TradFi

USDY and OUSG are both tokenized U.S. Treasury products from Ondo Finance, but they target distinct investor profiles and employ different legal structures. USDY is a yield-bearing tokenized note that provides USD yield exposure primarily to eligible international users, while OUSG represents the on-chain representation of U.S. Treasury fund shares, geared more toward institutional and accredited investors. Although both derive their yield from U.S. Treasuries, they differ significantly in access requirements, liquidity design, DeFi compatibility, and regulatory framework.

Ondo U.S. Dollar Yield (USDY) is a tokenized yield asset backed by short-term U.S. Treasury bonds and bank deposits, designed to bring U.S. dollar yields from traditional financial markets into the blockchain ecosystem. Unlike conventional stablecoins, which mainly fulfill payment and settlement roles, USDY generates yield by holding real-world assets (RWAs) and passes that yield through to the token's value.

Users can directly buy Meta stock on Gate using USDT without opening a traditional brokerage account, with trading available through Gate Stocks as of June 2026. To buy Meta Platforms Stock (META), users need a Gate account, a usable USDT balance, access to Gate Stocks, and a clear understanding of order rules, fees, and risks.

Users can directly buy Microsoft stock on Gate using USDT without opening a traditional brokerage account, with trading available through Gate Stocks as of June 2026. The process includes preparing a Gate account, depositing or holding USDT, finding Microsoft Stock (MSFT), reviewing fees and order details, and understanding product risks before trading.

Users can directly buy Amazon Stock on Gate using USDT without opening a traditional brokerage account, with trading available through Gate Stocks as of June 2026. The basic process is to prepare a Gate account, deposit USDT, find Amazon Stock (AMZN) in Gate Stocks, review order details, and confirm the trade.

SPCXX is a tokenized SpaceX equity product issued under the xStocks framework. It provides investors with on-chain exposure to the value of SpaceX shares while enabling blockchain-based holding and transfer. Although SPCXX tracks the economic performance of the underlying asset, it does not represent direct ownership of SpaceX stock and does not grant traditional shareholder status.

SPCXON is a tokenized SpaceX equity product launched by Ondo Global Markets. By representing the economic value of SpaceX shares through blockchain-based tokens, SPCXON enables eligible investors to access and transfer exposure to the company using on-chain infrastructure.

Gate Hong Kong Stocks is a trading model that enables users to participate in the Hong Kong stock market through digital asset accounts, using stablecoins such as USDT as a funding medium for accessing Hong Kong-listed equities. Unlike traditional Hong Kong stock investing, which typically requires bank accounts, cross-border remittances, and brokerage accounts, Gate Hong Kong Stocks combines digital asset accounts with a stock trading system to provide a more unified global asset management experience.

Gate Hong Kong Stocks is a service that enables users to trade in the Hong Kong stock market using stablecoins such as USDT. Through the Gate Stocks platform, users can view, trade, and manage holdings of Hong Kong-listed stocks. Compared with traditional Hong Kong brokerage models, Gate Hong Kong Stocks connects digital asset accounts with the stock market, reducing the need for cross-border remittances and multiple account management processes, making it easier for global users to access Hong Kong capital markets.

Buying Hong Kong stocks with USDT refers to using stablecoins as a funding medium to participate in the Hong Kong stock market through digital asset trading platforms such as Gate Stocks. After opening a stock account, users can transfer USDT into their stock account and buy or sell shares of Hong Kong-listed companies through the Hong Kong Stocks section. The entire process connects digital asset accounts with global capital markets while reducing the fund conversion and account management steps typically associated with traditional cross-border securities investing.

Compared with traditional international brokerages, crypto platforms often support stablecoin settlement and provide exposure to the U.S. stock market through structures such as ETF CFDs, index CFDs, tokenized ETFs, and Real World Assets (RWA). In most cases, “investing in the Nasdaq through a crypto platform” does not mean directly holding a real ETF. Instead, users typically gain exposure to market price movements through CFDs or on-chain asset-mapping structures. Nasdaq-related products generally focus on technology and growth stocks, while S&P 500 products emphasize broader exposure to the overall U.S. equity market.

Both SPCXX and SPCXON are SpaceX-linked tokenized stock products, yet they follow different design approaches. SPCXX prioritizes on-chain liquidity and price tracking, whereas SPCXON aims to replicate a fuller range of stock economic rights on-chain.

xStocks is a tokenized stock issuance network that maps real-world listed company stocks to digital tokens on the blockchain, allowing stock assets to be held, transferred, and traded on-chain. Each xStocks token typically represents a specific amount of underlying stock, with asset backing maintained through custodians, issuers, and a compliance framework.

The issuance of a stock in xStocks typically involves several stages, including the purchase and custody of actual shares, establishment of legal structures, on-chain token minting, market circulation, and ongoing reserve management. Each tokenized stock corresponds to a specific quantity of underlying stock assets, with custodians and issuing entities maintaining the asset mapping relationship.

xStocks and traditional brokerages are frequently compared because both provide investors with stock market exposure. The key distinction lies in how assets are held and settled. xStocks tokenizes real-world stocks on-chain, enabling holding and transfer through blockchain networks, whereas traditional brokerages record investor positions in securities accounts and rely on exchanges and central clearing institutions for settlement.