Bybit has partnered with Backed, the issuer of tokenized financial instruments, to list xStocks (tokenized equities and ETFs) on Bybit’s Spot market. 

What is xStocks?

xStocks, launched by Backed in May 2025, are tokenized representations of real-world U.S. stocks and ETFs such as Apple, Tesla, or the SPDR S&P 500 ETF. Each token is backed 1:1 by the underlying asset and accessible via centralized and decentralized crypto exchanges and top DeFi protocols. For more information, please visit here.

How are xStocks tokens backed and kept at a 1:1 ratio with the underlying stocks?

xStocks are designed to be fully collateralized on a 1:1 basis by the corresponding publicly traded equities.

 

For every xStock token issued, the Issuer acquires and holds an equivalent share of the referenced stock with a regulated, independent custodian. These shares are held on behalf of the Issuer or its designated trustee, ensuring each token is economically linked to one real-world share.

 

Based on the number of custodied shares, the Issuer mints an equivalent number of xStock tokens, which are then made available for trading through Bybit.

What does it mean by xStocks listed on the Bybit Spot market?

This means that Bybit now acts as a secondary market for users to easily trade the tokenized stocks and ETFs directly on the Spot Market 24/7. This allows users to diversify their portfolios with assets traditionally tied to legacy financial systems and benefit from on-chain liquidity and global accessibility. 

 

 

 

What are the mechanism and market dynamic of xStocks trading on Bybit?

The value of xStocks is designed to track the price of the corresponding underlying equity through a pegging and arbitrage mechanism maintained by the issuer. According to Backed Finance, each token is backed 1:1 by an actual share held with a regulated third-party custodian, and token issuance is structured to be verifiable on-chain.

 

Market participants, including market makers, play a crucial role by issuing and redeeming tokens from the issuer based on supply and demand dynamics. If the price of an xStock on Bybit deviates from the price of the underlying stock on exchanges like the NYSE or Nasdaq, arbitrageurs are incentivized to close the gap, much as they do in stablecoin markets.

 

This mechanism creates two interconnected markets: 

• The primary market (US stock exchanges) is open during standard trading hours, and serves as the price anchor. 

• The secondary market (on-chain trading on Bybit) operates 24/7. 

 

Outside of US market hours, the price of an xStock may float slightly, acting as a prediction market based on pre-market or after-hours news and sentiment.

Is an investment in xStocks the same as an investment in equities?

No. An investment in xStocks is not the same as a direct equity investment in any of the underlying stocks or companies to which they are economically linked. xStocks reflect the economic exposure to certain publicly-traded equities and exchange-traded funds. Holders of xStocks have no voting rights, dividend entitlements, and no legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation. An investment in xStocks does not entitle holders to receive any information from the respective issuer or sponsor of the underlying stocks or shares.

 

The respective issuer or sponsor of the underlying stocks is not involved in the offer and sale of the xStocks and is under no obligation to you. xStocks are therefore not sponsored, supported, or promoted in any way by the respective issuer or sponsor of the underlying stocks, and the respective issuer or sponsor of the underlying stocks may take actions with respect to the underlying stocks without taking into account the interests of any holder of xStocks. Holders of xStocks will be unlikely to have any opportunity to influence decisions affecting the underlying stocks. 

Who is eligible to trade xStocks on Bybit?

Only individual users who have completed the Standard level of Identity Verification or Business Verification are eligible to trade xStocks or participate in related events. Institutional users and market makers shall not be eligible to participate in any trading and/or event related to xStocks. For more details, please refer to How to Complete Individual Identity Verification (KYC).

 

We also do not offer xStocks trading to users in the following regions:

• Region listed in our Service Restricted Countries

• Australia

• Japan

• Countries within the European Economic Area (EEA): Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Iceland, Liechtenstein, and Norway.

What trading pairs are available as xStocks on Bybit?

At launch, Bybit will offer around 10 assets, representing companies such as Coinbase (COINX), NVIDIA (NVDAX), Apple (AAPLX), and more. Please stay tuned for more listings on our announcement center.

How can I buy xStocks on Bybit?

Go to our Spot Market, search for the respective trading pair listed under the Adventure Zone. Make a deposit or transfer your USDT to your Unified Trading Account, and you can buy xStocks. Learn more about how to get started with our Spot trading here.

Are there any fees to trade the xStocks trading pair?

