Exchanges' Tokenized Stock Asset Structures Revealed by RootData Map

The crypto market is witnessing significant developments in the tokenized stock space, with RootData releasing a comprehensive map outlining the suppliers, brokerage paths, and regulatory licenses of major exchanges. The 'Tokenized Stock Exchange Vendor and License Map' categorizes mainstream exchanges such as Binance, Gate, Bitget, and Bybit into three categories: real stocks, TradFi stocks, and tokenized stocks.

The map reveals a three-tier architecture in the stock asset structure of exchanges, with real stock spot relying on regulated brokerage systems for securities execution and custody. Meanwhile, TradFi stocks are primarily based on CFDs/Perps, while tokenized stocks are supported by solutions like Ondo and xStocks.

Binance stands out as it accesses Alpaca Securities through Nest Trading to provide exposure to real US stocks/ETFs, has launched Ondo stock tokens in the Alpha zone, and plans to introduce bStocks later. Gate has formed a dual supplier system with xStocks and Ondo, while Bybit mainly adopts the Backed Finance (xStocks) solution. Bitget provides 1:1 tokenized products for US stocks/ETFs through its Reality (rToken) brand.

RootData notes that as the tokenized stock market heats up, competition among exchanges is shifting from product launches to underlying broker and regulatory license capabilities. Licensed brokerages like Alpaca Securities are strengthening their infrastructure roles across multiple platform ecosystems.