October 20, 2025 — Following the official launch of the platform governance token X on October 17, xBrokers announced that its core business segment, the "xBrokers Trading Zone," will begin trial operation at 16:00 (UTC+8) on October 20, 2025. This marks the start of market testing for its RWA ecological framework of "stock trading + staking mining + token incentives."
Trial Operation Arrangement
During the trial operation phase, primary subscription stock trading will be open, with the trial stock named "Ju," and the code tentatively set as 0XXXX.HK, trading against 0XXXX.HK/HKDJ (Hong Kong dollar stablecoin).
During the testing period, trading functions will be available, allowing both primary and secondary shareholders to withdraw stocks to any broker supporting Hong Kong stock trading after December 1, 2025. The rights of the trial stock "Ju" will be completely equivalent to those of the subscription stock.
The public offering period is set from November 15 to December 1, 2025, providing ample observation and participation windows for market participants.
From Token Launch to Trading Zone Trial Operation
On October 17, the X token completed the destruction of 6.3 million tokens and officially launched, with the opening price determined by market matching. All circulating tokens are produced through community mining. Three days later, the xBrokers Trading Zone began its trial operation, indicating that the platform's business and mechanisms are entering the testing and validation phase.
The launch of the X token resolved issues related to incentive distribution and governance rights. Users can obtain computing power by staking Hong Kong stocks, and the mined X tokens can be used for platform governance, transaction fee discounts, and other rights.
The trial operation of the xBrokers Trading Zone will incorporate real stock trading into ecological validation. Users can trade Hong Kong stock assets and, after the testing period ends, withdraw stocks to their brokers, enjoying full shareholder rights. This design will validate the efficiency of on-chain trading combined with traditional finance.
The synergy between the two segments lies in: the trading zone providing users with a channel to acquire Hong Kong stock assets, staking mining offering additional income sources for shareholders, and the reserve fund mechanism being used according to rules for secondary market liquidity management and repurchase. Hong Kong stock companies connected to xBrokers are required to allocate no less than 30% of their market value as reserve funds for the secondary market repurchase of X. As more companies connect, the scale of the reserve fund pool will expand, potentially enhancing the liquidity and value stability of the X token in the long term.
Technical Architecture and Compliance Framework
The xBrokers Trading Zone adopts a technical architecture of "real stock custody + on-chain verification + compliant deposits."
The stocks corresponding to the trades are held 1:1 by licensed brokers, with relevant mapping and verification records stored on-chain, which can be queried in the JuChain browser, and the settlement currency is completed in HKDJ (Hong Kong dollar stablecoin).
During the trial operation, the rights of "Ju" and subscription stocks are completely equivalent, and after the testing period ends, the shareholder rights will continue according to broker registration. Users need to first exchange USDT for HKDJ on Ju.com, and then use HKDJ to purchase 0XXXX.HK. This design ensures the exchange rate stability of Hong Kong stock trading and provides a seamless participation channel for cryptocurrency users. The specific arrangements during the testing period will be used to accumulate operational data and user feedback.
Testing and Validation of the Three-Layer Synergy Mechanism
The operational logic of the xBrokers ecosystem is built on three mutually reinforcing business segments.
The early bird subscription zone lowers the participation threshold for early subscriptions of Hong Kong stocks, allowing retail investors to gain institutional-level early participation opportunities through blind box subscriptions and tiered pricing models.
The free trading zone provides secondary market trading with 1:1 real stock mapping. The trial operation phase will validate the technical feasibility and user acceptance of extending the matching period. The traditional Hong Kong stock market often faces liquidity shortages, especially small and medium-cap stocks that tend to be priced but not traded. xBrokers aims to accumulate experiential data to improve liquidity through a global user base and innovative trading mechanisms.
The stock staking mining zone adopts a "stocks as mining machines" model. Users stake Hong Kong stocks to obtain computing power and X token rewards, with shareholder rights continuing according to broker registration during the staking period. This mechanism transforms static stock assets into dynamic income tools, creating diversified income sources for holders.
The three segments form a cycle: the subscription zone provides new investment targets for the market, the trading zone offers liquidity for these targets, and the staking mining zone provides long-term incentives for holders. Users acquire stocks in the subscription zone, trade freely in the trading zone, and earn X token rewards through staking, which can be used for platform governance and transaction fee discounts, forming a complete value closed loop.
Observation Indicators for the Trial Operation
The trial operation phase will provide key data for subsequent formal operations. Trading activity reflects market acceptance, and the distribution of transaction volumes over different time periods will show user participation across different time zones. The depth of the order book reflects liquidity conditions, while the bid-ask spread indicates market efficiency.
The withdrawal rate is an important indicator for verifying compliance. After December 1, the proportion and speed of users withdrawing stocks to brokers will test the practical feasibility of the "on-chain trading + broker custody" structure. A high withdrawal rate indicates user recognition of the authenticity of stocks and the equivalence of rights. User feedback will be used to optimize product experience, and suggestions and issues collected during the trial operation will help the platform refine technical details, optimize trading processes, and adjust risk control parameters before formal operations.
Participation Path
Participating in the trial operation requires completing two main steps.
First, search for HKDJ in the Ju.com search box, select the USDT/HKDJ trading pair, and sell USDT to complete the exchange. Once completed, you can trade 0XXXX.HK by directly entering the 0XXXX.HK/HKDJ trading page from the homepage, or by clicking "Market, Spot, xBrokers Zone," and then selecting 0XXXX.HK/HKDJ to complete the trade.
Next Steps for the xBrokers Ecosystem
The launch of the trial operation marks xBrokers' transition from concept validation to substantial testing.
The X token has been launched, the computing power pool has begun operation, and the daily release of 72,000 tokens is executed according to rules. The trading zone has commenced trial operation, and the technical architecture and compliance processes for real stock trading will undergo market testing. The collaborative operation of these two segments will provide validation data for the long-term development of the xBrokers ecosystem.
After the trial operation ends, the platform will optimize the system based on operational data and user feedback, gradually incorporating more Hong Kong stock targets. The complete closed loop of the early bird subscription zone, free trading zone, and stock staking mining zone will inject new liquidity into the Hong Kong stock market, providing retail investors with lower-threshold participation paths and creating more diversified financing channels for listed companies.
About Ju.com and xBrokers
Founded in 2013, Ju.com has over 50 million registered users across more than 30 countries, making it the fastest-growing exchange in terms of daily new user acquisition in the industry. The platform provides traffic and technical support for xBrokers, ensuring the stable operation of the trading system and continuous optimization of user experience.
xBrokers is an RWA ecological platform aimed at the stock market, connecting traditional finance and blockchain technology through the architecture of "real stock custody + on-chain verification + compliant deposits." The platform features an early bird subscription zone, free trading zone, and stock staking mining zone, with shareholder rights continuing according to broker registration during the staking period.
X is the platform governance token of xBrokers, with a total supply of 203.7 million tokens after a 3% burn, releasing 72,000 tokens daily, halving every four years, distributed through community mining. Token holders can participate in governance issues within the ecosystem, enjoy transaction fee discounts, and benefit from a long-term supply constraint mechanism under the executed repurchase mechanism.
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