In the first half of 2025, the global capital market once again sees the U.S. stock market dominating the scene. The Nasdaq index has already surpassed a 20% increase this year, with tech giants like Nvidia, Tesla, Apple, and Microsoft seeing their market values soar, while AI and autonomous driving concepts continuously refresh market expectations. More and more investors are realizing that the U.S. stock market remains the most growth-certain asset sector globally.
However, beneath the surface of prosperity, the various thresholds of traditional participation paths are becoming increasingly apparent: complex account opening requirements, restrictions on trading hours, numerous cross-border settlement limitations, and obstacles in fiat currency channels continue to trouble a large number of users from emerging markets in Southeast Asia, Latin America, and the Middle East. Meanwhile, an increasing number of traditional finance practitioners, wealth institutions, and even retail investors are beginning to pay attention to the on-chain ecosystem. They are no longer limited to Bitcoin and Ethereum but are seeking the possibility of "on-chain participation in traditional assets"—tokenizing U.S. stocks has become one of the fastest-growing sub-sectors.
In light of this trend, which exchanges truly possess global service capabilities? User data is becoming one of the key indicators.
It is evident that Binance and Coinbase occupy the first tier as "giants"; while Gate, OKX, and Bybit form a second tier with over 30 million registered users. The common characteristics of these platforms are faster product innovation speed, global user expansion capabilities, and deep layouts in non-English markets.
Gate's performance is particularly noteworthy. The platform covers over 200 countries and regions, with especially steep growth curves in Japan, South Korea, Eastern Europe, Southeast Asia, and Latin America. In key technical dimensions such as trading volume, matching efficiency, and system stability, it has already acquired the basic capabilities required of large platforms.
As the foundational business stabilizes, major platforms are attempting to expand their boundaries: some focus on NFTs, Web3 social, and AI assistants, while others choose to enter the traditional asset market.
Gate's recent launch of the "xStocks U.S. Stock Zone" is a representative case of this trend. Through tokenization, users can directly trade assets anchored to real U.S. stocks (such as AAPLx, TSLAx, SPYx, etc.) using stablecoins like USDT, while also enjoying features like fractional share investment, leverage strategies, and 24-hour trading. This design not only lowers the threshold but also aligns more closely with the usage habits of crypto users. It is worth mentioning that Gate is the only crypto contract market for U.S. stocks globally, simultaneously meeting the product needs of different users in spot, contract, and alpha trading.
It is important to note that Gate is not the only platform exploring this direction. Binance had previously attempted stock token products but paused due to regulatory issues; in the DeFi space, protocols like Synthetix have explored similar mechanisms. However, from the perspective of product maturity and availability, there are still few platforms that have truly achieved large-scale deployment and integrated into mainstream trading logic.
Thus, platforms like Gate, which have taken the lead in launching products and forming trading closed loops, can be considered among the first batch of "meat-eating" players. While expanding their own business models, they also provide a path reference for crypto exchanges to move towards the role of "asset bridges."
The strength of the U.S. stock market not only affects traditional investors but also prompts crypto platforms to rethink their boundaries. The number of users is no longer just a growth indicator for platforms but serves as a strategic fulcrum in global asset allocation, determining "who can serve the most people."
Moreover, competition among platforms is gradually transitioning from traditional spot and contract dimensions to who can first build "on-chain financial infrastructure" in deep waters. Whether it is launching tokenized U.S. stocks, promoting on-chain wealth management, stablecoin payments, or cross-chain bridging, the role of exchanges is gradually shifting from "trading venues" to "asset hubs."
Gate may not have taken the earliest steps, but it has moved steadily. In this rapidly changing 2025, every product iteration and user breakthrough it makes may become a noteworthy marker in the next cycle.
Related: Gate Releases June Reserve Report: Total Reserves Reach $10.453 Billion, Excess Reserves of $1.96 Billion
Original article: “Global Exchanges Compete for 'On-Chain U.S. Stocks' Entry, Crypto Platforms are Reshaping Investment Boundaries”
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