Dare to be the last to act.
Author: Eric, Foresight News
Over the past year and a half, tokenized stocks have transitioned from a niche experiment to a main battlefield for capital competition. According to data from RWA.xyz, the total value of on-chain tokenized stocks has exceeded $1 billion, while at the beginning of 2025, this figure was almost zero. In the early stage, the two issuers Ondo and xStocks together accounted for more than 70% of the market share, quickly building an almost duopolistic high wall in a market that had just exploded. Theoretically, it is not easy for latecomers to get a seat at this table.
But it is often not the first movers who rewrite the landscape, but challengers who dare to launch a frontal attack on the "impossible."
Reality's growth speed is rare in the industry. According to RWA.xyz data, Reality, the RWA protocol under Bitget, has ranked among the top five tokenized stock protocols in terms of assets under management (AUM) in just three months since its launch in June. The cumulative trading volume of its issued stock token rToken has exceeded $2.15 billion, with a total value of over $190 million, and the average daily trading volume on Bitget alone exceeds $50 million. Earlier, rToken's AUM exceeded $100 million within one month of its launch, making it one of the fastest-growing tokenized RWA products this year.
Aligning with Traditional Securities
The rToken issued by Reality is licensed and issued by BG El Salvador, the issuing entity, under the framework of El Salvador's digital asset issuance law. Each token corresponds to a 1:1 full reserve of real U.S. stocks or ETFs. The underlying stocks are custodied by FINRA-registered, SIPC-member brokers, and the securities are finally registered with DTCC, enjoying the same custody protection as traditional institutional securities, including up to $500,000 in SIPC protection per account.
The mutual independence of issuance, custody, and registration makes rToken not just a simple on-chain mapping, but a product architecture that truly aligns with traditional securities in terms of compliance depth.
Reality was not the first to enter, but it is more like a latecomer with answers—it precisely addresses the three most urgent needs of the market: sufficient asset coverage, deep enough liquidity, and sufficiently transparent trust foundation.
Asset Coverage and Liquidity: Reality's Differentiating Pillars
In terms of asset coverage, Reality has established a gap-like lead. It currently offers over 1,700 tokenized stocks and ETFs, covering about 95% of U.S. stock trading volume. From tech giants like Apple, NVIDIA, and Tesla, to core Asian industrial chain targets like TSMC and SK Hynix, to popular ETFs and scarce concept assets like SpaceX, it has almost covered all mainstream and high-demand targets. In comparison, Ondo covers about 400+ assets, xStocks covers about 700+, and bStocks only covers more than 70.
For many retail traders, order book liquidity is usually sufficient; what really affects the experience is whether the selection is rich enough, so that they don't have to switch between multiple platforms to find specific targets. For more professional participants, the key to success is deeper and more stable trading depth. What's rare is that Reality has achieved both at the forefront of the industry.
Reality supports three methods: direct market access, request-for-quote (RFQ) 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 that rToken's order book depth for mainstream U.S. stock tokens is 50 to 100 times that of similar products—the reason is straightforward: few markets have deeper liquidity than Nasdaq and NYSE.
The Confidence of Transparency
In terms of trust, Reality has also significantly raised the industry threshold. Its reserve audit is conducted by The Network Firm, a U.S.-licensed accounting firm, which issues daily reserve proof reports in accordance with AICPA attestation standards. It verifies that each circulating rToken corresponds to the underlying stock or ETF in the custody account, and the three parties of issuance, verification, and custody are independent of each other. On the trust foundation of reserve transparency in the RWA industry, Reality is currently the only tokenized stock protocol that fully entrusts audits to an independent third-party CPA.
In fact, compliance is not only reflected in the issuance mechanism and security guarantees. For ordinary users, legal and regulatory details are often obscure, but the dividend method is precisely what most reveals the quality 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 recognition of "dividends/income distribution" in different jurisdictions, which easily touches on complex requirements such as cross-border settlement, anti-money laundering (AML), and payment service licenses. Reinvestment keeps cash within the issuer or custody system to increase holdings of underlying stocks, then reflects it to users by adjusting multipliers or net values. Funds do not flow out directly, making operations more "internalized" and risks lower.
Therefore, many tokenized stock issuers in the market use the "reinvestment" method for dividends, either to avoid compliance uncertainties or to reduce cross-border settlement and operational complexity.
Reality has chosen a more difficult path that is closer to users' real income experience: distributing net dividends after tax directly to token holders in the form of USDT, with dividends and stock positions priced separately, and the token price always tracking the underlying stock price at a 1:1 ratio. This not only means that Reality has the ability to undertake more complex compliance and settlement arrangements, but also further enhances product transparency; for institutional clients who need precise bookkeeping and income accounting, this method is also more user-friendly.
More Than a Trading Product: Reality's Ecosystem and Infrastructure Ambitions
More importantly, Reality's positioning is not just a trading product for retail investors, but an institutional-grade RWA issuance infrastructure. Centralized exchanges, decentralized exchanges, wallets, DeFi protocols, market makers, and emerging banks can all access rToken's minting, redemption, and trading capabilities through a single API, without building their own brokerage licenses and compliance systems, and can launch tokenized stock services within days.
Since its launch, Reality has established in-depth cooperation with more than 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, realizing wallet-side integration, further lowering the threshold for user participation and expanding asset usage scenarios. Alice Li, head of Reality, said that in the future, Reality will carry out in-depth cooperation with more open APIs, wallets, exchanges, and protocols. Within the Bitget ecosystem, rToken has been integrated into scenarios such as unified account margin, collateralized lending, grid trading, and copy trading systems. Users' held stock tokens can be directly used as collateral to release liquidity—this capital efficiency is difficult for traditional brokerage accounts to provide.
Ark Invest predicts that tokenized assets may exceed $11 trillion by 2030, and Bitget has also put forward the vision of 10% of financial assets being tokenized by 2030. In this thousand-fold growth journey from 0.01% to 10%, whoever can achieve institutional-level compliance, liquidity, and transparency at the same time will have the opportunity to define industry standards.
Reality's entry into the top five in three months is not just a ranking jump, but also a collective vote from the market on its product logic that prioritizes compliance, transparency, and liquidity. The next focus is whether it can include asset classes beyond U.S. stocks and licenses in more jurisdictions into its portfolio, and convert the established product advantages into a truly irreplicable long-term moat.