When Ying Weidar in Bitget started to send a break, America entered Reality

 

It is one of the fastest-growing tracks in the encryption industry in the last two years and one of the most verbally abused。

What is it? It's empty。

FOR EXAMPLE, YOU SPENT 100 USDTS BUYING A TOKEN CALLED NVDA, THINKING YOU OWN A SMALL SHARE OF INVERDA. IN FACT, WHAT YOU'RE GETTING IS PROBABLY JUST A SHADOW FOLLOWING STOCK PRICES. NO REAL STOCK TO THE BOTTOM, NO DIVIDENDSThere is no equity in any stock。

But it's the cursing track, and it's the trend of the encryption industry。

One of the exchanges, however, produced a set of figures that could hardly be ignored。

According to Bitget ' s 2026 Q1 transparency report, the current peak in transactions of non-encrypted assets represents 40 per cent of the total number of platforms. Stock, gold, foreign exchange, which was supposed to be in the stockbroker's APP, and now a significant part of the deal is in the encryption exchange。

TokenInsight's contract market report for the first quarter of this year gave another coordinates. Bitget's stock-renewal contract ranked second in the world, with 22.61 per cent market share。

Also, in a tokenized stock issued by Ondo, the Bitget family ate about 89 per cent of the trade. The cumulative stock futures trade exceeded $10 billion and the spot exceeded $1 billion。

Look again at the user。

According to Bitget, the user asset allocation report issued in May this year, 52 per cent of the users are in hold. LeeAlready contains both encrypted currency and U.S. stockI don't know. Half the users are no longer just buying money, and their accounts live in two world assets。

And those figures were all zero a year ago。

The numbers are certainly good and the needs are real. But from our observations, a more acute problem lies behind the numbers:

What exactly did you buy? Or did you just buy a fine price shadow for real money and silver

That question, Bitget took nine months to answer。

He's the stone of the mountain. He's the stone of the capital

Last year, Q3, Bitget started putting a fair share on the shelf, using the idea of his mountain stone。

Ondo, xStocks, a tokenized stock issued by a third party, Bitget is responsible for mount and trading. During the same period, the first U.S. stock index contract was renewed, with a maximum of 100 times leverage and 7 x 24 hours of trading。

This model ran for months, and by the end of December last year the contract volume had been $10 billion, and it's already a considerable volume. Demand is not a problem, and users do want to touch American shares in an encrypted exchange. But the goods themselves are problematic。

His stone could be taken, but if the stone itself was too thick, it would still not be able to construct a smooth experience. After measuring, the problem followed。

FOR EXAMPLE, IF YOU SEARCH FOR INVERDA, BUY A 100 USDT CHAIN NVDA TOKEN, THE PRICE DOES FOLLOW NASDAQ. AND

FIRST, THE DEPTH IS THE DEX LEVEL, AND A SLIGHTLY LARGER SLIDE IS VISIBLE; AND SECOND, IN TERMS OF EQUITY, YOU WON'T GET A PENNY IF YIN WEIDAR GIVES A QUARTERLY INTEREST. WHEN THE STOCK IS BROKEN, YOUR HOLDROOM MAY BE RENEWED SEVERAL DAYS LATER。

For the United States stock on the chain, the price was basically bought first, leaving nothing。

Actually, these three issues are not the Bitget family, they're the disease of the entire monetization track. Third-party distributors control the underlying asset and product logicThe exchange is just a shelf, the depth, the dividends, the availability of the assets, not for you。

The ceiling of the marketing model is that of someone else's product。

Bitget and other exchanges have two paths ahead of them. One is to continue to repair and repair the infrastructure of others and the other is to build a ship of its own. It picked the heavy one。

Self-dipping, when the stock in Bitget started to spread interest

Recently, Ying Weidar has just announced an increase in quarterly dividends from 0.01 to 0.25 per share, the next payment date being 26 June. If you hold rNVDA on Bitget, then there may be an extra cash dividend in the account converted to USDT and the holding cost will be automatically updated。

This is probably the first time in the chain of American stock on the track. And the reason for this is because the bottom of the chain of American stock, a new evolution on Bitget。

In June of this year, Bitget went online and calledRealityThe platform. The name is of course translated into reality. The name itself is more like a manifesto in an encrypted American course, which is the asset of shadow America:

