UXUY launched UStock, opening a new era of on-chain finance for publicly listed companies

On October 27, 2026, the decentralized exchange UXUY (uxuy.com), incubated by Binance Labs and supported by YZi Labs, announced the launch of UStock (ustock.finance). UStock is positioned as an on-chain capital market platform for publicly listed companies, aiming to help U.S. and Hong Kong listed companies establish a borderless on-chain capital market through share issuance, distribution to on-chain investors, and post-issuance liquidity services.

UStock primarily focuses on small and medium-sized listed companies. The existing model typically adds on-chain trading access for stocks already traded in traditional markets, while UStock aims to build an independent on-chain liquidity and price discovery market for listed companies, creating an ecosystem that connects listed companies, stablecoins, and global on-chain investors. By providing a range of services covering on-chain issuance, trading, and ecosystem development, UStock hopes to create new opportunities for small and medium-sized listed companies and on-chain investors.

Liquidity Challenges

Going public does not necessarily mean that a company can obtain sustained market liquidity or financing channels. For some small and medium-sized listed companies, low trading volumes and limited investor coverage may reduce investor participation. Meanwhile, the funding needs for research and development, business expansion, and daily operations do not end with going public.

According to data from Hong Kong Exchanges and Clearing Limited (Hong Kong Stock Exchange, HKEX), the total trading volume of the GEM (Growth Enterprise Market) in August 2026 was HKD 3.183 billion, a year-on-year decrease of 23.58%, with an average daily trading volume of HKD 152 million. According to monthly trading reports for individual stocks, after excluding rights issues and records with zero trading volume, among the 286 common stocks that recorded trading activity, 189 had a monthly trading volume of less than HKD 1 million, accounting for 66.1%.

These data indicate that a considerable number of stocks in the Hong Kong GEM market have limited trading activity, which may lead to valuation challenges and increase the difficulty of subsequent financing. For some small and medium-sized listed companies, expanding investor coverage and establishing more sustained trading liquidity remain long-term challenges.

UXUY founder 0xKevin stated, "Going public is the starting point of a company's capital market journey. For some small and medium-sized listed companies, continuously attracting investor attention, expanding financing channels, and enhancing trading activity remain long-term challenges. We hope to establish new connections between listed companies and on-chain investors through UStock, allowing global investors to directly participate in the growth of companies with development potential and professional characteristics through stablecoins."

UXUY Expands Stablecoin Application Scenarios

With the popularity of stablecoins, they are gradually expanding from being tools for fund storage, cross-border transfers, and transaction settlements to broader financial applications, including global asset investments and on-chain interactions driven by AI entities.

UXUY continues to expand products and services around stablecoin accounts. Users can use stablecoins such as USDT, USDC, and UUSD to participate in various asset markets, including cryptocurrencies, stocks, commodities, and foreign exchange, and can also leverage AI entities for asset screening, strategy execution, and trading assistance. In this context, UStock will further extend UXUY's stablecoin ecosystem to asset issuance and trading linked to the economic rights of listed companies, as well as the construction of related on-chain ecosystems.

Through UStock, users will be able to use stablecoins like UUSD to subscribe for and trade assets linked to listed companies, potentially lowering the participation threshold for global investors.

For listed companies, UStock provides a potential new channel for issuance and distribution, connecting on-chain capital with global investors. For investors, it offers a path to participate in the issuance and trading of related assets using stablecoins, which are linked to the economic rights corresponding to listed shares. By connecting stablecoins, listed companies, and on-chain investors, UStock aims to further expand the role of stablecoins in real-world asset investments.

UStock's Real Share Custody and One-to-One Correspondence with On-Chain Economic Rights

UStock will adopt a structure where real share custody corresponds to on-chain economic rights. The underlying shares will be held by an independent asset-holding entity, managed by licensed brokers, trust companies, or other qualified institutions. The establishment of this entity aims to separate the relevant assets from the operating company's assets. The specific legal structure will be clarified in the relevant issuance documents.

According to the proposed product mechanism, uToken will serve as the on-chain representation of the economic rights related to the underlying shares. Each uToken is intended to correspond to the economic rights of one share of the underlying stock, including exposure to price changes, dividends, and corresponding handling of corporate actions such as stock splits and consolidations.

When the underlying shares generate dividends, the relevant distribution is intended to be settled in UUSD according to the product terms. UStock will establish a share redemption mechanism for eligible holders, with applicable eligibility requirements, conditions, and processes disclosed in the issuance documents.

UStock will implement a Proof of Underlying mechanism, disclosing information such as the relevant company, the number of shares held in custody, the custody structure, the quantity and circulation of uToken minted, the coverage of underlying assets, and the date of the most recent verification.

Once the underlying shares are successfully held in custody and meet the relevant issuance conditions, the platform will mint the corresponding number of uTokens. Multi-signature technology will be used to support joint control between original shareholders and UStock. After subscription is completed, the tokens will be allocated to on-chain investors and opened for trading.

The on-chain liquidity pool mechanism that UStock plans to launch is a supporting arrangement for the aforementioned infrastructure construction. Under applicable issuance arrangements, part of the proceeds from the issuance will be used to establish an initial uToken/UUSD liquidity pool, as disclosed in the issuance documents. The platform also plans to introduce on-chain market makers to support trading after issuance. By planning for subsequent liquidity in advance during the issuance process, UStock aims to provide additional liquidity infrastructure for small and medium-sized listed companies, as well as a new on-chain price discovery mechanism.

uToken Builds a New On-Chain Ecosystem for Listed Companies

The issuance of uToken aims not only to provide a new on-chain issuance and trading method for assets linked to shares but also to explore new possibilities for small and medium-sized listed companies in the digital asset era.

With a dedicated on-chain liquidity mechanism, uToken is not limited to a single regional stock market investor group and is expected to reach a broader range of qualified global investors. Its on-chain trading price may differ from the price of corresponding shares in traditional markets, thus providing an independent venue for market-based price discovery. However, such price differences do not necessarily imply changes in the fundamental value of the underlying company.

uToken may also create opportunities for listed companies to develop on-chain ecosystems. For example, companies can explore issuing meme tokens related to their brand to promote community engagement and enhance brand recognition; use uToken for payments or other applications within the relevant AI entity ecosystem; or support non-listed companies in their business partner network to issue tokens, thereby deepening their ecological ties with listed companies while assisting these enterprises in their own development.

UStock's goal is not only to provide new distribution and trading channels for assets linked to the economic rights associated with listed company shares. Its longer-term vision is to help listed companies build on-chain ecosystems and explore new possibilities in digital finance within the continuously evolving digital economy.

UXUY founder 0xKevin stated, "UStock marks further advancement of UXUY's stablecoin strategy. We use UUSD as the basis for subscription, pricing, and settlement, aiming to introduce stablecoins into more real-world asset application scenarios, helping listed companies reach new investors and sources of funds. In the future, we will continue to refine issuance, trading, and liquidity services around economic rights linked to real shares, establishing more lasting connections between corporate growth and global on-chain capital."