Bybit's xStocks Now Let You Borrow Cash Against Your Tesla—and Your Apple, Too 📈

Bybit has expanded the use of tokenized equities as collateral, allowing eligible users to borrow against or trade on margin with shares of Nvidia, Apple, Tesla, Alphabet, Robinhood and Circle represented onchain. The Dubai-based crypto exchange added six tokenized stocks—NVDAX, AAPLX, TSLAX, GOOGLX, HOODX and CRCLX—as eligible collateral within its Unified Trading Account, Crypto Loans and Institutional Loans products, subject to the platform's lending terms and product availability.

The tokens are issued through Backed, the tokenization platform with which Bybit first launched xStocks in June. Each onchain share is backed 1:1 by the underlying security, held by a regulated custodian. Bybit has listed more than 60 tokenized US stocks and exchange-traded funds on its spot market since the debut.

Bybit is not the only venue moving into tokenized equity collateral. Kraken, which agreed to acquire Backed in late 2025, began accepting select tokenized stocks and ETFs as collateral for futures and margin trading earlier this month. Bitget also supports tokenized stocks as collateral, having introduced the feature for futures margin in June before extending it to crypto loans in July.

The broader tokenized equities market has grown sharply over the past year. According to RWA.xyz, total distributed value climbed from roughly $361 million in late July 2025 to about $1.72 billion as of publication, underscoring rising institutional and retail demand for blockchain-based exposure to traditional stocks.

Bybit's expansion ties directly into its Unified Trading Account, allowing users to manage spot, margin and derivatives exposure against a single pool of tokenized equity collateral. The product is available subject to Bybit's lending terms and applicable regional availability.