On July 23, Binance announced that on July 23, 2026 at 10:30 (UTC+8), it will launch the POPMARTUSDT U-based perpetual contract, which supports leverage up to 25 times, with the underlying asset being the stock price of Pop Mart International Group (HKEX: 9992). According to the announcement, the contract will be settled in USDT, available for trading 7×24 hours, with a funding rate settled every 8 hours, supporting Multi-Assets Mode.
This is the first time that a leading cryptocurrency exchange has included aChinese consumer brand leader in its stock derivatives system, which also signifies that the recently heatedstock tokenization is gradually expanding from US stocks to quality assets in the Hong Kong stock market.
(AiCoin New Arrivals News)
(POPMARTUSDT K-line trend - AiCoin market)
From US stocks to Hong Kong stocks, stock tokenization is rapidly expanding
In recent months, the cryptocurrency industry has seen a continued rise in discussions around stock tokenization.
More and more trading platforms are beginning to attempt mapping traditional stock prices on-chain, allowing users to use digital assets such as USDT for 7×24 hours trading of traditional stocks through perpetual contracts and tokenized stocks.
The uniqueness of the POPMARTUSDT is:
- The underlying asset is Hong Kong stocks, not traditional US stocks;
- The underlying represents a Chinese consumer brand rather than a tech giant;
- It adopts a perpetual contract model rather than a spot stock token.
Binance had previously launched perpetual contracts for Tencent (00700), Xiaomi (01810) Hong Kong stocks from July 19–20;POPMART is the third Hong Kong stock underlying, but the first "non-tech stock, consumer IP underlying." This means that the crypto market's focus is no longer solely on AI, chips, and the seven giants of US stocks, but is beginning to cover more globally influential Asian assets.
Why Pop Mart?
In recent years, Pop Mart has become more than just a trendy toy company.
IPs like LABUBU have continued to gain popularity worldwide, making it one of the representatives of international consumer brands, and one of the most attended new consumption enterprises in the Hong Kong stock market.
For Binance, choosing POPMART has several natural advantages:
- Increasing global recognition;
- High recognition among overseas investors;
- Sufficient volatility, suitable for derivative trading;
- It can attract both traditional stock investors and crypto traders to participate together.
Compared to Hong Kong stock targets like banks, real estate, and utilities, Pop Mart has a higher topicality and is more likely to generate trading liquidity. It’s not that Binance "has an eye on" Pop Mart, but rather that POPMART has long been discussed in the crypto world—Duang Yongping's "Jobs" story, the BOME story of LABUBU, and the meme story of emotional value—Binance has simply finally brought it to the perpetual trading table.
(2026-07-23 Duang Yongping’s latest statement: "Pop Mart won't sell for 10 years")
What does stock tokenization truly change?
Many people understand stock tokenization as simply "you can buy stocks now." In reality, what it truly changes is the trading method.
Traditional Hong Kong stock trading:
- Weekday trading;
- Fixed trading hours;
- A stock account is required.
While the tokenized derivatives operate under a different logic:
- 7×24 hours continuous trading;
- Participation is possible using USDT;
- Both long and short positions can be taken;
- Leverage is supported;
- Funds are shared with crypto assets.
For the capital that has been active in the Crypto market for a long time, it is possible to participate in the price fluctuations of traditional assets without leaving the trading platform. This is also one of the important reasons why RWA (Real World Assets) has continued to attract market attention in recent years.
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Conclusion
The launch of POPMARTUSDT itself may merely add a new trading variety, but it reflects a larger industry trend.
In recent years, the crypto market has continuously tried to bring real-world assets on-chain; now, from US stocks to Hong Kong stocks, and from tech stocks to consumer brands, more and more traditional assets are entering the Crypto trading system.
In the future, users trading BTC, ETH, gold, US stocks, and Hong Kong stocks in the same account may become an increasingly common investment experience.
For investors, understanding how stock tokenization is reshaping global asset trading methods and the new opportunities and risks it may bring is more important than focusing on individual targets.
Risk warning: The opinions mentioned in this article are for technical analysis learning and reference only and do not constitute any investment advice. Cryptocurrency assets carry high risk; trading based on this is at your own risk.
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