Author: Changan I Biteye Content Team

Can I buy US stocks directly with USDT/USDC without a US stock account?

The answer is: In the past, the threshold was very high, but now there are new on-chain entry points.

As US stock tokenization platforms gradually mature, more and more stock assets are being moved on-chain. Users do not need a traditional brokerage account or to deal with cross-border deposits and withdrawals; they can directly obtain price exposure to corresponding US stock assets using stablecoins in exchanges or wallets.

In a sense, stablecoins are beginning to connect the crypto world with traditional financial markets.

But problems arise as well:

• What are the differences between different platforms?

• What is the difference between stock tokens and perpetual contracts?

• Which are the real on-chain stock assets? Which are mappings?

• Where should ordinary users start?

This article will systematically outline:

• The differences and characteristics of mainstream on-chain US stock platforms

• What entry points are suitable for different users

• Operational and KYC considerations

• The common pitfalls in on-chain US stocks

I. Evaluation of Five Major On-Chain US Stock Platforms

If you are already accustomed to using exchanges and do not want to study too much about on-chain operations, just want to quickly gain exposure to US stocks using USDT/USDC, the stock token entry points of the following four centralized exchanges are prepared for you. For users familiar with wallets and DEX, we will also separately introduce the on-chain path of Binance Wallet.

1️⃣ Kraken Model: Stock Tokens | Issuer: xStocks

Kraken is currently one of the most beginner-friendly stock token entry points, allowing users to trade tokenized versions of US stocks and ETFs directly within Kraken, providing an experience closer to buying spot assets in an exchange.

xStocks are essentially tokenized stocks/ETFs issued by Backed. They are not the original US stocks in a traditional brokerage account but are on-chain assets corresponding to the performance of the underlying stock prices.

Users can buy using funds in their Kraken account, and some xStocks also support withdrawals to on-chain wallets.

📌 What can you buy:

Kraken xStocks cover over 100 US stocks and ETFs, including mainstream assets like Apple, NVIDIA, Amazon, S&P 500 ETF, etc.

If we look at yesterday's AI theme, some related targets can be bought in Kraken, such as: MUx

Although MUx can be traded, its 24-hour trading volume is only about $98,000, and the order book depth is relatively limited.

✅ Advantages:

Kraken's advantages lie in its simple entry, broad coverage of targets, and relatively better liquidity for mainstream assets.

For users without a US stock account who want to buy NVDAx, AAPLx, TSLAx, QQQx, SPYx in small amounts using stablecoins, Kraken xStocks is a clear path.

⚠️ Considerations:

xStocks are not traditional common stocks and do not equate to directly holding Apple, NVIDIA, or Tesla stocks in a brokerage account.

They allow you to gain price exposure to corresponding US stocks/ETFs, but whether users have rights to dividends, voting, redemption, etc., depends on the specific product rules.

Kraken is open to qualified non-US users in over 110 countries and regions, including mainland China, Hong Kong, Singapore, etc.

2️⃣ Bybit Model: Stock Tokens | Issuer: xStocks

Bybit has many US stock-related products and is currently one of the platforms that can easily confuse users.

Because in Bybit:

• xStocks are stock token spot

• TradFi / MT5 are stock CFDs

• Perpetual contracts are leveraged derivatives

These three types of products may feature names like Apple, NVIDIA, Coinbase, Micron, but their underlying structures are completely different.

The "on-chain purchase of US stocks" discussed in this article mainly refers to xStocks. In the Bybit App, users can enter the spot → xStocks category to view tradable tokenized US stock assets.

The targets in TradFi / MT5 like MU, COIN, etc., are essentially closer to stock CFDs and will display information such as leverage, contract quantity, overnight rates, etc.

📌 What can you buy:

Bybit currently has fewer tradable xStocks than Kraken, mainly focusing on a few popular targets.

For example, NVDAX, AAPLX, GOOGLX, AMZNX, METAX belong to tech-heavy stocks, while COINX, CRCLX, HOODX are crypto-related US stocks, and TSLAX is a popular trading target.

In terms of trading volume, the liquidity of Bybit xStocks also shows significant differentiation.

• CRCLX and COINX have a 24-hour trading volume in the million USDT range

• NVDAX and TSLAX are in the hundreds of thousands of USDT range

• While AAPLX, METAX, AMZNX, GOOGLX have relatively lower trading volumes

✅ Advantages:

Bybit's advantage is that the trading path is close to ordinary spot trading, suitable for users who are already accustomed to using Bybit.

For users without a US stock account who usually trade on Bybit, directly buying stock tokens like NVDAX, AAPLX, TSLAX, COINX in the spot area has a lower understanding cost.

⚠️ Considerations:

The most confusing aspect in Bybit is that xStocks and MT5 / TradFi / CFD are not the same thing.

xStocks are closer to stock token spots, while MT5 / CFD are contracts for difference or margin products, suitable for trading but not for long-term holding of US stock spots.

