Bybit Launches Direct US Stock Trading Settled in USDC via Alpaca
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1Direct Equity Trading Launch
Dubai-based crypto exchange Bybit launched trading for over 1,000 US-listed stocks and ETFs. Instead of traditional fiat rails, users fund these purchases directly with USDC stablecoins. This structural shift moves Bybit beyond synthetic contracts into direct economic ownership of underlying securities for its global client base.
2Custody and Regulatory Routing
Orders route through Infra Capital Limited, a Mauritius FSC-regulated introducing broker, while FINRA member Alpaca Securities LLC handles clearing, settlement, and custody. This multi-jurisdictional structure ensures direct share custody in the US while Bybit maintains customer interfaces and stablecoin account balances across compliant international regions.
3Extended Hours and Dividends
Eligible users trade fractional shares with zero commissions during regular, pre-market, and after-hours sessions. Bybit converts cash dividends from US dollars to USDC before depositing them into client Unified Trading Accounts. Shareholder voting rights remain unavailable currently, though management plans to integrate governance access in later phases.
4The Multi-Asset Platform Strategy
CEO Ben Zhou positioned stock trading as a core element of the 'New Financial Platform' initiative introduced in January. With over 80 million registered users, Bybit is combining traditional banking, custody, 24/7 FX perpetuals, and MT5-based contracts for difference within a unified, multi-asset brokerage ecosystem.
5TradFi Derivatives Surge
Traditional asset derivatives remain a primary growth engine across crypto exchanges. Equity-linked perpetual contracts saw monthly trading volume jump from $45 billion in May to $141 billion in June. This massive volume surge highlights sustained trader appetite for traditional macro exposure settled natively in digital assets.
6Institutional Precedent at Kraken
Bybit follows Kraken, which engaged Alpaca in April 2025 for 11,000 US equities before expanding to European clients via a Cypriot MiFID II entity. Furthermore, Kraken parent Payward and Canadian bank BMO backed Alpaca with $300 million in debt within a $435 million package.
7Capital Efficiency Debate
Industry opinion remains divided between holding underlying spot assets and trading synthetic leverage. Onchain protocols like Ostium argue that CFD-style derivatives offer superior capital efficiency for event-driven macro bets without locking principal, targeting a monthly contract market estimated by the firm at roughly $10 trillion.
8Strategic Industry Convergence
Bybit’s launch confirms an accelerating convergence between retail stock brokerage and crypto-native infrastructure. By integrating FINRA-regulated custodians, stablecoin settlement, and extended market hours, centralized exchanges are directly challenging legacy brokerages for cross-border retail investors seeking frictionless, round-the-clock portfolio allocation across asset classes.