Dare to be the last in the world.

Written by: Eric, Foresight News

In the past year, tokenized stocks have completed a leap from a niche experiment to a battleground of capital competition. According to data from RWA.xyz, the total value of on-chain tokenized stocks has surpassed 1 billion dollars, while at the beginning of 2025, this figure was nearly zero. In the early stages, the two issuers Ondo and xStocks together held over 70% market share, and a newly emerging market quickly built a near duopolistic stronghold. It is theoretically not easy for newcomers to join this table.

However, it is often not the early players that rewrite the landscape, but the challengers who dare to confront the "impossible."

The advance of Reality is rare in the industry. According to data from RWA.xyz, Bitget’s RWA protocol Reality has, since its launch in June, entered the top five asset management scale protocols for tokenized stocks in just three months. The cumulative trading volume of its issued stock tokens, rToken, has exceeded 2.15 billion dollars, with a total value exceeding 190 million dollars; the daily average trading volume on Bitget alone exceeds 50 million dollars. Earlier, rToken exceeded 100 million dollars in AUM just one month after its launch, becoming one of the fastest-growing tokenized RWA products this year.

Aligning with Traditional Securities

The rToken issued by Reality is licensed and issued by the issuer BG El Salvador under El Salvador's digital asset issuance law framework, with each token corresponding to a 1:1 fully collateralized share of real US stocks or ETFs. The underlying stocks are held by FINRA-registered, SIPC member brokers, and the securities are ultimately registered with DTCC, enjoying custodial protection equivalent to that of traditional institutional securities, including a maximum SIPC protection of 500,000 dollars per account.

The independence of issuance, custody, and registration makes rToken not just a simple on-chain mapping, but a product structure that truly aligns with traditional securities in terms of regulatory depth.

Reality may not be the earliest entrant, but it comes as a latecomer with answers—it precisely addresses the market's most urgent threefold demand: assets need to be sufficiently comprehensive, liquidity needs to be deep enough, and the trust foundation needs to be transparent enough.

Asset Coverage and Liquidity: Reality's Differentiating Pivot

In terms of asset coverage, Reality has established a substantial lead. It currently offers over 1,700 types of tokenized stocks and ETFs, covering about 95% of US stock trading volume, from tech giants like Apple, Nvidia, and Tesla, to core Asian industrial chain representatives like TSMC and SK Hynix, as well as popular ETFs and rare conceptual assets like SpaceX, almost capturing all mainstream and high-demand assets. In comparison, Ondo covers about 400 assets, xStocks about 700, and bStocks only around 70.

For many retail traders, market liquidity is often sufficient, while what truly affects their experience is the richness of choice, allowing them to avoid switching among multiple platforms to find specific assets. For more professional participants, the critical factor is a deeper, more stable transaction depth. Remarkably, Reality excels in both areas, ranking high in the industry.

Reality supports three methods: direct market access, inquiry mode, and on-chain liquidity pools; orders can be executed directly on the order books of Nasdaq and NYSE or completed on centralized exchanges or DEXs. Bitget CEO Gracy Chen mentioned in a conversation that internal comparisons show rToken’s market depth on mainstream US stock tokens leading similar products by 50 to 100 times—the reason is straightforward: it is hard to find markets with deeper liquidity than Nasdaq and NYSE.

Transparent Foundation

In terms of trust, Reality also significantly raises industry standards. Its reserve audits are conducted by the licensed accounting firm The Network Firm in the United States, issuing daily reserve proof reports based on AICPA verification standards, verifying that each circulating rToken corresponds to underlying stocks or ETFs in custody accounts, with the issuers, verifiers, and custodians being independent of each other. In terms of reserve transparency, a cornerstone of trust in the RWA industry, Reality is currently the only tokenized stock protocol that completely entrusts auditing to independent third-party CPAs.

In fact, compliance is not only reflected in the issuance mechanism and security guarantees. For ordinary users, legal and regulatory details are often obscure, and methods of dividend distribution can reveal the true value of product design. Directly converting dividends into stablecoins and distributing them to holders involves cross-border capital flows, stablecoin issuance and payment rules, and the differing legal jurisdictions' definitions of "dividends/earnings distribution," which can easily touch upon complex requirements related to cross-border clearing, anti-money laundering, and payment service licenses. In contrast, reinvestment leaves cash within the issuer or custody system to increase holdings of the underlying stocks, reflecting back to users through adjusted multiples or net values, with funds not directly flowing out, making operations more "internalized" and lowering risk.

Therefore, many tokenized stock issuers on the market adopt "reinvestment" methods for distributing dividends, either to avoid the uncertainties of compliance or to reduce the complexity of cross-border clearing and operations.

Reality, however, chooses a more challenging path that is closer to users' real earnings experience: directly distributing net dividends after tax in the form of USDT to token holders, valuing dividends separately from stock positions, and maintaining a 1:1 tracking of the token price to the underlying stock price. This not only indicates Reality's capacity to handle more complex compliance and clearing arrangements, but also further enhances product transparency; for institutional clients requiring precise bookkeeping and earnings computation, this method is also more user-friendly.

More than Just Trading Products: Reality's Ecological and Infrastructure Ambitions

More importantly, Reality is not merely positioned as a trading product for retail investors but as a set of institutional-level RWA issuance infrastructure. Centralized exchanges, decentralized exchanges, wallets, DeFi protocols, market makers, and emerging banks can access the minting, redemption, and trading capabilities of rToken through a single API, without the need to self-establish brokerage licenses and compliance systems, enabling the launch of tokenized stock services within days.

Since its launch, Reality has established deep partnerships with over 10 ecological partners, including Arbitrum, Morph, Bitget Wallet, Alpaca, The Network Firm, Uniswap, PancakeSwap, and 1inch. On September 15, rToken was officially integrated into Bitget Wallet, achieving wallet integration, further lowering user participation barriers and expanding asset usage scenarios. Reality's head, Alice Li, stated that in the future, Reality will engage in deeper cooperation with more open APIs, wallets, exchanges, and protocols. Within the Bitget ecosystem, rToken has been integrated into unified account margin, collateral lending, grid trading, and copy trading system scenarios, allowing stock tokens held by users to be directly used as collateral to release liquidity, a capital efficiency that traditional brokerage accounts find hard to provide.

Ark Invest predicts that tokenized assets may exceed 11 trillion dollars by 2030, and Bitget has also proposed a vision of 10% of financial assets being tokenized by 2030. In this steep climb from 0.01% to 10%, whoever can achieve compliance, liquidity, and transparency at the institutional level will have the opportunity to define industry standards.

Reality's entry into the top five in just three months is not only a ranking rise but also a concentrated vote from the market for its emphasis on compliance, transparency, and liquidity product logic. The upcoming highlight is whether it can incorporate asset classes beyond US stocks and licenses from more jurisdictions into its territory, transforming its established product advantages into a truly difficult-to-replicate long-term competitive moat.