3️⃣ Bitget Model: Stock Tokens | Issuer: xStocks

Bitget's stock-related entry is relatively complex; it does not just provide a list of stock tokens but integrates US stock-related products into the TradFi system.

Simply put, Bitget's TradFi is mainly divided into three categories:

• Stock Tokens: RWA tokenized stocks, such as MUon, NVDAon, TSLAon, SPYon, QQQon

• Stock Contracts / Stock Perpetuals: Stock perpetual contracts, which are derivatives

• CFD: Contracts for difference traded through MT5 accounts

📌 What can you buy:

Bitget has a wide range of stock token targets, covering US individual stocks and ETFs.

Some stock tokens on Bitget have significant on-chain trading volumes. For example, MUon has about $15.65 million, INTCon has about $6.96 million, and SNDKon has about $2.56 million.

✅ Advantages:

Bitget's advantage is that it has integrated the on-chain stock token entry into the exchange app.

It simultaneously provides stock tokens, stock perpetuals, and CFDs, allowing users to view and trade different forms of US stock-related assets on one platform.

⚠️ Considerations:

Bitget's naming convention for stock tokens differs from Kraken / Bybit; they are not NVDAX, AAPLX, but NVDAon, AAPLon, MUon formats. Before trading, you need to confirm that you are buying stock tokens, not Stock Perpetuals or CFDs.

The entry for Bitget's stock tokens, stock contracts, and CFDs will be affected by account region and product permissions. Some regional users may see relevant pages, but whether they can actually trade depends on KYC status and page display.

4️⃣ Gate Model: Stock Tokens | Issuer: xStocks + Ondo

Gate's stock token entry is quite special; it integrates both xStocks and Ondo's stock token solutions. Simply put:

• xStocks are usually named with an X suffix, such as COINX, NVDAX, CRCLX;

• Ondo is usually named with an ON suffix, such as COINON, CRCLON;

So when you see US stock names in Gate, you cannot just look at the stock code but also at the suffix and entry point; the same target may have two versions of stock tokens, such as COIN having both COINX and COINON;

📌 What can you buy:

The number of stock tokens currently tradable on Gate is not particularly large, mainly focusing on a few popular US stocks.

For example, for COIN, Gate provides both COINX / USDT and COINON / USDT as spot entry points. But for MU, the current page shows MU CFD, not MUx / MUon stock token spots.

✅ Advantages:

Gate's advantage lies in its simultaneous integration of both xStocks and Ondo's stock token solutions, allowing users to see tokenized US stocks provided by different issuers on the same platform.

For targets like COIN and CRCL, Gate even allows users to see both xStocks and Ondo versions, making it easier to compare prices, trading volumes, and liquidity of different trading pairs.

⚠️ Considerations:

The biggest point to note about Gate is that stock tokens, CFDs, and contract entries can easily get mixed up.

5️⃣ Binance Wallet Model: On-Chain Wallet Entry | Issuer: Ondo

Binance is different from the previous CEXs. It does not directly list US stock tokens on the Binance spot exchange but allows users to access tokenized US stocks and ETFs from Ondo Global Markets through entry points like Binance Wallet / Binance Alpha / Swap.

📌 What can you buy:

Ondo Global Markets has already provided over 100 tokenized US stocks and ETFs on the BNB Chain, covering mainstream assets like Apple, NVIDIA, Tesla, Micron, AMD, S&P 500 ETF, etc.

The trading volume of Binance's US stock tokens is relatively prominent.

For example, MUon has a 24-hour trading volume of $70M, indicating that MUon has higher liquidity in the Binance ecosystem than many stock tokens in other exchanges.

✅ Advantages:

The advantage of this path in Binance lies in liquidity and entry.

Compared to small-scale stock token trading pairs in a single exchange, Ondo covers more assets on the BNB Chain, and some targets also have higher trading volumes.

For users wanting to buy Ondo stock tokens like MUon, NVDAon, AMDon, AAPLON, SPYON, Binance Wallet / Alpha / Swap is a more direct entry point.

⚠️ Considerations:

Users need to confirm the network, contract address, DEX pool, slippage, and liquidity themselves. Just because an asset is visible in the wallet does not mean it has sufficient depth or is suitable for large transactions.

II. How Should Individual Investors Choose?

After looking at these entry points, let's return to the most practical question: If I am just an ordinary crypto user, where should I start?

1️⃣ New Users: Prioritize Exchange Entry

If you are trying on-chain US stocks for the first time and do not want to deal with wallets, contract addresses, DEX, and slippage, then entry points like Kraken, Bybit, Bitget, and Gate will be easier to get started with.

The advantage of these platforms is that the operational path is similar to buying coins: register an account, complete KYC, deposit USDT / USDC, search for stock tokens, and place orders.

