Bybit xStocks tokenized US stocks: what they are, who can buy, how to buy (checked November 2026)

Updated November 3, 2026 · 5 min read

xStocks are tokenized US stocks issued by Backed, trading 24 hours a day on Bybit's spot market with an X after the ticker, such as TSLAX. Behind each token one real share is held in custody, but you aren't a shareholder and get no dividends or votes. Standard verification is enough, the fee is 0.2%, and you can hold at most 300,000 USDT of each. Vietnam, Pakistan, India, Turkey, the European Economic Area and 60-plus other regions can't use them. Nigeria can.

1. What xStocks are

xStocks are tokenized stocks and ETFs that Backed Assets, registered in Jersey, has issued since May 2025, and Bybit lists them as trading pairs on its spot market. For every token issued, the issuer buys one share of the underlying stock and places it with an independent custodian, hence “1:1 backed”. The price tracks the real share price through market makers and arbitrage, much the way a stablecoin is pegged to the dollar.

What you hold is a token, not a stock. In the words of Bybit’s FAQ, xStocks give holders no voting rights, no dividend entitlements and no legal claim on the underlying shares or the company’s assets. If the issuer or the underlying company fails, you aren’t a shareholder, and where you stand in the queue depends on the token’s terms. Dividends and splits don’t pay out cash. They adjust the number of shares each token represents through a “multiplier”.

2. Who can buy

Standard identity verification is enough, no need for Advanced. But the regional limits are stricter than for any other Bybit product. The official FAQ’s exclusion list has 60-plus countries and regions. The ones relevant to this site’s readers:

• Not available: Vietnam, Pakistan, India, Indonesia, Malaysia, Bangladesh, Turkey, Russia, Kazakhstan, the United Kingdom, Australia, Japan, South Africa, Mexico, Brazil, Argentina, Venezuela, Egypt, Morocco, Saudi Arabia, Qatar, Kuwait, plus the whole European Economic Area.
• Available: Nigeria, Kenya, Ghana, the Philippines, Thailand, Ukraine and others not on the list.

Readers in Vietnam and Pakistan can skip this article and buy real stocks instead. That product’s unavailable list doesn’t include you. The list changes, so what the app shows when you open a pair is what counts.

3. How to buy

1. Make sure the Unified Trading Account holds USDT. xStocks are bought with USDT, not USDC.
2. Tap Trade at the bottom of the app, choose Spot, and find the xStocks category in the pair dropdown, or search the ticker directly. The ticker is the stock symbol plus X: TSLAX, NVDAX, AAPLX, COINX, with pairs like TSLAX/USDT.
3. Choose the order type: market, limit or conditional. You can order by value, by token quantity or by number of shares.
4. The confirmation page can switch between showing the token price and the stock price. Read it before you confirm.
5. After buying, see your holdings under Assets, and the current multiplier and its history on the trading page.

The fee is a separate tier, 0.2% for both maker and taker for ordinary users, double the 0.1% spot rate. You can hold at most 300,000 USDT worth of each token. At the cap you can’t buy more, and existing orders are unaffected.

4. What 24-hour trading means

The US market is open five days a week for six and a half hours a day. xStocks trade around the clock. While the US market is open, the token price follows the share price with little deviation. When it’s closed, there is no real price to anchor to, the token price is held by market makers and moves on after-hours news and sentiment, like a small prediction market. When Monday opens the two realign, and the gap in between is the price of trading on the weekend. So use limit orders on weekends and after hours, not market orders.

5. Deposits, redemption, dividends

• You can deposit and withdraw them over two chains, Solana and Mantle, to a compatible on-chain wallet. That’s one practical difference from real stocks, which can’t be withdrawn.
• You can’t redeem on Bybit. Bybit is only a secondary market. To turn tokens into real shares you’d open an account with Backed directly, pass its KYC and redeem at net asset value, with extra fees. Ordinary users never do.
• No dividends. The economic value of a dividend is reflected in the token’s reference value through the multiplier, not paid in cash. Splits work the same way: the token count stays, the multiplier changes.

6. Risks, in Bybit’s own list

• The price source is an oracle, which can lag or deviate.
• Outside market hours the price detaches from the real share price.
• Issuer multiplier adjustments and inventory balancing affect the token’s net asset value.
• The issuer can terminate the product, and you may get back less than you put in.
• You may lose part or all of your funds.

All of that is in Bybit’s xStocks FAQ. I’d add one line: compared with real stocks there is one more layer, the issuer. Backed failing and Bybit failing are two different things, and you have to watch both.

7. FAQ