Bybit said it has added six tokenized US equities, Nvidia, Apple, Tesla, Google, Robinhood and Circle, as collateral for margin loans, crypto loans and institutional lending across its platform. The exchange enabled the xStock assets (NVDAX, AAPL, TSLAX, GOOGLX, HOODX, CRCLX) for eligible retail and institutional users, according to the announcement.
Tokenized stocks have become collateral tools across crypto exchanges as platforms compete to offer traditional finance exposure through blockchain rails. Bybit's move joins a broader pattern: Bitget and Binance had already integrated tokenized equities into their lending and derivatives products. The mechanism allows users to post these assets against borrowed crypto or fiat without liquidating the underlying equity position.
Tokenized equities are blockchain-wrapped versions of company shares, typically issued by platforms like Backed Finance or Tokenize. Users hold the wrapped form in a digital wallet but retain economic exposure to the underlying stock's price movement and, in some cases, dividend distributions. The assets trade on secondary markets and can be used across DeFi protocols or, as Bybit now offers, as collateral in centralized lending vaults.
Bybit's expansion comes as institutional users seek to collateralize crypto positions with non-crypto assets. The six stocks chosen represent large-cap US equities with high daily trading volumes, Nvidia and Tesla among the most traded mega-cap stocks globally, and Circle and Robinhood as fintech operators with crypto-adjacent business models. Google's inclusion adds a tech giant without direct crypto operations.
The exchange did not disclose loan-to-value ratios, interest rates or volume caps for the new collateral types. Bybit said the feature is available to users who meet the platform's eligibility criteria, typically institutional clients and verified high-net-worth retail accounts.
Bybit's collateral expansion occurred within weeks of similar moves across the sector. Bitget and Binance have offered tokenized stock collateral since 2024, establishing precedent for the structure. As tokenized equities deepen their integration into crypto lending markets, the ability to post them against borrowed capital removes friction for traders seeking exposure without selling stock positions. Bybit now sits alongside Binance and Bitget in offering this function, though none of the three has disclosed aggregate collateral volumes or market share in this product type.
