MEXC, a digital asset trading platform operating on a 0-fee model, has released its September trading data, with all month-over-month figures measured against August. New-token spot trading volume rose 77% month over month, while TradFi spot trading volume climbed 78%. Tokenized U.S. stock trading volume increased 81% over the same period. Stock Meme projects also captured the top two positions by new-token spot trading volume, marking an expansion of stock-related trading into on-chain new-token markets. Tokenized stocks — blockchain-based representations of traditional equities — have become one of the most visible points of contact between the two markets.

New listings and user activity accelerated in tandem. The number of newly listed tokens on MEX grew 15% month over month, and the number of users trading new tokens increased 27%. Seven of the top 10 new tokens by spot trading volume made their exchange debut on MEXC, which the platform presents as evidence of its coverage of trending early-stage assets. Stock Meme projects 4STOCK and MEMEROBINHOOD together accounted for approximately 38% of the top 10's combined trading volume, underscoring the activity around stock-related themes in new-token trading. Stock Meme tokens are crypto-native tokens that take their names and themes from equities and retail-trading culture.

Beyond stock-themed meme tokens, tokenized stocks are increasingly being used as quote assets for on-chain new token trading pairs. Crypto trading pairs are conventionally quoted in stablecoins, so stock-denominated pairs represent a comparatively new configuration for token launches. Four Stock Meme projects — MEMEROBINHOOD, SI, MOO, and 4STOCK — ranked among the top 10 gainers, together representing approximately 67% of the ranking's total trading volume. EMBER and BREW, two tokens associated with token launch platforms, also placed in the top 10 new tokens by spot trading volume; both launch platforms support trading pairs between new tokens and stock-related assets. Taken together, these developments suggest that the convergence of stocks and crypto assets is moving beyond stock tokenization into a broader range of on-chain trading use cases. Of the five distinct Stock Meme projects that appeared across the two rankings this month, three run on Robinhood Chain, an emerging public blockchain associated with the retail brokerage of the same name.

Tokenized U.S. equities showed parallel momentum. MEXC's tokenized U.S. stock trading volume rose 81% month over month in September, accounting for approximately 66% of the increase in TradFi spot trading volume. The growth was broad-based rather than concentrated in a handful of assets: more than half of the tokenized U.S. stocks saw their trading volumes at least double. The number of tokenized U.S. stocks in the top 10 by TradFi spot trading volume rose from three in August to five in September, with MRVL and META — tied to chipmaker Marvell Technology and Meta Platforms, respectively — entering the ranking on trading volume gains of 212% and 152%.

Circle-related trading activity also surfaced across both MEXC's tokenized U.S. stock and new-token markets. Circle, the issuer of the USDC stablecoin, launched the mainnet of its own blockchain, Arc, on September 16. ARGUS, the token of a launch platform built on Arc, was listed on MEXC the same day and ranked among the month's top 10 new tokens by spot trading volume. During the same month, trading volume for tokenized U.S. stock CRCL — Circle's own equity — rose 103% month over month, placing fourth by TradFi spot trading volume.

To drive user participation, MEXC held xStocks Gala, a tokenized U.S. stock trading campaign, in September. The campaign attracted nearly 100,000 registrations, with average daily trading volume exceeding $3.4 billion during the event. By combining popular assets with trading incentives, the exchange said it further lowered barriers to participation in the tokenized stock market. Because September's figures span the campaign window, the platform's subsequent monthly disclosures will provide a baseline for comparing activity outside promotional periods.

MEXC CEO Vugar Usi said, "The convergence of stocks and crypto assets is changing how users participate in markets. A single market theme can drive trading activity in both tokenized U.S. stocks and on-chain new tokens. Through 0-fee trading and broader asset coverage, MEXC aims to help users capture cross-market trading opportunities on one platform."

About MEXC

Founded in 2018, MEXC is a global multi-asset trading platform built as a 0-fee gateway to what the company describes as infinite opportunities. Serving users across 170+ markets, MEXC provides access to crypto, stocks, tokenized assets, derivatives, and a growing range of TradFi-linked opportunities through one account and one gateway.

With 0 trading fees, deep liquidity, broad asset coverage, and a high-performance trading experience, MEXC targets retail users seeking to discover assets earlier, act faster, and trade with fewer barriers. As crypto and traditional finance continue to converge, the company says it is committed to making global opportunities more accessible.

This article is based on reporting by Metaverse Post.