BingX and Bybit Integrate Alpaca to Enable US Stock Trading
Crypto exchanges expand retail brokerage by offering cash US equities via stablecoins.
1Equities Trading via Stablecoins
BingX launched trading for over 7,000 US stocks and ETFs, routing orders through brokerage infrastructure provider Alpaca. Users fund transactions directly using USDT or USDC from existing crypto balances. This rollout follows Bybit's launch of over 1,000 US securities backed by the same infrastructure partner.
2Alpaca Powers Dual Deployments
Bybit and BingX integrated Alpaca within consecutive days to power their equity offerings. While Bybit settles transactions exclusively in USDC, BingX allows both USDT and USDC. Alpaca manages custody, clearing, and trade execution, enabling crypto native users to access real cash equities rather than synthetic tokens.
3Shift Toward Cash Securities
Crypto exchanges previously focused on synthetic equity exposure before expanding into direct cash shares. CoinGecko reported perpetual futures on traditional assets reached $1.32 trillion between January and May, up from $104.21 billion across all of 2025. Despite rapid growth, equity-linked derivatives represented under 1% of traditional volumes.
4Evolution of Traditional Assets
Platforms approached non-crypto assets through distinct channels. Bybit offered stock contracts for difference via MetaTrader 5 through a Mauritius entity starting June 2025. Meanwhile, BingX scaled its perpetual futures catalog beyond 500 traditional markets by August, covering equities, crude oil, gold, and the S&P 500.
5Brokerage Infrastructure Landscape
Kraken partnered with Alpaca in April 2025, providing 11,000 US securities to American clients. Payward and Canadian bank BMO subsequently backed a $435 million financing package for Alpaca in July. Conversely, Bitget launched Stock+ in June using RQD Clearing and Atomic Vaults Securities for USDC-funded share purchases.
6Execution Mechanics and Pricing
BingX supports equity trading 24 hours a day across five weekdays. Users can place standard market and limit orders with a low minimum trade requirement of $5. Alpaca guarantees direct ownership settlement rather than tokenized representations, bridging decentralized balances with regulated retail equity infrastructure.
7Tokenized Competitors Emerge
OKX pursues tokenization instead of custody-backed share ownership. Partnering with Intercontinental Exchange, owner of the New York Stock Exchange, OKX plans 24/7 trading across 63 tokenized US stocks. Their initiative includes a $10 Tesla promotional incentive for first-time traders, diverging from BingX and Bybit's real-asset execution model.
8Strategic Retail Consolidation
Founded in 2018 with over 40 million users, BingX seeks broader retail market share by adding traditional equities. Enabling stablecoin payments for real US shares lowers friction between digital assets and traditional brokerages, turning major crypto exchanges into comprehensive multi-asset platforms.