Bybit Expands Lending Options with Tokenized Stocks
Bybit has expanded its lending and trading products to include six tokenized US stocks as collateral. The platform, which is based in Dubai, allows eligible users to use tokenized shares of Nvidia (NVDAX), Robinhood (HOODX), Circle (CRCLX), Tesla (TSLAX), Alphabet (GOOGLX) and Apple (AAPLX) for margin trading and borrowing.
This move is part of Bybit's efforts to increase the utility of blockchain-based equities. The platform first introduced tokenized stocks in June through a partnership with Backed, listing over 60 tokenized US stocks and exchange-traded funds on its spot market.
The assets are backed 1:1 by the underlying securities, which are held by a regulated custodian. This means that users can borrow or trade using tokenized shares of these companies without having to physically hold them.
This development follows similar moves by other exchanges, such as Kraken and Bitget, which have also expanded the use of tokenized equities as collateral for their lending and trading products.