From Crypto Matching to Tokenized Stocks: Gate Becomes the On-Chain Asset Hub

Cryptocurrency exchanges are shifting from “coin circle center” to “stock asset entry,” allowing users to invest in tokenized stocks with USDT at the click of a button, trading fractional shares with leverage 24/7. After surpassing 30 million users, Gate launched the xStocks area, enabling direct buying and selling of Tesla and Apple stocks through crypto wallets. This transformation will reshape the financial landscape.

The Transformation of Cryptocurrency Exchanges: From “Digital Money Platforms” to “Stock Asset Integrators”

Over the past decade, the identity of cryptocurrency exchanges has seemed clear - they are places for users to buy and sell Bitcoin, Ethereum, and other coins. However, by 2025, this definition is quietly loosening. With the evolution of the market, the upgrade of user demands, and the accelerated integration of traditional finance and the on-chain world, cryptocurrency exchanges are undergoing a profound transformation: evolving from “coin circles” to “stock asset gateways.”

One of the most representative changes is that exchanges have begun to introduce traditional assets into the on-chain ecosystem—tokenization of stocks, on-chain bonds, and stablecoin interest rate markets are gradually being rolled out. Investors are no longer satisfied with just “trading coins”; instead, they hope to allocate stock assets within the same account and under the same asset system (such as USDT).

Why Stocks? Why Now?

The appeal of stocks goes without saying. The robust growth of tech giants, ample liquidity, and the stable quality of listed companies make them the “ultimate asset pool” in the eyes of many emerging market users. However, for a large number of investors, participating in stocks still entails various inconveniences: complex cross-border account opening procedures, trading times misaligned with local time zones, and difficulty in directly using crypto assets for participation.

On the other hand, on-chain investors are maturing rapidly. They are already quite proficient in using stable assets such as USDT and ETH, and are accustomed to a decentralized and permissionless asset management approach. They are unwilling to “go around the world” to open accounts or exchange currencies, but instead hope to “invest in stocks with one click” using their crypto wallets.

Thus, a new demand gap is taking shape: direct investment in stocks on-chain, supporting fractional shares, leverage, and 24/7 trading.

User Scale Drives Platform Evolution: The Significance of Gate Surpassing 30 Million Registered Users

In this trend, exchanges are starting to attempt transformation. However, not all platforms are qualified to take the initiative. The scale of registered users has become the key threshold determining whether a platform can “seek growth from traditional assets.”

Taking Gate as an example, the platform announced in June 2025 that the number of registered stock users exceeded 30 million, covering more than 200 countries and regions. This scale not only indicates that there is already a sufficient user base to trial new products but also demonstrates that it has established a stable trust network in emerging markets (especially Southeast Asia, Eastern Europe, Japan, and South Korea).

What does the number of users mean? It means:

The platform can support large-scale transactions directly with USDT without introducing fiat currency.

Users do not need to relearn the complex traditional financial processes, but instead transition smoothly within their existing trading habits;

The community has an inherent educational function. Once the new product runs smoothly, it can be rapidly promoted through viral dissemination.

This approach is obviously more efficient than “pure Web2 financial institutions launching on-chain services” and is also closer to young users.

Who is really “doing the work”? Gate, Stock Tokenization, and Redefining Product Boundaries

Recently, the xStocks stock zone launched by Gate has attracted industry attention. In this zone, users can trade underlying stock tokens directly with USDT, such as TSLAx, AAPLx, SPYx, etc., and it supports contract trading, leverage, fractional shares, and 24/7 trading functionalities.

This means that users can not only “buy Apple” but also short Tesla, hedge against NASDAQ fluctuations, and even perform T+0 operations after hours in the early morning. And all of these operations are completed on a cryptocurrency platform.

This is not Gate’s first exploration of the intersection between cryptocurrency and traditional finance, but it is a landmark breakthrough. Compared to the unresolved liquidity and compliance issues in DeFi protocols, or other exchanges’ short-term trials with tokenized stocks, the launch of xStocks is much closer to a genuine, long-term operational trading product system.

Of course, Gate is not the only one trying similar directions. Binance, Bitget, OKX, and others are also exploring different paths, such as launching on-chain wealth management, supporting Web3 payments, and integrating AI analysis assistants. However, in terms of expanding the boundaries of “asset products,” Gate belongs to the group of “leading pioneers” this time.

A Repositioning of the Industry: Exchanges Are No Longer Just Exchanges

Functionally, today’s leading crypto platforms increasingly resemble a “stock asset integrator”:

Like a bank: You can deposit coins to earn interest and invest in financial products;
Like a brokerage: You can trade BTC, ETH, and also AAPL, TSLA;
Like a toolbox: It provides on-chain wallets, points systems, data analysis, bot strategies, etc.;
Like an entry point: It supports a one-stop experience from DeFi to CeFi, from Web2 to Web3.
In this race, whoever can provide more assets and serve a wider range of users has the opportunity to gain the structural dividends of the next round of crypto finance.

The milestone of Gate surpassing 30 million users may be an industry signal: a trading platform with product capabilities, user base, and stock coverage is ready to capture more financial market share that “originally does not belong to the crypto world.”

Conclusion

If the early exchanges were like “Taobao for the coin circle,” helping people buy and sell Digital Money; then the exchanges in 2025 resemble “WeChat for stock finance,” carrying more complex functions such as asset migration, payment settlement, leverage strategies, and on-chain management.

In this competition of platform capabilities and product depth, whoever completes the transformation to a “multi-asset comprehensive platform” first may reap the biggest rewards in the next cycle.

Gate is just one of the first representatives to take action, but what it reflects is a reshuffling of the entire industry landscape.