Bybit Uses Tokenised Equities as Underlyings for Structured Yield

Bybit has expanded its Dual Asset structured product with four new tokenised-equity underlyings linked to Meta, Tesla, Robinhood and Circle, increasing the supported set of xStocks from six to ten. The exchange said it is the first centralised platform to offer xStocks as underlyings for this type of structured yield product.

The new pairs are METAXUSDT, TSLAXUSDT, HOODXUSDT and CRCLXUSDT. They join existing xStocks tied to SpaceX, Nvidia, Apple, Alphabet, Coinbase and Amazon. Bybit said Nvidia-linked xStocks have drawn the strongest user demand so far, while SpaceX-linked xStocks have generated the highest trading volume. The additions span AI, electric vehicles, retail brokerage and stablecoin infrastructure.

How Dual Asset Works

Dual Asset is a non-principal-protected investment product. Users choose an asset pair, an investment period and a target price, then subscribe for an expected fixed return. At settlement, the asset delivered depends on where the underlying xStock trades relative to that target price, so the return is not simply the result of holding a tokenised equity. Users carry price risk and settlement-asset risk: the final payout may be made in the alternative asset in the pair rather than the one initially selected. Bybit said users should read the product risk factors before subscribing.

xStocks are not direct shares. A company share, an xStock linked to that share and a Dual Asset product referencing the xStock are separate instruments. Bybit describes xStocks as tokenised instruments backed by underlying securities, but the legal rights depend on issuer terms and product documentation. The Dual Asset offering follows the same eligibility requirements and regional restrictions as xStocks themselves, including limitations affecting users in major jurisdictions such as the US and UK.

Separately, CEX.IO estimated the tokenised-equity segment at about $1.48 billion and roughly 352,000 wallets by mid-2026, with market value up 114% and wallet count up 188% since the start of the year. The segment remains smaller than stablecoins or tokenised government debt, but the growth helps explain why exchanges are building yield structures around tokenised equities.