With Bybit, Kraken, and Robinhood announcing their foray into tokenized US stock trading, the fusion of the crypto world and traditional finance has reached another milestone. This is not only a positive signal that the crypto sector is gradually moving towards regulatory compliance but also indicates that the grand narrative of 'everything on-chain' is step by step moving from a castle in the air to reality.
According to data from the rwa.xyz platform, the market has responded enthusiastically. As of July 18, 2025, the tokenized US stock market has shown explosive growth: the total market value reached $512.94M, an increase of 46.14% over the past 30 days; the number of holders increased nearly 20 times, and the monthly active addresses grew by 165 times. Despite the rapid growth, its scale is only the tip of the iceberg compared to the traditional securities market. The tokenized US stock market is still in its early stages, with immense future development potential.
Image Source: rwa.xyz
In fact, tokenization of US stocks is not a new concept in the crypto market. As early as between 2019 and 2021, leading exchanges like Binance and FTX launched related products, but they were quickly removed due to regulatory pressure. With the gradual clarification of the global crypto regulatory environment and the accelerated process of compliance, the concept of RWA investments has gained popularity. Both crypto exchanges and traditional financial institutions are beginning to explore tokenized US stock products again, reigniting the tokenization craze and developing multiple models. MEXC, leveraging its competitive advantages, has launched US stock token products to help more crypto-native users participate efficiently in the US stock market in a familiar manner.
What is the intention of MEXC in launching US stock contracts?
The MEXC US stock perpetual contracts mainly provide users with the following three aspects of value:
Magnifying Profit Potential:
Leverage trading allows users to participate in larger-scale markets with a smaller amount of capital, significantly improving capital efficiency. For example, $1,000 in funds can control a position of $5,000 with 5x leverage, suitable for retail investors with limited funds.
Flexible Trading Strategies:
Spot trading can only profit by buying low and selling high, limiting users' profit opportunities in a declining market. However, the long-short dual mechanism of MEXC's US stock contracts allows users to bet on price declines, providing traders with the flexibility to profit under different market conditions and cope with the volatility of the US stock market. Even if prices fall, traders can still profit by shorting.
Risk Management and Hedging Tools:
For investors already holding tokenized stocks (such as TSLAx spot), US stock contracts are an essential risk management tool. When market correction risks arise, holders do not need to sell their spot but can hedge by establishing equivalent perpetual contract short positions, locking in the value of their portfolios. Furthermore, traders can also use contracts for cross-market arbitrage and build market-neutral strategies, achieving more robust risk-adjusted returns amidst complex market fluctuations.
Horizontal Comparison of Active Players in US Stock Contracts
Liquidity
In terms of liquidity performance, MEXC significantly outperforms the second place with its deep trading depth and strong order book support. Taking the currency pairs TSLA, NVDA, COIN, and HOOD as examples, within one day of launch, MEXC had executable orders in the order book fluctuating within a range of 0.2% at 613,839, 610,693, 602,640, and 391,799 USDT, and in the 0.1% range at 412,883, 351,630, 316,234, and 195,668 USDT, demonstrating extremely high market liquidity and order execution capability. In contrast, the second place had a 0.2% depth of 3,429, 23,414, 37, and 46 USDT, with the highest 0.1% depth being only 13 USDT, significantly lower than MEXC. This indicates that within the same depth range, MEXC possesses greater liquidity depth, able to match transactions with lower slippage and stronger market stability, significantly outperforming competitors and providing users with a more efficient trading experience.
Trading Costs
The trading costs of US stock contracts are one of the main factors users consider. In this core competitive area, MEXC sets the lowest cost benchmark in the market with its fixed fee rates of 0.01%/0.04% for Maker/Taker. In contrast, Gate.io and BingX adopt VIP tiered fee rates, with most users bearing a higher initial cost of 0.02%/0.05%. Bybit charges a commission of $0.04 per contract, with a minimum order commission of $5, and overnight positions may incur swap fees.
MEXC's low fees not only save users real money but also treat all users equally without KYC, VIP levels, or other extra restrictions. This indiscriminate access principle not only directly benefits cost-sensitive high-frequency and large-volume traders but fundamentally lowers the participation threshold for all users.
Ease of Use
MEXC, Gate.io, and BingX all adopt a perpetual contract model, and the closing and liquidation processes are consistent with traditional perpetual contracts. For crypto contract traders, there is almost no additional learning cost, and for beginners, the rules are intuitive and easy to understand, allowing for quick onboarding. Bybit's CFD model relies on the MT5 platform, which involves more complex understanding and calculations, resulting in a steeper learning curve and higher entry barriers.
Additionally, users of MEXC, Gate.io, and BingX can directly use their existing platform accounts to trade US stock contracts seamlessly, while Bybit's CFD contracts require users to download the MT5 platform separately and register a new MT5 account, adding extra operational steps.
Trading Hours
The trading hours for US stock contracts differ among platforms. Although the 24/7 trading model of Gate.io and BingX is flexible, the lack of liquidity during off-market periods (such as weekends) is a major concern. Market makers, unable to hedge risks, need to widen bid-ask spreads or withdraw liquidity, further exacerbating the lack of liquidity, leading to increased trading costs, severe slippage, and even small orders can trigger significant volatility, significantly increasing users' liquidation risks. MEXC synchronizes the opening and closing times of US stocks and restricts high-risk operations during off-market periods, such as prohibiting users from placing orders but allowing order cancellations and margin replenishments, effectively avoiding extreme market risks in low liquidity environments and prioritizing the safety of user funds.
Product Selection
In terms of contract types, Bybit offers 78 US stocks relying on the MT5 platform, leading in asset selection; Gate.io currently offers 13 US stock contracts; MEXC follows with an initial selection of 13 and is accelerating the expansion of more trading pairs; BingX offers only 6.
In terms of leverage, Gate.io offers up to 10x leverage, attracting traders seeking high-risk, high-reward opportunities. MEXC, Bybit, and BingX maintain leverage at a relatively stable level of 5x, seeking a balance between return potential and risk control.
Summary
With its extreme cost advantage (lowest fees) and prudent consideration for user safety (synchronized opening times), MEXC has gained a first-mover advantage in attracting crypto-native traders. In terms of liquidity, MEXC significantly outpaces competitors with robust order book support, ensuring that users can execute orders efficiently with extremely low slippage, maximizing the advantages of cost and efficiency. Bybit excels in asset richness, but its complex MT5 model and higher trading costs pose major barriers. Gate.io leads with 10x leverage, while BingX offers flexibility with its 24/7 trading, but its liquidity risks during inactive periods are a concern.
In this round of cycles, the new attempts are not limited to superficial imitation of 'tokenizing' traditional assets. For example, MEXC fully leverages its core competitive advantages in the derivatives field (zero slippage, deep liquidity) to provide users with a new channel to participate in the US stock market through perpetual contracts. Using the language most familiar to crypto users, it effectively transmits the value of traditional finance to the crypto world, providing crypto users with a solution to access the traditional US stock market without changing their trading habits.