Bybit Adds Meta, Tesla, and Circle xStocks to Dual Asset as Tokenized Equity Market Hits $1.48 Billion

Bybit just got more interesting for structured-product traders. The exchange has expanded its Dual Asset lineup by adding tokenized equity pairs tied to Meta, Tesla, Robinhood, and Circle — bringing the total to ten pairs and pushing the platform deeper into the fast-growing tokenized securities space.

The new pairs — METAXUSDT, TSLAXUSDT, HOODXUSDT, and CRCLXUSDT — sit inside Bybit’s existing Dual Asset framework. That product is non-principal protected, which is worth saying clearly: you can lose money. Users pick an asset pair, an investment period, and a target price, then subscribe for a fixed return. Settlement works like this — if the xStock’s market price lands above or below the target at expiry, the asset you receive changes. You might end up holding the xStock instead of USDT, or the other way around. There’s price risk and settlement-asset risk baked into every single trade.

Not your typical yield product.

Nvidia Leads Demand, SpaceX Leads Volume

Among all xStock pairs already on the platform, Nvidia-linked ones pull the highest user demand. SpaceX, on the other hand, records the highest trading volume. Those two data points alone say a lot about what kind of investors are poking around here — people chasing AI exposure and people betting on private-market proxies they can’t easily access elsewhere.

Bybit says it’s the first centralized exchange to use xStocks as underlying assets inside structured yield products. That’s a meaningful distinction. Other platforms have done direct tokenized stock trading, but plugging tokenized equities into a settlement-based structured product is a different move entirely. The xStocks act as reference assets — they don’t represent direct ownership of the underlying shares. Legal rights depend entirely on issuer terms, so anyone thinking these work like a standard brokerage account is probably going to be surprised.

The sectors covered by the new pairs are pretty deliberate. Meta and Tesla bring AI and electric vehicle exposure. Robinhood represents retail brokerage — a sector that’s had a wild few years. Circle, the stablecoin infrastructure company, adds a crypto-native angle that’ll probably resonate with Bybit’s core user base. Spreading across those four industries isn’t random. It’s clearly designed to pull in different investor types.

A $1.48 Billion Market Still Finding Its Feet

CEX.IO puts the tokenized-equity market at $1.48 billion and roughly 352,000 wallets as of mid-2026. Growth since the start of the year has been significant, though the segment is still small compared to stablecoins and government debt tokens. That gap is real, and it’s big. But exchanges are clearly betting that structured products built around tokenized equities can carve out a serious niche — even if the overall market cap hasn’t caught up yet.

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Bybit’s move fits that bet. Rather than waiting for the tokenized equity market to mature on its own, the exchange is basically trying to manufacture demand by wrapping xStocks inside a yield-generating structure that traders already understand. Dual Asset isn’t new. Adding xStocks as the underlying is.

And the timing makes sense. Tokenized equity adoption across major markets has picked up noticeably, with more platforms and issuers entering the space. Bybit isn’t the only exchange watching this. But being first to use xStocks inside a structured yield product is a real differentiator — at least for now.

There’s a catch, though. Access is restricted. The same eligibility rules and regional limitations that apply to xStocks directly also apply here. Users in the United States and the United Kingdom can’t participate. That’s a big chunk of potential demand sitting on the sidelines, and it’s not Bybit’s call — it’s the regulatory reality of tokenized securities on a global exchange. Unclear whether that changes anytime soon.

Bybit itself is pushing users to read the risk disclosures carefully before jumping in. The settlement mechanics are genuinely complex. Getting back a different asset than the one you started with isn’t a glitch — it’s a designed feature of the product. Short-duration exposure to high-volatility names like Tesla or Meta through a settlement-based structure isn’t the same as buying shares. The risk profile is different, and probably more layered than it looks on the surface.

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Still, the demand data from existing pairs is hard to ignore. Nvidia-linked xStocks pulling the most user interest while SpaceX drives the most volume — that’s not noise. That’s investors actively hunting for ways to get exposure to names they care about through a crypto-native structure. Bybit is giving them another four options to do exactly that.

The tokenized-equity market sits at $1.48 billion. Bybit now has ten Dual Asset pairs built around it.