2️⃣ Want to Buy AI Theme Targets: Focus on Target Coverage

If you are looking at the chip, energy, and storage logic from yesterday, then the focus of platform selection is not "which platform is more famous," but whether it can buy the targets you want.

The coverage range of different platforms varies greatly. Kraken covers over 100 US stocks and ETFs, but some niche targets have limited liquidity. Bybit currently has relatively few xStocks; Bitget can see stock tokens related to storage like MUon, SNDKon;

3️⃣ Users Familiar with Wallets: Look at On-Chain RWA Platforms

If you are already familiar with Web3 wallets, swaps, contract addresses, slippage, and on-chain trading, then entry points like Binance Wallet will be more suitable for you.

They are not traditional CEX spot areas but are closer to on-chain RWA asset entry. The advantage is that they are more on-chain, more open, and may cover a wider range of assets.

The asset coverage and trading volume of some targets in Binance Wallet are relatively prominent, making it the first choice for large capital users.

III. The Five Common Pitfalls in On-Chain US Stocks

On-chain US stocks lower the participation threshold, but they are not a substitute for traditional brokerage accounts. Before placing an order, you should at least be aware of the following types of risks.

1. What you buy may not be traditional common stocks

Stock tokens, Ondo, xStocks, sStocks, CFDs, perpetual contracts may all carry names like Apple, NVIDIA, MU, COIN, but the product structures are completely different.

Some are stock tokens, some are price exposures, and some are contracts for difference or leveraged derivatives. They do not equate to directly holding original US stocks in a brokerage account, nor do they necessarily grant complete rights to dividends, voting, and redemption.

So the first step before buying is not to look at the code but to look at the product type.

2. The same stock may have multiple versions

For COIN, there may be COINX, COINON on different platforms; for NVIDIA, there may be NVDAX, NVDAon, sNVDA.

Different suffixes represent different issuers, underlying structures, and trading entry points. For example, the X suffix usually corresponds to xStocks, while the ON suffix usually corresponds to Ondo; they may track the same stock price but are not the same asset.

Do not just look at the stock code; be sure to check the complete trading pair, issuer, and entry point.

3. Regional restrictions and KYC may change at any time

Stock tokens involve securities assets, and different platforms are sensitive to regional restrictions.

Just because a platform page can be opened does not mean the account can necessarily trade. Just because a platform account can be used does not mean the stock token entry is also open.

4. Liquidity varies greatly

On-chain US stocks are more mature than in the early days, but they still cannot be directly compared to the liquidity of traditional US stock markets.

Some mainstream targets have decent 24-hour trading volumes, but niche targets may have large buy-sell spreads, shallow order book depth, and difficult exits. Even if a platform supports a certain stock, it does not mean that stock is suitable for large transactions.

Before buying, check: 24-hour trading volume, buy-sell spread, order book depth, DEX pool depth, and whether there are enough counterparties when selling.

5. Be clear about price sources and trading times

Traditional US stocks have fixed trading hours, but on-chain stock tokens may support 24/5, 24/7, pre-market, after-hours, or platform-quoted trading.

This raises a question: How are prices determined during non-US stock trading hours?

Some platforms rely on market maker quotes, some rely on on-chain pools, and some complete transactions through reference prices and backend execution mechanisms. Under different mechanisms, the risks of price deviation, slippage, and trading pauses vary.

So do not assume that "24/7 trading" means it is always completely synchronized with US stock prices; during non-US trading hours, the liquidity of tokenized US stocks is relatively thin.

IV. In Conclusion: On-Chain US Stocks Are Not a Substitute for Brokerages, But a New Entry Point for Stablecoins

In the past, crypto users and US stock users seemed like two worlds.

• One side is USDT, USDC, wallets, DeFi, and exchanges;

• The other side is NVIDIA, Tesla, Apple

But as the AI market has progressed to today, these two worlds are beginning to converge.

If yesterday we discussed which US stock assets are benefiting in the AI era, then today’s question is: When these assets are primarily in the US stock market, how should crypto users participate?

On-chain US stocks provide a new entry point.

They allow stablecoins to no longer be limited to exchange wealth management, DeFi yields, and memes, but also to start connecting with stock assets in the real world.

However, this does not mean that on-chain US stocks can completely replace traditional brokerages.

On the contrary, the more this new entry point emerges, the more one must understand the underlying assets, product structures, regional restrictions, liquidity, and exit paths.

For ordinary users, the most reasonable approach is not to go all in at once but to first test with small amounts, clarify what they are actually buying, and then decide whether to continue using it.

The truly noteworthy aspect of US stock tokenization is not just that stocks become tradable 24/7, but that it allows crypto users for the first time to use familiar stablecoins and wallets to participate in asset opportunities that originally belonged to traditional financial markets.

This article is for information sharing and market observation only and does not constitute any investment advice, financial advice, or platform recommendations. Different platform rules, regional restrictions, and liquidity may change at any time; please refer to the platform page for actual operations.