Bybit is expanding the role of tokenised equities on its platform by using more xStocks as underlyings for its Dual Asset structured product, allowing users to take short-duration exposure to tokenised shares through a yield structure rather than direct holding alone.
The exchange added four xStocks pairs linked to Meta, Tesla, Robinhood and Circle, taking the number of supported xStocks in Dual Asset from six to ten.
The product already covered tokenised exposure linked to SpaceX, Nvidia, Apple, Alphabet, Coinbase and Amazon.
Yield Depends on Settlement Outcome
Dual Asset is a non-principal-protected investment product. Users select an asset pair, investment period and target price, then subscribe to a product offering an expected fixed return.
At settlement, the asset received depends on where the underlying xStock trades relative to the target price. The return is therefore not generated simply by holding a tokenised equity.
The user takes price risk and settlement asset risk, since the final payout may be made in the alternative asset in the pair rather than the asset initially selected. Bybit’s release says users should read the product risk factors before subscribing.
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The new pairs are METAXUSDT, TSLAXUSDT, HOODXUSDT and CRCLXUSDT. Bybit said Nvidia-linked xStocks have attracted the strongest user demand among the supported names, while SpaceX has recorded the highest trading volume.
The additions extend the product across names associated with artificial intelligence, electric vehicles, retail brokerage and stablecoin infrastructure.
They sit alongside the existing technology and crypto-related names already available through the structure. Bybit said it was the first centralised exchange to offer xStocks as underlying assets for this type of structured yield product.
The claim places the product one layer away from direct tokenised-stock trading: the xStock tracks an equity exposure, while Dual Asset uses that token as the reference asset for settlement.
xStocks Are Not Direct Shares
The distinction matters for users assessing what they hold. A public company share, an xStock linked to that share, and a Dual Asset product referencing that xStock are separate instruments.
xStocks are described as tokenised instruments backed by underlying securities, but the legal rights depend on the issuer terms and product documentation.
CEX.IO estimated the tokenised-equity segment at about $1.48 billion and roughly 352,000 wallets by mid-2026, with market value up 114% and wallet count up 188% since the start of the year.
The segment remains smaller than stablecoins or tokenised government debt, but the figures provide context for why exchanges are building products around tokenised equity instruments.
The availability boundary is also part of the product. Bybit said xStocks Dual Asset follows the same eligibility requirements and regional restrictions as xStocks themselves, including limitations affecting users in major jurisdictions such as the US and UK.
