Tokenized Stocks are digital tokens that map the price of real-world stocks or ETFs to the blockchain, staying pegged to the underlying stock's actual price. Trading hours for Tokenized Stocks generally follow the open and close schedule of the corresponding U.S. stock market; currently, only a limited number of designated tokens on the platform support uninterrupted 24/7 trading, while the rest will pause trading during U.S. market closures. For details on trading hours and market closure rules, please refer to Trading Hours and Market Closure Rules for Tokenized Stocks.
The tokenized stocks offered by Pionex aggregate liquidity from various on-chain stock providers such as xStocks and Ondo Stocks. This enables users trading tokenized stocks on our platform to enjoy a liquidity experience similar to traditional brokerages, without worrying about liquidity issues, ensuring smooth and efficient trading.
Official name | xStocks | Ondo Stocks |
Issuer | Backed Finance AG（Registered in Jersey, Operated in Switzerland） | Ondo Global Markets (BVI) Limited |
Custodian Bank | Held by regulated third-party custodian institutions, which primarily include: Alpaca Securities LLC、InCore Bank AG、Maerki Baumann & Co. AG | Custodied by US-registered broker-dealers |
Applicable Chain | Solana (SPL Standard) | Ethereum, BNB Chain |
Price Peg | Nasdaq/NYSE Real-time Quotes | Nasdaq/NYSE Real-time Quotes |
Equity Attribute | Price exposure only, no voting rights, has dividends | Price exposure only, no voting rights, has dividends |
Liquidity Provision | On-chain Liquidity Pools (DeFi): Users and institutions pair xStock tokens (such as TSLAx and SPYx) with stablecoins and provide liquidity to pools on the Solana blockchain. These liquidity pools are deployed across DEX platforms including Jupiter and Raydium. | Instant Atomic Mint and Burn Model: The platform adopts an “instant atomic mint and burn” model where tokens are minted only when users place orders to purchase stock tokens—at which point the platform “acquires” real stocks from Nasdaq and mints the corresponding tokens. When users sell, tokens are immediately burned and the stocks are sold on Nasdaq, thereby inheriting Nasdaq’s daily trading depth of hundreds of billions of dollars. |
Trading Mechanism | xStocks works as follows: custodian institutions first purchase the corresponding US equities and mint them as tokens, which are then made available for 24/7 trading via liquidity pools on the Solana blockchain. Finally, arbitrage mechanisms keep on-chain prices aligned with traditional stock market prices. | When a user purchases an Ondo tokenized stock, Ondo purchases the corresponding stock in the traditional market and mints the corresponding token on the blockchain. Conversely, when a user redeems a token, Ondo burns the token and returns the underlying stock to the user. This mechanism ensures that token values are tightly linked to the values of the underlying stocks. |
Is there a risk of liquidity drying up?
US stock market hours:
Theoretically, there is no risk of liquidity depletion. During US stock market trading hours, the platform aggregates liquidity from providers such as Ondo Stocks that mint tokenized stocks in real-time, inheriting the trading depth of Nasdaq. This means users can enjoy liquidity similar to traditional financial markets during trading hours, ensuring smooth and efficient transactions.
Non-US stock market hours:
The underlying xStocks protocol supports round-the-clock trading via on-chain liquidity pools on Solana, but Pionex currently only enables 7×24 trading for a limited number of designated Tokenized Stocks (all other Tokenized Stocks on Pionex remain unaffected by this mechanism and will still pause trading whenever the U.S. stock market is closed). For tokens that do have 7×24 trading enabled, extreme market conditions during U.S. market closures may still cause liquidity to dry up; the platform will take corresponding measures to mitigate this risk, but users should still stay alert to liquidity fluctuations during off-hours.
Is there a risk of losing the peg to real stocks?
1. Underlying Asset Suspension: Lack of effective reference price; on-chain prices may fluctuate based on expectations
2. Reserve/Operational Anomalies: Risk control/technical incidents involving issuers, custodians, cross-chain bridges, or settlement channels
3. Extreme Market Conditions: Instantaneous deviation caused by mismatches between information transmission and price update frequency
4. Rule Adjustments: Issuers may temporarily adjust redemption/subscription terms, fee structures, or transfer restrictions. In essence, we provide on-chain price exposure that is "pegged to" rather than "equivalent to" stocks; under extreme market conditions, depegging is possible. Please carefully evaluate the risks involved.
Does the platform support stock dividends?
The platform automatically issues holding rewards to reflect corporate equity adjustments, including company dividend distributions. After market close on the ex-dividend date, the platform will credit your account with USDT holding rewards equivalent to the dividend. The amount is calculated based on your holdings at that time and the per-share dividend amount of the company.
Do running Dual Investment orders receive holding rewards or dividends?
No. Tokenized Stocks do not pay real stock dividends to begin with — the only equivalent compensation is the holding reward. While a Tokenized Stock is held inside a running Buy-the-Dip, Covered Gain, Sideways Gain, or Flying Wheel Strategy order, that portion is not counted as spot holdings and will receive neither a stock dividend nor the holding reward, even if the order is still open at market close on the ex-dividend date. Only tokens sitting as free balance in your primary account at that time are eligible for the holding reward.
Do tokens held inside a trading bot receive the holding reward?
The holding reward is calculated from the tokens sitting as free balance in your Primary Account at market close on the equity adjustment date. Tokens that are committed elsewhere at that moment are not part of that free balance.
Where can I check my holding rewards?
Navigate to your Pionex Primary Account → USDT → History to view your holding rewards.
Where can I view the Holding Reward distribution history?
Web: Go to https://www.pionex.com/en/balance/convert.
App: Main page → Deposit → tap the "clock" icon in the top right corner → Conversion Records.
Can I deposit or withdraw Tokenized Stocks (e.g., TSLAX, NVDAX)?
Deposits and withdrawals of Tokenized Stocks are not currently supported on Pionex — you can buy, hold, and sell them in your account, but cannot deposit them in or withdraw them out to an external wallet.
Where Can I Buy or Sell Tokenized Stocks?
App: Tap "Markets" in the bottom navigation bar, then switch to the "RWA" tab to see all tokenized stock trading pairs (e.g. TSLAX/USDT), along with other RWA categories such as Precious Metal Tokens and Oil Tokens. You can also find tokenized stocks under the "Spot" tab's "Tokenized Stocks" sub-category (or under "Futures" for the futures version). Tap a trading pair to open it and place your order.
Web: Click "Spot" or "Futures" in the top navigation bar. The token list panel on the left side has an "RWA" tab, or you can find tokenized stocks under the "Spot" tab's "Tokenized Stocks" sub-category. Click a trading pair to open it and place your order.
Once you've opened a trading pair, buying and selling Tokenized Stocks works exactly the same way as any other spot trading pair — trading pair selection, order types, amount entry, and checking your order status. For a full walkthrough, see Spot Trading Guidance.