Where are the assets? A comparison of the transparency of five cryptocurrency platforms in the US stock market

In February of this year, BIT (Bit.com) was the first to launch direct broker connection mode for U.S. stock trading. On May 26, Bitget Reality and MEXC RealStocks announced their entry on the same day. As June approached, Binance and Gate also successively launched real broker direct U.S. stock trading. Centralized trading platforms are beginning to focus on the U.S. stock market, indicating a clear demand: the attention of crypto-native users towards U.S. stock trading is shifting from "can buy" to "buy in a more reliable way."

Several institutions claim to provide "real U.S. stock" services, but the product models and underlying architectures vary. The core measure of reliability lies in: under which legal entity are the assets that users "truly purchase"? Can they independently verify?

• Bitget Reality adopts an rToken tokenization model, with its core advantage being its deep integration with the Bitget ecosystem: rToken can directly serve as margin for unified accounts, used for grid trading, copy trading, and lending; cash dividends are automatically converted to $USDT, with stock splits mapped 1:1.

In terms of transparency, the cooperating broker for Bitget Reality is clearly stated as Alpaca Securities LLC (FINRA CRD #288202, which can be independently verified on BrokerCheck), and it provides a real-time PoR dashboard from The Network Firm, with official statements covering SIPC protection. However, the DTC/NSCC clearing path and the specific rights path for rToken holders have not yet been disclosed in detail.

• MEXC RealStocks adopts a real stock holding model. The official FAQ states that RealStocks are not tokenized stocks, not synthetic assets, nor CFDs, but allow users to hold real U.S. stocks through cooperating licensed brokers, and enjoy shareholder rights, including dividends and other ownership rights, when applicable.

MEXC's product emphasizes entry convenience, offering a 0 fee rate promotion during the launch period, creating short-term appeal. In terms of transparency, the specific names of cooperating brokers, FINRA CRD numbers, DTC/NSCC clearing paths, detailed SIPC paths, and transfer mechanisms are currently not publicly available on the official page and await further disclosure.

• Binance stock trading will launch on June 1, 2026, for eligible users in non-restricted jurisdictions; Binance U.S. stock orders are routed by the affiliated entity Nest Trading Limited as an introducing broker (IB), executed, cleared, and custodied by Alpaca Securities LLC. Binance itself does not hold or custody securities, supports fractional shares (starting at $5), 24/5 trading, and supports deposits in $USDT, $USDC, etc. In terms of transparency, Binance clearly discloses "does not hold or custody securities," and the clearing custodian Alpaca Securities LLC can be independently verified (CRD #288202), and is a participant of NSCC and a SIPC member, with securities assets protected by SIPC through Alpaca; however, the specific process for ACATS transfers has not been officially detailed.

• Gate also connects to the real U.S. stock market through compliant licensed brokers like Alpaca, allowing users to hold real stocks/ETFs, with the platform not self-custodying. In terms of transparency, Gate discloses cooperation with compliant brokers like Alpaca, which are NSCC participants, and provides SIPC protection paths through SIPC member brokers. Asset proof follows the traditional broker regulatory model, with the official FAQ stating that cash dividends or distributions are collected by the cooperating broker and, after tax processing, automatically issued to accounts in $USDT or $USDC; the specific details for ACATS transfers are also not disclosed.

• BIT launched first in February 2026, adopting a non-tokenized real stock holding model, where users hold real stocks under a traditional broker account system. In terms of transparency, BIT's underlying key nodes are disclosed in detail: trade execution is supported by Atomic Vaults Securities, LLC (CRD #317194), with clearing custody handled by RQD Clearing, LLC (CRD #134284), both of which can be independently verified on FINRA BrokerCheck; RQD is a SIPC member, and DTC #4305 has been publicly disclosed on the transfer page, with the transfer process expected to take 1-5 business days. This means that key nodes such as broker-dealer names, FINRA CRD numbers, DTC transfer information, SIPC paths, etc., have all been disclosed on the official page, allowing users to independently verify each one.

Overall, the product paths of several platforms differ and each has its own focus: Bitget Reality excels in rToken tokenization and ecosystem integration, MEXC RealStocks emphasizes real stock positioning and entry convenience, while Binance and Gate joined in June as new players in real stock holding, relying on Alpaca's compliant clearing path. BIT, as the earliest to start operations, has the most complete compliance framework and the highest transparency, having publicly disclosed execution brokers, clearing custodians, FINRA CRD numbers, SIPC paths, DTC transfer information, and expected transfer times. Users do not need to rely solely on platform statements but can follow these public information to gradually verify the legal entities and infrastructure corresponding to the asset chain.

All platforms are addressing the same need: allowing crypto users to enter the U.S. stock market with lower friction using stablecoins like $USDT / $USDC. However, if the question shifts from "can I buy U.S. stocks" to "where exactly are the assets," the answers begin to layer. Bitget Reality highlights rToken ecosystem integration and third-party CPA real-time PoR mechanisms, answering how on-chain assets map to real securities, while Binance, Gate, and MEXC emphasize real stock positioning and entry convenience, answering how to obtain a real stock holding experience at the exchange entry. BIT answers a more traditional and verifiable question: who is the execution broker, who is the clearing custodian, is FINRA verifiable, is the SIPC path clear, and is the transfer information public.

For users, "real U.S. stocks" ultimately are not just a marketing label, but a traceable asset chain. Whoever can enable users to leave the platform and trace the broker, clearing, custody, and transfer nodes through public information is closer to the core of trust in this track.