainly impressive, and the demand is real. However, from our perspective, a more acute question lies behind these numbers:

What exactly are you getting when you buy these on-chain US stocks? Or are you spending real money just to buy a sophisticated price shadow?

Bitget took nine months to answer this question.

Stones from Other Hills, to Polish the Jade of US Stocks

In Q3 of last year, Bitget started listing US stocks on its platform, using the "stones from other hills" approach.

Tokenized stocks issued by third parties like Ondo and xStocks were listed, and Bitget handled the listing and order matching. Concurrently, it launched the industry's first US stock index perpetual swap, offering up to 100x leverage with 24/7 trading.

After running this model for a few months, the contract volume reached $10 billion by the end of last December, a very substantial scale. The demand was clear; users indeed wanted to trade US stocks on crypto exchanges. However, the product itself had issues.

Stones from other hills can polish jade, but if the stone itself is too coarse, you can't create a smooth experience. As volume grew, problems emerged.

For instance, you search for NVIDIA, buy 100 USDT of the on-chain NVDA token, and the price does track the Nasdaq. Then what?

First, the experience suffers from DEX-level depth; even moderately sized orders experience noticeable slippage. Second, regarding shareholder rights, if NVIDIA pays dividends quarterly, you receive nothing. When a stock split occurs, your holdings might take days to update.

For on-chain US stocks, you essentially buy a price first, and get nothing else.

These three problems aren't unique to Bitget; they are common issues across the entire tokenized stock sector. Third-party issuers control the underlying assets and product logic; the exchange is merely a shelf displaying goods. You have no control over depth, dividends, or asset usability.

The ceiling of the distribution model is the ceiling of the third-party product.

At this point, exchanges like Bitget face two paths. One is to continue patching up someone else's infrastructure; the other is to build their own ship. It chose the heavier path.

Self-Refinement, When Stocks on Bitget Start Paying Dividends

Recently, NVIDIA announced it would raise its quarterly dividend from $0.01 per share to $0.25, with the next payment date on June 26. If you hold rNVDA on Bitget, you might see a cash dividend converted into USDT credited to your account, and your cost basis will be updated automatically.

In the on-chain US stock sector, this is arguably the first instance of "true equity." This corresponding right exists because the underlying on-chain US stocks have undergone a new evolution on Bitget.

In June this year, Bitget launched a platform called Reality. The name literally means reality. In a crypto-US stock sector full of shadow stock assets, the name itself sounds like a manifesto:

When tokenized stocks become mainstream, they will shed the "tokenized" prefix and become the default "stocks," while the stocks traded today will retroactively be called "traditional stocks."

This might sound like science fiction, but Reality aims to make it a reality.

What the platform does isn't overly complicated. Instead of sourcing from Ondo or xStocks, Reality issues its own tokenized US stocks. Reality handles the issuance, licensed broker Alpaca manages custody, and The Network Firm performs independent audits. Each link has its clear responsibilities.

The stock tokens issued by the platform are called rTokens. The US stock tickers you now buy on Bitget will be prefixed with 'r'.

What's the difference in experience between rTokens and the batch of third-party tokens from six months ago?

The most direct difference is you can finally tell if there's real backing. In the 1.0 era of tokenized US stocks, the underlying custody chain was essentially a black box for users. You couldn't know if the NVDA you bought was backed by an actual NVIDIA share.

Reality makes this chain transparent. rTokens, this type of tokenized stock, have underlying real-world assets mapped to them.

For example, if you buy $100 worth of rNVDA on Bitget, Reality, through Alpaca, will purchase the corresponding number of actual NVIDIA shares in the US stock market and deposit them into an Alpaca custody account. You buy an amount, it buys an amount – a 1:1 correspondence.

Public information shows Alpaca is a licensed self-clearing broker in the US, registered with the Financial Industry Regulatory Authority (FINRA), and protected by the Securities Investor Protection Corporation (SIPC).

SIPC is a federal-level investor insurance mechanism in the US. Even if the broker itself fails, the securities assets in the custody account are safeguarded, up to $500,000. Alpaca is currently one of the most widely used custodians in the tokenized securities field, serving clients like Binance, Ondo, and xStocks.

The independent audit is conducted by The Network Firm, producing CPA-level reports quarterly, confirming the reserve ratio is 100% or higher. Bitget also provides an on-chain Proof of Reserves dashboard, updated in real-time and open for anyone to view.

You own an asset, and you know it's real. This is the tangible change at the user level.

Following this user experience, you can see the design philosophy behind Reality's entire architecture. Bitget deconstructed tokenized US stocks into three layers for rebuilding:

The first layer is securing the foundation. The aforementioned Alpaca custody, 1:1 purchase, and on-chain Proof of Reserves solve the fundamental trust issue: "Is there real backing behind what I buy?"

