Tokenized asset data platform RootData has released a “Tokenized Stock Exchange Supplier and License Map,” providing a systematic overview of the underlying supplier paths and licensing status for major exchanges—Binance, Gate, Bitget, and Bybit—across three categories of stock products. The map reveals that exchange-based stock assets have gradually formed a three-layer architecture: real stock spot trading relies on regulated brokerage systems for securities execution and custody; traditional finance (TradFi) stocks are mainly offered as CFDs or perpetuals; and tokenized stocks are primarily supported by solutions from Ondo Finance and xStocks (Backed Finance).
Breaking Down the Three Layers and Supplier Distribution
In the first layer of real stock spot, exchanges generally connect with licensed broker-dealers. Binance, for example, uses Nest Trading to access the licensed broker Alpaca Securities, offering users exposure to real US equities or ETFs. The second layer consists of TradFi stocks in the form of CFDs or perpetuals, which are synthetic products. The third layer—tokenized stocks—forms the core of this map. Leading exchanges have adopted two primary supply systems: Ondo tokenized stocks and Backed Finance’s xStocks tokens.
Looking at individual platforms, Binance has listed Ondo stock tokens in its Alpha zone and plans to launch its own bStocks brand, while simultaneously providing real equity exposure via Alpaca Securities. Gate has established a dual-supplier system with xStocks and Ondo, offering users a diverse range of tokenized stocks. Bybit mainly utilizes Backed Finance’s xStocks solution. Bitget has taken a more vertical approach, directly offering 1:1 tokenized US equities and ETFs through its proprietary Reality (rToken) brand.
Competition Shifts to Brokerage and Licensing Capabilities
In its report, RootData points out that as the tokenized stock market heats up, competition among exchanges is moving beyond mere product listings and toward the underlying battle for licensed brokers, real securities custody, and regulatory permits. Licensed brokers like Alpaca Securities are playing an increasingly critical infrastructure role across multiple exchange ecosystems.
The publication of this map offers market participants a horizontal comparison perspective, clearly revealing the supply-chain differences and compliance paths among top platforms in stock-related assets. It also signals that the tokenized stock sector is entering a deeper phase of infrastructure development.