Tokenized asset data platform RootData has released a "Tokenized Stock Exchange Vendor and Licensing Map," which provides a systematic overview of the supplier systems, brokerage routes, and regulatory licenses employed by four leading exchanges—Binance, Gate, Bitget, and Bybit—for their real stock, traditional finance (TradFi) stock, and tokenized stock products. The report, for the first time, sheds light on the infrastructure layer that underpins how these exchanges offer equity-based assets, mapping their compliance architecture in detail.
A Three-Tier Product Architecture Emerges
According to the map, the stock-related asset offerings currently available on these exchanges have naturally stratified into three distinct tiers. The foundational tier—real stock spot trading—relies heavily on licensed brokerage systems, with regulated brokers handling trade execution, clearing, and custody. The intermediate tier covers TradFi stock products, which are predominantly offered through derivatives such as contracts for difference (CFDs) and perpetual contracts (Perps), without involving actual securities settlement. The uppermost tier consists of tokenized stocks, powered by specialized protocols like Ondo Finance and Backed Finance’s xStocks, providing users with on-chain representations of equities. The coexistence of these three tiers reflects a multi-pronged approach to catering to different regulatory frameworks and risk appetites.
Divergent Vendor and Licensing Paths Among Major Exchanges
Examining each exchange in detail, Binance has integrated the licensed broker Alpaca Securities through its Nest Trading tool, offering users direct exposure to real US equities and ETFs, while also listing Ondo-issued equity tokens in its Alpha zone and planning to launch its own bStocks brand to further strengthen its tokenized stock line. Gate has established a dual-supplier system that runs both xStocks and Ondo in parallel, achieving multi-solution coverage. Bybit currently primarily adopts the xStocks solution from Backed Finance, pursuing a relatively focused path. Bitget, on the other hand, has carved out a proprietary route, using its Reality (rToken) brand to provide equity and ETF tokenized products pegged 1:1 to the underlying assets, emphasizing full on-chain representation and transparency.
RootData’s analysis concludes that as the tokenized stock market heats up, competitive dynamics are shifting away from merely listing new products and toward deep competition over underlying brokerage partnerships, real securities custody capabilities, and regulatory license resources. In this evolving landscape, licensed brokers such as Alpaca Securities are playing an increasingly critical infrastructural role across multiple exchange ecosystems, with their compliant execution and custody capabilities poised to become decisive differentiators among platforms.