The second layer is completing the rights. Stock dividends are credited to the account as token airdrops (1:1), cash dividends are converted to USDT and deposited directly, and stock splits/reverse splits are mapped on-chain in real-time. In the past two years, if you bought tokenized NVIDIA elsewhere, you watched real shareholders collect dividends quarterly while your account remained static. This time, it's the rToken holders' turn.

The third layer is asset activation.

rTokens are integrated into Bitget's unified account system. Your rNVDA can be used directly as margin. Use your NVIDIA position to open a BTC contract – leverage a crypto contract with a US stock. In traditional brokerages, cross-asset margin is typically only for institutions; it was unthinkable in previous on-chain US stock setups. Now, an ordinary user can achieve a similar effect on Bitget.

So, what's the cost of buying stocks through this self-built system?

According to publicly disclosed fee schedules, for buying $1,000 worth of US stocks, Bitget charges approximately $0.40, while traditional online brokers typically charge around $2.

Viewed together, these three layers represent a qualitative change in the tokenized US stock category under Bitget: from a shadow token that only follows the price to a financial product with real custody, complete rights, and the ability to mix with crypto assets.

Two years ago, brokers wouldn't do this, and exchanges couldn't do it.

Some might ask, if you want to offer US stocks, why not take a simpler path, like directly connecting to a broker's channel and building a front-end?

Bitget chose the opposite: not to be a mere appendage of traditional finance, but to reconstruct the entire chain using crypto and on-chain methods. Reality has full-stack control from custody to distribution to on-chain mapping. rTokens are inherently on-chain assets that can be deposited, withdrawn, and combined – things direct broker connections cannot achieve.

Writing this reminds me of the famous line from the TV series "The Knockout": The bigger the waves, the more valuable the fish.

But to navigate the sudden changes in the market environment and catch more fish, you need a reliable boat. Renting someone else's boat is an option, but if you build your own, you set your own water level.

This is likely the unspoken but clear ambition behind Bitget's Reality platform, rarely stated directly in its promotions.

And clearly, Bitget doesn't intend to use this boat just for US stocks.

Beyond US Stocks: The Blueprint of a Panoramic Exchange

The first cargo loaded onto the newly built ship wasn't just publicly traded company stocks.

In April this year, Bitget launched a product called IPO Prime, allowing ordinary users to subscribe to companies before their IPO. The first offering was SpaceX, priced at $650 per unit, with a total pool of approximately $61 million. It attracted $177 million in subscriptions from 14,435 participants.

The second offering was OpenAI, priced at $725 per unit, with a pool of about $21 million. Actual subscriptions reached $120 million from 5,448 participants, oversubscribed by nearly six times.

Combined, these two rounds saw nearly $300 million in subscriptions from almost 20,000 participants.

The commonality between these two companies is that, in the world of traditional finance, ordinary people had no way to gain equity exposure before their IPOs. IPO Prime utilizes an SPV structure in partnership with Republic, anchoring real equity.

Beyond Pre-IPO, Bitget also launched TradFi late last year, a CFD product priced in USDT covering 79 instruments including forex, gold, commodities, and stock indices. Its peak daily trading volume has exceeded $8 billion.

Combined with Reality's continuously expanding US stock rTokens, the range of assets accessible in a single Bitget account now far exceeds the traditional definition of a "crypto exchange."

Internally, Bitget has a name for this direction: UEX, a Panoramic Exchange.

When CEO Gracy Chen first publicly mentioned this concept in September last year, the goal was straightforward: to cover cryptocurrencies, US stocks, gold, ETFs, and forex through a single account, enabling one-stop trading of global premium assets.

To support this framework, the team is also expanding.

Public information shows that Bitget has been intensively recruiting a mix of talent with backgrounds in traditional finance and internet growth. New hires include individuals from Futu, LongBridge, Robinhood, and eToro, with cross-market experience covering the US, Hong Kong, Singapore, Australia, and collaborations with traditional financial institutions like Nasdaq.

Looking at the hiring direction, this isn't a crypto exchange trying to catch up; it looks more like a new species building its skeleton.

I find Bitget's attitude towards this particularly interesting. There's a lighter path to offering US stock trading: connect to a broker's channel, put a shell on the front end, and let users buy and sell.

Many platforms take this route. Bitget chose the heaviest one: building its own issuance platform, setting up its own custody chain, and making rTokens deposit-able, withdraw-able, and combinable on-chain.

Why?

From a product perspective, Bitget's stance is clear. The direct broker connection model is essentially just a front-end for traditional finance. Users' purchased stocks live within the broker's system; they can't be deposited on-chain, withdrawn to a wallet, or used to leverage a BTC position.

Reality's rTokens are inherently on-chain assets, capable of much more than what a broker channel offers. Choosing the heavy path isn't about enjoying hardship; it's because the light path can't reach where they want to go.

I believe there's a bigger judgment behind this choice: Blockchain and Crypto have no future if