MEXC Launches Real US Stock Trading, Moving Beyond Tokenized Equities

Crypto exchange MEXC has started letting users buy real shares in US-listed companies and collect any dividends on them, settling the trades in the stablecoin USDT. The exchange said the new service, called RealStocks, pushes it past the tokenized stock products that swept the industry last year.

MEXC said late Sunday that eligible users can purchase shares in real US companies through a licensed broker partner, with the same market exposure and liquidity as ordinary US equity markets. The company, however, did not name the broker.

Trades run inside MEXC's existing crypto interface and follow Nasdaq trading hours, the exchange said. Platform trading fees are waived during the launch period, though MEXC noted that regulatory and exchange charges, including SEC and FINRA fees, still apply.

Real Shares, Not Synthetic Tokens

The selling point MEXC is leaning on is ownership. The company said RealStocks buyers hold actual shares and the dividends that come with them, rather than the kind of tokenized stock that only tracks a price.

That framing is a direct shot at the format that dominated crypto's push into equities through 2025. Many of those products gave traders price exposure without the dividends or shareholder rights attached to the underlying shares.

CEO Vugar Usi said the product lets users "truly own world-class traditional financial assets within a familiar crypto trading environment," according to the company. He tied the timing to a run of expected technology IPOs in 2026, including SpaceX.

MEXC added the service drew more than 20,000 users during a beta phase before the wider rollout.

Crypto Exchanges Race Into Equity Trading

MEXC is the latest crypto venue to chase stock traders. The race kicked off in earnest last June, when Kraken and Bybit listed tokenized US stocks within hours of each other under the xStocks brand, built with Swiss issuer Backed Finance.

Others piled in quickly. Bitget integrated xStocks alongside Robinhood and Kraken in July, while KuCoin rolled out its own tokenized equities shortly after. Robinhood's version, which included tokens tied to OpenAI and SpaceX, drew regulatory scrutiny in the European Union.

MEXC itself already sells equity exposure through USDT-settled stock futures with up to 5x leverage. RealStocks is a different bet. Where the tokenized products and futures offer derivative or synthetic exposure, MEXC says this one routes orders to a real broker and delivers real shares, closer to a traditional brokerage account than to a blockchain token.

The distinction has become a point of contention in the sector. Kraken, which owns Backed Finance and says its xStocks have cleared $25 billion in trades, has called rivals that tokenize private company shares risky for investors who can struggle to sell.

The Broker and the Fine Print

Several details remain thin. MEXC has not disclosed which licensed broker handles the trades, how shares are custodied, or how the USDT-to-dollar conversion is priced.

The service is also limited by geography. MEXC said RealStocks is available only in certain jurisdictions, with access restricted elsewhere by local law. The statement carried a Comoros dateline, an offshore base, and the exchange has faced regulatory friction before.

Hong Kong's securities regulator placed MEXC on a warning list over unlicensed activity in 2024.

The "0-fee" label also has limits. MEXC said the waiver covers only its own platform charge, and that users still face SEC transaction fees, FINRA activity fees, and clearing and exchange costs.