Contemporary monetized stocks become the mainstream of the future, and it will remove the prefix of “didentization” and become the default of people's rhetoric, while today's traded stocks will be crowned “traditional stocks”。

It may sound like science fiction, but Reality is going to make it a reality。

What the platform does is not complicated. Not from the original Ondo or xStocks, but through Reality, they issue their own tokenization shares. Issued to Reality, hosted to the issuer Alpaca, and the audit was carried out independently by The Network Firm, each of which was in charge。

The platform's distribution of shares is called rToken, and the United States shares you now buy on Bitget will be presented in the form of an initial r。

what's the difference between the rtoken and the third-party token six months ago

The most direct differenceYou can finally figure out if there's something behind you。1.0 THE ERA OF MONETIZATION, THE BOTTOM OF THE CHAIN OF CUSTODY IS BASICALLY A BLACK BOX FOR USERS. YOU DON'T KNOW IF YOU BOUGHT AN NVDA STOCK。

Reality broke this chain open. RToken this tokenization of beautyThere is a mapping of real assets at the bottom。

For example, you buy $100 rNVDA on Bitget, and Reality buys a corresponding amount of real British stock on the American stock market through Alpaca, and puts it in Alpaca's trust account. As much as you want, it buys, 1:1。

According to publicly available information, Alpaca is a United States-owned self-liquidating voucher, registered with the United States Financial Services Regulatory Authority (FINRA) and protected by the Securities Investor Protection Corporation (SIPC)。

SIPC is an investor insurance scheme at the federal level in the United States, meaning that even if the issuer had a problem, the securities asset in the escrow account would be covered with a ceiling of $500,000. Alpaca is currently one of the most used hosts in the field of monetized securities, and Binance, Ondo, and XStocks are also clients of Alpaca。

The independent audit was conducted by The Network Fire, reporting at the level of the CPC each issue, confirming a reserve rate of over 100 per cent. Bitget also made a chain-based reserve certificate dashboard, updated in real time, accessible to anyone。

Buyed an asset and knew it was real. This is a perceived change at the level of use。

And looking down in that sense, you can see the design of the whole structure of Reality. Bitget split the monetization into three layers to rebuild:

First floorBottoms up。Alpaca trustees, 1:1 buys, stores on the chain prove that the solution is the most basic question of trust: "Is there really something behind what you bought?"。

Second floorCompensatory。Equities are issued in token currency 1:1 and cash dividends are converted to USDT directly recorded in the accounts, with a real-time map of the split stock on the chain. For the last two years, you've been buying coins for Inverda, watching real shareholders collect money every quarter, and your account lines remain intact. This time, it's the rtoken holder's turn。

Third floorAssets activatedI don't know。

rToken has access to Bitget's UAA, and the rNVDA in your hand can be used as a deposit. Take Young Weida's position to open a BTC contract and use a U.S. share to leverage the encryption contract. Cross-asset bonds are the only institutional treatment in a voucher, and there is no need to think about the US stock in the previous chain; now a common user can achieve a similar effect on Bitget。

And what is the cost of buying shares after such a self-building round

Based on the publicly disclosed rates of each platform, the same amount of US$ 1,000 was purchased for US$ 1,000, US$ 0.4 for Bitget, and traditional Internet coupons are usually in the range of US$ 2。

Three layers are stacked together, and there's a qualitative change in the kind of monetization stock in Bitget:From a shadow token that can only follow prices, it becomes a financial product with real trust, full rights and a combination of encrypted assets。

This thing was put two years ago, and the coupons couldn't do it, the exchange couldn't。

Some would ask, "Why don't you take a simpler route, like a front end to a coupon dealer

Bitget chose the opposite, not to be dependent on traditional finance, but to re-engineer the chain by encryption and chain. Reality, from hosting to distribution to mapping the entire inn of self-control on the chain, is itself a chain asset that can be used to leverage a combination of energy, and these are not going to work with the company's direct solutions。

And here, I think of the famous line in "The Race": The bigger the wind, the more expensive the fish。

There is only a need for reliable vessels to catch more fish through sudden changes in the market environment. It's not impossible to rent someone else's boat, but it's built by itself and the water is fixed by itself。

