Bybit and BingX have opened U.S. equity trading funded with stablecoins, expanding crypto exchange offerings beyond digital assets into traditional markets. Both exchanges launched the service this week using Alpaca brokerage infrastructure.
Robinhood's stock token offering has processed $15 billion in cumulative trading volume since going live 100 days ago, according to the company's announcement this week. Tokenized stocks represent traditional equities as blockchain-native instruments, enabling trading on decentralized infrastructure and settlement in stablecoins rather than fiat rails.
Bybit's October 12 announcement said the exchange now offers access to 1,000 U.S. stocks and exchange-traded funds through its crypto accounts. BingX followed with its own launch on October 13, providing similar access to 7,000 U.S. stocks and ETFs. Both platforms route orders through Alpaca, a regulated broker-dealer, with settlement in stablecoins like USDC or USDT rather than traditional bank transfers.
Sei, a blockchain built for trading, has become a hub for tokenized equities. Dinari Global has deployed 700 tokenized stocks on Sei as of early October, the network said in a post on X. The setup allows users to trade traditional equities directly on the blockchain without converting in and out of fiat currency.
Robinhood's stock tokens arrived first and captured $15 billion in volume. Bybit and BingX now compete by offering stablecoin settlement at scale, removing the conversion friction Robinhood users face when moving between token and cash. Sei's 700 tokenized equities settle trades onchain rather than through intermediary brokers.
Bybit and BingX launched stablecoin equity trading in the same week Robinhood published its $15 billion volume milestone, and over 700 stocks are now tokenized on a single blockchain. Crypto users could execute traditional equity strategies without leaving decentralized venues if all three gain meaningful adoption.
The metric to watch is trading volume across all three venues: whether Robinhood's $15 billion cumulative total gets matched or exceeded by Bybit, BingX, and Sei-based equity trading within the next quarter.
