Crypto exchange Bitget, which operates under a Universal Exchange (UEX) model, has introduced a Fixed Coupon Note (FCN) Plan that applies a structured finance product to tokenized US equities. The product allows users to subscribe with USDT and receive a predetermined USDT coupon throughout the holding period.

Bitget said the launch combines FCN mechanics with USDT settlement and delivery of stock-linked rTokens, expanding its range of products beyond conventional spot trading. The initial offering is tied to several US stock rTokens, including SNDK, MRVL, SKHY, NVDA and MU. The initial slate leans toward semiconductor and memory-related names: NVDA, MRVL, MU and SNDK correspond to Nvidia, Marvell, Micron and SanDisk, respectively.

How the FCN Plan works

The FCN Plan is aimed at users seeking exposure to US stocks while targeting a specific entry price rather than purchasing an asset immediately at the prevailing market rate. Subscribers select a strike price and allocate USDT to the product.

At maturity, the outcome depends on the observation price of the underlying asset. If the price is at or above the selected strike price, the subscriber receives the original USDT principal along with the predefined coupon. If the price falls below the strike price, the principal is converted into the corresponding rToken at the selected strike price, while the coupon remains payable in USDT. In traditional markets, this payoff profile is comparable to selling a cash-secured put option, in which the seller collects a premium while agreeing to buy the underlying asset at the strike price if it falls below that level.

Bitget said the structure offers an alternative to a conventional limit order. Under a limit order, funds may remain unused while waiting for an asset to reach the specified price. With FCN, users can set a target acquisition price while earning a coupon during the product term, with settlement determined at maturity.

"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, in a written statement. "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," she added.

FCN expands Bitget's tokenized asset offering

The new product adds another layer to Bitget's rToken ecosystem and its broader UEX strategy, which seeks to bring cryptocurrency and traditional financial assets into a single trading environment. The FCN Plan combines USDT-based funding, tokenized US equities and a structured product format commonly used in traditional markets, where FCNs have been a staple of private banking and wealth management, particularly in Asia, in recent years.

Bitget is moving as tokenized equities gain traction among trading platforms more broadly. Robinhood and Kraken both introduced tokenized US stock trading for users outside the United States in 2025, and most such programs have launched outside the US market, where the regulatory treatment of tokens representing securities remains unresolved. USDT, the dollar-pegged stablecoin issued by Tether, is the largest stablecoin by market capitalization and a common settlement asset across crypto exchanges.

The exchange noted that the FCN Plan is not principal-protected. When settlement takes place in rTokens, users remain exposed to changes in the underlying asset's price and could face additional losses if the asset declines after conversion. With the FCN Plan, structured products are also extending tokenized-equity platforms beyond spot listings into territory long occupied by banks and traditional brokerages.

To coincide with the launch, Bitget is also introducing a limited-time promotional campaign. The campaign will run from August 17 through September 18, 2026, with rewards available to eligible first-time and cumulative FCN subscribers.