It's probably the Reality platform of Bitget that's been outspoken in all kinds of announcements, but it's obvious。

And apparently, Bitget wasn't going to use this ship for beauty stock。

It's not just American stock. It's an all-view exchange. Form

The ship was built and the first shipment was not just the shares of listed companies。

In April of this year, Bitget came on line with a product called IPO Prime, which allowed ordinary users to requisition companies that were not listed. The first issue was SpaceX, with a requisition price of $650 each and a total pool of approximately $61 million. As a result, $177 million, 14435 people robbed。

The second phase was replaced by OpenAI, with a requisition price of $725 each, a pool of about $21 million, actual requisitions of $120 million, 5448 participants, almost six times more。

Two issues combined, close to $300 million in requisitions, with nearly 20,000 participants。

The common feature of the two companies is that, in the world of traditional finance, ordinary people have no access to stock openings prior to their listing. Behind IPO Prime is the SPV structure that works with Republic, with real equity anchors。

Beyond Pre-IPO, Bitget went online at the end of last year and reached TradFi, a CFC product valued at USDT, covering 79 species, including foreign exchange, gold, bulk commodities, equity fingers, with a peak in daily trade volumes exceeding $8 billion。

In addition to Reality's beauty stock, which continues to grow every day, rToken is the most popular in the worldBitget, the type of asset that can be encountered in an account now goes far beyond the traditional definition of the word "encrypted exchange"。

In this direction, Bitget has an internal saying, UEX, Panoramic Exchange。

When CEO Grace Chen first publicly introduced the concept in September last year, the goal was straightforward: to cover encryption, US equity, gold, ETF, foreign exchange, global high-quality asset trading。

In order to sustain the framework, the team is expanding。

According to public information, Bitget has, over the past six months, introduced an intensive pool of complex talent with both traditional financial backgrounds and Internet growth experience, with successful candidates coming from enterprises such as FongBridge, Robinhod, eToro, and cross-market experience covering traditional financial institutions such as the United States, Hong Kong, New Zealand, Australia and NASDAQ。

It's not an encrypted exchange, more likeIt's a new species in the skeleton。

What I find interesting is Bitget's attitude on this matter. There's a lighter way to trade in American shares, to take the path of a coupon dealer, to put a shell on the front end and the user can buy it for sale。

Many platforms go this way. Bitget chose the top one, built its own distribution platform, made its own hosting link, and rToken was able to use it as a combination。

Why

In product selection, Bitget's attitude is pretty clear. The issuer's straight-link scheme is still, in essence, a front-end for traditional finance, and the shares that users buy live in the voucher's system, can't fill the chain, can't pull their wallets, and can't be leveraged by BTC。

Reality does rTokeen, which is a natural asset in a chain, and can do much more than a coupon。It's not because it likes to suffer, it's because it doesn't reach where they want to go。

The author feels that there is a much larger judgement behind this choice: Blackchain and Cripto, which at this stage are nothing more than coin-making instruments, can be done by reshaping the experience and distribution of financial products。

Reality is the first product of this judgment. Three years ago it might not have been true, but it would not have been empty of the current product logic。

It is too early to draw conclusions as to how far this road will eventually go。

But one thing's for sure, Bitget was not the only encrypted exchange a year ago。

From substitute to build, from U.S. stock to Pre-IPO to foreign currency gold, from a platform for trading in encrypted currency to a panoramic portal where everything can be traded, every step of the way is to add new decks to the ship that built itself。

The boat is already in the water, so let's see how far it can go。

This paper is based on Bitget ' s official product information and open market information, and the product functions and data covered therein are based on the latest version of the Bitget platform. The wave studies independently verify the product description, but do not guarantee the operation of the platform and the security of its assets。

Currencyized equities are emerging financial products, and the framework for hosting, auditing and compliance of bottom assets is still under development. Regulatory attitudes to such products vary widely across jurisdictions and investors should assess the risks themselves。

Markets are risky and decision-making needs to be independent。

Data source: Bitget 2026 Q1 Transparency report Bitget User Asset Allocation Report (May 2026) TokenInsight Q1 Contract Market Report The Network Fair Audit Report Public Disclosure Rates for Platforms

Tide studies June 2026