Bybit approved six tokenized US equities as collateral on July 31, 2026, covering margin trading, crypto loans and institutional loans. The six xStock assets are NVDAX, HOODX, CRCLX, TSLAX, GOOGLX and AAPL.
Key Takeaways
- Bybit now accepts six xStock tokens as collateral across margin trading, crypto loans and institutional loans.
- The six tickers are NVDAX, HOODX, CRCLX, TSLAX, GOOGLX and AAPL, each a tokenized version of a US-listed stock.
- Kraken cleared ten of the same tokenized assets as collateral for futures and margin trading four weeks earlier.
- Kraken set haircuts of 10% to 30% on those assets, terms Bybit has not disclosed for its six.
- Eligibility details such as position caps and qualifying jurisdictions remain unstated in the Bybit notice.
What Happened?
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, extended collateral eligibility to the six assets across three of its core lending and margin products. The announcement covers Unified Trading Account (UTA) Loans, Crypto Loans and Institutional Loans, and applies to both retail and institutional users.
The company described xStocks as “tokenized representations of some of the world’s most popular publicly traded equities,” and framed the change as a step to “bridge the traditional financial asset class with crypto-native infrastructure.” The six tickers correspond to Nvidia, Tesla, Apple, Google, Robinhood and Circle.
Eligible holders can now pledge those tokens for margin trading, borrow against them through Crypto Loans, and use them to reach Institutional Loans. Bybit said the update lets users put tokenized equity holdings to work rather than holding them as static positions.
How the Three Loan Products Differ?
Each product serves a different borrower, and Bybit set out the split in its own notice.
- UTA Loans operate inside the Unified Trading Account, letting eligible holdings support margin activity in a single account.
- Crypto Loans give users borrowing capacity for trading or for withdrawal.
- Institutional Loans extend the same collateral-backed borrowing to institutional clients.
Kraken Cleared the Same Assets Four Weeks Earlier
Kraken Pro accepted ten tokenized assets as collateral for futures and margin trading on July 3, 2026, and all six tickers Bybit named appear on that list. Kraken also published the terms Bybit has not: a 20% haircut on AAPLx, GOOGLx, TSLAx, NVDAx and GLDx, a 10% haircut with $1 million caps each on the broad-market SPYx and QQQx, and 30% on HOODx, MSTRx and CRCLx.
Scale explains why exchanges are competing at the collateral layer. Tokenized stocks carried roughly $1.2 billion in market cap around that rollout, while xStocks had logged more than $25 billion in cumulative transaction volume. The tokens are issued in partnership with Backed Finance and are fully collateralized, backed 1:1 by the underlying securities held through regulated partners.
What the Announcement Does Not Say?
The notice confirms eligibility. It does not establish how much borrowing power any of the six assets carries, which leaves open questions a holder cannot answer from the release.
- What haircut applies to each asset, and does it vary by product?
- What position caps, if any, limit the size of a pledge?
- Which jurisdictions qualify, given that Kraken barred US clients from its version entirely and excluded EEA residents from margin collateral?
Holders who already keep xStocks on Bybit can read the collateral terms inside each loan product before pledging, and confirm the applicable haircut, any cap, and regional eligibility.
CoinLaw’s Takeaway
The change turns a passive holding into a borrowing base. A trader holding tokenized Nvidia exposure on Bybit could previously sell it or keep it, and the collateral listing adds a third option: borrow against the position and keep it open. That flexibility matters most to the institutional desks the announcement names, because collateral rules decide where large balances sit.
Context sets the ceiling on the effect. Crypto collateralized borrowing hit $73.59 billion at the end of Q3 2025, a record, on Galaxy Research figures, and tokenized equities supply a small fraction of that pool. Six listings will not move exchange lending volumes on their own. The near-term weight falls on retention, since xStocks holders now have a reason to keep the tokens inside Bybit instead of moving them to the venue that listed the same assets first.