Yes, a trading fee will be charged on the xStocks trading pair, following the trading fees of symbols listed under Adventure Zone. Below are the trading fees forAdventure Zone corresponding to each VIP level:

 

 

Is there any maximum amount of xStocks tokens I can hold?

Yes, the maximum amount of users per token can hold is 300,000 USDT equivalent. For example, if the price of token ABC is 0.5 USDT, the maximum quantity of ABC tokens that you can hold in your account is 600,000 tokens. (calculated as 300,000 USDT ÷ 0.5 USDT = 600,000 coins).

What are the minimum and maximum order value or quantity of xStocks tokens?

You can refer to the order quantity and order value requirements on the Spot Trading Rules page.

Can I redeem xStocks tokens on Bybit?

No, xStocks is not available for redemption on Bybit. Bybit only serves as a secondary market for retail market participants to buy and sell xStocks. 

 

Only professional and retail clients onboarded with Backed who have passed the KYC and AML process can redeem Backed tokens directly with Backed at NAV with additional fees.

Can I trade xStocks tokens on Bybit Spot Market 24/7?

Yes, xStocks is available for trade 24/7 on Bybit Spot Market.

Can I deposit or withdraw xStocks tokens?

Yes, deposits and withdrawals of xStocks will be available via the Solana (SOL) network. Please ensure to withdraw your xStocks to a compatible on-chain wallet.

Do I receive dividends from xStocks?

No, dividends will not be provided to token holders. However, we are actively exploring the possibilities of this. 

What are the differences between xStocks and TradFi on Bybit?

Bybit offers two distinct ways to get exposure to stocks: xStocks on the Spot market and stock CFDs on Bybit TradFi Trading. While both provide access to stock price movements, they’re fundamentally different products.

 

Does the xStocks token price always match the price of the underlying asset?

Yes, xStocks token price will match the underlying price most of the time. However, under extreme scenarios, the token price may slightly deviate from the underlying due to several reasons:

 

• Price Source: The prices of underlying equities are provided by decentralized or third-party oracles. These may have latency, minor discrepancies, or operational delays, which can lead to variations in token pricing.

• Trading Hours: xStocks are tradable 24/7, even when the stock markets are closed. This can lead to price movements that don’t align with the underlying asset during off-market hours.

• Issuer Adjustments: Factors like rebasing, inventory balancing by the issuer, and corporate actions (e.g., dividends or stock splits) can impact the number of shares backing each token, affecting the token’s NAV (Net Asset Value).

Is there any risk that the xStocks depeg from the underlying assets?

Yes. Although xStocks are designed to mirror the price of real-world stocks, there are certain scenarios where temporary price deviations (depegging) may occur:

 

• Low liquidity: If there is insufficient trading volume or liquidity for a specific xStock, the price may temporarily diverge from its real-world counterpart.

• Market disruptions or stock halts: If the underlying stock is halted or suspended on traditional exchanges, xStocks may still be traded, which can lead to price discrepancies due to the lack of a reliable reference price.

• Custody or backing failure: If the token is asset-backed but the custodian or support mechanism fails to properly maintain the required backing (e.g., due to technical, operational, or legal issues), the peg may be lost.

• Extreme market conditions: Black swan events, major geopolitical shocks, or market crashes may cause rapid price movements that challenge the peg’s stability.

• Changes in product structure or pricing model: The issuer may adjust how xStocks are priced or managed (e.g., temporary suspension, switching from full to partial asset backing), which could affect price tracking accuracy.

Does Bybit provide investment advice on xStocks?

No. Bybit does not provide investment advice, and none of the materials on our website or any of our correspondence with you may be interpreted as investment advice. Please ensure to conduct your research and familiarize yourself with the specific features of the xStocks product before you start trading

Disclaimer: 

xStocks are synthetic tokens designed to mirror the price of real-world equities. However, they do not represent actual ownership of the underlying stocks, and holding xStocks does not entitle you to any dividends, interest, voting rights, shareholder privileges, or rights offerings (including but not limited to share splits, spin-offs, or subscription rights).

 

Trading xStocks involves risks, including potential price deviations from the underlying assets due to market conditions, liquidity, pricing mechanisms, or issuer adjustments. These tokens are intended for speculative trading purposes only and may not reflect real-time stock prices at all times. Bybit does not guarantee the accuracy, timeliness, or continuity of price tracking.

 

Please conduct your own research and carefully assess your risk tolerance before trading xStocks. Past performance is not indicative of future results.

 

xStocks are not available in certain jurisdictions, and users are solely responsible for ensuring their use of this product complies with local laws and regulations.