RootData released the "Tokenized Stock Exchange Vendor and License Map."

The tokenized asset platform RootData released the "Tokenized Stock Exchange Vendor and License Map," systematically sorting the suppliers, brokerage paths, and regulatory licenses of mainstream exchanges such as Binance, Gate, Bitget, and Bybit in three categories of products: real stocks, TradFi stocks, and tokenized stocks.

The map shows that the current stock asset structure of exchanges has gradually formed a three-tier architecture: real stock spot mainly relies on a regulated brokerage system for securities execution and custody; TradFi stocks are primarily based on CFDs/Perps; tokenized stocks are mainly supported by solutions like Ondo and xStocks.

Among them, Binance currently accesses Alpaca Securities through Nest Trading to provide exposure to real US stocks/ETFs and has launched Ondo stock tokens in the Alpha zone, with plans to introduce bStocks later; Gate has formed a dual supplier system with xStocks and Ondo; Bybit currently mainly adopts the Backed Finance (xStocks) solution; Bitget provides 1:1 tokenized products for US stocks/ETFs through its own Reality (rToken) brand.

RootData believes that as the tokenized stock market heats up, competition among exchanges is gradually shifting from simply launching products to the underlying broker, real securities custody, and regulatory license capabilities, with licensed brokerages like Alpaca Securities strengthening their infrastructure roles across multiple platform ecosystems.