Bitget, which describes itself as the world's largest Universal Exchange (UEX), has launched a Fixed Coupon Note (FCN) Plan, bringing a structured product widely used in traditional finance to tokenized US stocks. FCNs are a mainstay of private banking and brokerage offerings in markets such as Hong Kong and Singapore, where they are typically sold to investors willing to commit to buying a stock at a strike price in exchange for a fixed coupon. Under Bitget's new structure, users subscribe with USDT and earn a predefined USDT coupon during the holding period.

Bitget is the first crypto exchange to combine the FCN structure with USDT settlement and US stock rToken delivery. The launch expands the ways users can access traditional financial assets through Bitget, moving beyond spot trading into structured strategies built around tokenized equities. The FCN Plan is designed for users who want exposure to US stocks but prefer to enter at a specific price instead of buying immediately at the prevailing market price. At launch, the product is linked to popular US stock rTokens including SNDK (SanDisk), MRVL (Marvell Technology), SKHY (SK Hynix), NVDA (Nvidia), and MU (Micron Technology), a slate weighted toward semiconductor and memory-related names.

How the FCN Plan Works

Users subscribe with USDT and select a strike price at which they are comfortable acquiring the linked rToken. Two settlement outcomes are possible at maturity:

• If the observation price at maturity is at or above the strike price, the user receives the USDT principal plus the predefined USDT coupon.
• If the observation price is below the strike price, the principal is converted into the linked rToken at the strike price, while the coupon is still paid in USDT.

The structure is presented as an alternative to placing a conventional limit order. While a limit order allows investors to wait for a preferred entry price, the capital allocated to that order can remain idle until the order is executed. With FCN, users set their target price in advance and earn a coupon during the product term, regardless of which of the two settlement outcomes occurs at maturity. In conventional markets, this payoff profile is comparable to selling cash-secured put options, where an investor collects a premium in exchange for agreeing to buy shares at a set price.

"There are times when you want exposure to a stock but the price is not where you want it to be," said Gracy Chen, CEO of Bitget. "FCN gives users a set price they are comfortable buying at and earn while they wait. Bringing stocks onto Bitget was one part of building UEX. Now we are giving users more ways to access and use these assets, beyond simply buying and selling them on spot."

Expanding the rToken Ecosystem

The launch further expands Bitget's rToken ecosystem and its Universal Exchange strategy, which brings crypto and traditional financial assets into a unified trading environment. It also arrives amid a broader push to bring real-world assets on-chain: BlackRock launched a tokenized money market fund in 2024, and in 2025 platforms including Robinhood and Kraken began offering tokenized equities to customers in select markets. By combining USDT, tokenized US stocks, and a structured product mechanism used in traditional finance, FCN adds another route for users to access and manage traditional assets on Bitget, reflecting how crypto platforms are increasingly converging with traditional brokerages on product breadth.

Bitget notes that FCN is a non-principal-protected structured product. If settlement occurs in rTokens, users remain exposed to movements in the price of the underlying asset and may incur losses if its price declines further. Regulators in markets where FCNs are widely distributed, including Hong Kong's Securities and Futures Commission, have previously issued warnings that such products can be complex and that losses can exceed the coupons earned.

Source: GlobalFinTechSeries