Bybit xStocks Dual Asset, the exchange’s structured yield product built on tokenised equities, has expanded from six to ten underlying assets after Bybit added pairs linked to Meta, Tesla, Robinhood and Circle. The additions follow existing coverage of SpaceX, Nvidia, Apple, Alphabet, Coinbase and Amazon.
How the Bybit xStocks Dual Asset Product Actually Works
Dual Asset is a non-principal-protected investment product (meaning your starting capital is not guaranteed back). Users pick an asset pair, a target price and an investment period, then lock in an expected fixed return. According to a Bybit announcement dated 23 July 2026, available periods run from 8 hours, 1 day, or 7 days, with subscription amounts between 30 and 200,000 USDT per order.
The settlement mechanic is the critical part. At expiry, whether you receive the asset you originally selected or the other asset in the pair depends on where the underlying xStock trades relative to your target price. You are taking both price risk and settlement-asset risk simultaneously, which makes this materially different from simply holding a tokenised stock.
Jerry Li, Head of Earn and Wealth Management at Bybit, described the logic behind the expansion: ‘Dual Asset has been one of the ways our users turn market conviction into yield. Extending that same mechanism to tokenized equities reflects where investor interest is heading, as crypto-native audiences look to engage with sectors across AI, tech, and space exploration, through tools they already understand.’
Bybit said Nvidia-linked xStocks have drawn the strongest user demand among supported names, while SpaceX has recorded the highest trading volume. The four new pairs are identified by their tickers: METAXUSDT, TSLAXUSDT, HOODXUSDT and CRCLXUSDT. Bybit also said it is the first centralised exchange to offer xStocks as underlying assets for this type of structured yield product.
What an xStock Actually Is, and Why the Legal Layer Matters
A company share, an xStock referencing that share, and a Dual Asset product built on that xStock are three distinct instruments. That layering matters before anyone decides to engage with the product.
The xStocks product legal overview sets out the issuer structure: xStocks are issued by Backed Assets (JE) Limited, a Jersey-based special purpose vehicle registered with the Jersey Financial Services Commission. Collateral is held with regulated custodians using dedicated sub-accounts, with no commingling between products. That structure provides a degree of ring-fencing, but the legal rights available to holders still depend on the issuer’s own terms and product documentation rather than on standard shareholder protections.
Jurisdictional classification is an added complication. The same legal overview notes that while xStocks are issued as securities under Jersey and EU frameworks, other jurisdictions may classify them differently, including as crypto assets, with licensing requirements varying accordingly. Bybit has confirmed that xStocks Dual Asset carries the same eligibility requirements and regional restrictions as xStocks themselves, explicitly including limitations for users in the US and the UK.
For UK ISA and SIPP holders, that restriction is the first thing to establish: this product is not currently available to you regardless of how the yield mechanics look on paper.
xStocks itself now covers 715 stocks and ETFs, has recorded over $35 billion in transaction volume, trades around the clock, and is available in more than 110 countries from as little as $1. Chainlink supports the infrastructure with price feeds, Proof of Reserve, and cross-chain functionality across multiple blockchains including Solana.
The Tokenised Equity Market Growing Rapidly Around These Products
The broader context explains why exchanges are building structured products on top of tokenised equities at pace. A report by Sentora and DL Research, cited by Yahoo Finance, found the tokenised equity segment reached roughly $963 million in market value as of January 2026, up nearly 2,878% from just $32 million a year earlier. Ondo Global Markets held the largest share, with xStocks and Securitize accounting for most of the remainder.
Growth since then has been sharp, though two data sources give slightly different readings of how sharp. The snippet cites CEX.IO figures of roughly $1.48 billion in market value and approximately 352,000 wallets by mid-2026, with market value up 114% and wallet count up 188% since the start of the year. The CEX.IO blog itself gives higher figures for a comparable period: approximately $2 billion in market cap and roughly 400,000 wallets, representing increases of around 176% and 225% respectively from the start of 2026. The blog also reports that tokenised stocks accounted for 74% of all new real-world-asset wallets added in 2026. The discrepancy likely reflects different cut-off dates within the mid-2026 window; the direction of travel is clear either way.
The broader tokenised real-world asset market is now valued at nearly $35 billion, according to BigGo Finance. Tokenised equities remain a fraction of that total, sitting well below stablecoins and tokenised government debt, but the growth rate is drawing exchanges toward more complex product structures built on top of the underlying tokens.
Bybit is running a Stock Earnings Season campaign through 30 August 2026, with a prize pool of up to 1 million USDT timed around quarterly results from Tesla, Alphabet, Meta, Apple, Amazon and Nvidia. Whether the product range expands further will likely track how those names perform through earnings season.
