Bitget Unified Cross-Asset Account: How tokenized stocks work as crypto margin

Evolution of the tokenization race: From asset access to capital efficiency

The competitive landscape in the tokenization space is changing. Simply providing trading rights for stocks, commodities and other real-world assets (RWAs) on crypto exchanges is no longer enough: the key to the next step is to allow these assets to function as capital. A new report jointly released by Block Scholes and Bitget (October 7, 2026) provides an in-depth look at how Bitget's Cross-Asset Unified Account (UTA) achieves this goal and what it means for capital efficiency and risk management.

From a standalone account to a single collateral pool

Bitget services more than 125 million users and is positioned as a "Universal Exchange"(UEX), combining the advantages of a centralized and decentralized platform. Through a single account, users can trade more than 2 million crypto assets while participating in trading tokenized stocks, ETFs, commodities, precious metals and foreign exchange.

In July 2026, Bitget launched the next phase of its UEX product- Cross-Asset Unified Account . The account includes tokenized U.S. stocks in the same margin framework used for cryptocurrency transactions. Currently, more than 370 eligible assets (including 125 tokenized U.S. stocks rStocks) are now included in the same margin pool. Supported targets include Apple (rAAPL), Amazon (rAMZN), Google (rGOOGL), Nvidia (rNVDA) and the Nasdaq 100 ETF (rQQQ).

This account has evolved through three generations:

• First generation: 现货、杠杆和期货交易位于独立的钱包中；每个头寸和资产单独计算保证金。
• 第二代：所有加密资产合并到一个共享的保证金池中，为所有头寸提供支持。
• 第三代（跨资产UTA）：代币化股票和其他现实世界资产加入同一池子作为抵押品。

100万美元投资组合：节省16.5万美元保证金

为了衡量这一进步，Block Scholes构建了一个假设的100万美元机构投资组合模型，该组合偏向加密资产，并包含AI芯片股与纳斯达克100 ETF之间的相对价值策略：

头寸 规模 杠杆率 做多英伟达、AMD、博通、台积电和美光 rStocks $175,000 现货 做多BTC永续合约 $410,000 5x 做多ETH永续合约 $300,000 5x 做空纳斯达克100 ETF永续合约 $115,000 5x

2026年8月，由于BTC和ETH的上涨，该名义本金为100万美元的投资组合实现了17%的收益。

在第一代Under the structure, traders are required to pay US$175,000 in stock funds and US$165,000 in USDT margin for perpetual contracts (82,000 for BTC, 60,000 for ETH, and 23,000 for Nasdaq 100 short positions). Under the second-generation architecture, although US$165,000 is still needed, it is concentrated in a shared pool, so the gains on one leg can offset the losses on the other leg. Under the third-generation architecture, US$175,000 of chip stock is included in collateral at a discount rate of 95%, contributing approximately US$166,000 in value. This fully covers the $165,000 margin requirement, so traders do not need to add additional USDT. The only capital that traders invested was the $175,000 stock they originally intended to hold. This represented a savings of $165,000, equivalent to 16.5% of the nominal principal, which is about half of what would otherwise be needed.

Analysis of discount rate mechanism

Discount rate refers to the proportion at which an account calculates the market value of an asset as collateral. The stablecoin is the benchmark and is set at 100%. All other assets are discounted to allow room for price declines during the consolidation process.

Asset Level Discount Rate (Small Positions) USDT, USDC 100% BTC, ETH, BGUSD 98% Other stablecoins (USDe, PYUSD) 95% Large Altcoins and Large U.S. Stocks 95% Medium Altcoins (UNI, AAVE) 90% Small Tokens (OP, POL) 80%

The discount rate is determined by two factors. The first is the assets themselves: assets that are more liquid and less volatile contribute more. BTC and ETH have lower discount rates than large stocks because they trade in round-the-clock deep markets, while tokenized stocks may be less liquid during traditional market closures. Although Bitget trades rStocks 24/7 (including weekends and holidays), allowing them to be equalized at the marked price at any time, this is still a factor to consider.

The second factor is position size. Larger positions receive lower discounts, reflecting the market shock when closing positions. For BTC and ETH, when positions are below US$1 million, the discount rate remains at 98% and gradually drops to 50% between US$80 million and US$100 million. For large tokenized stocks such as rNVDA, the discount rate remained at 95% until about $500,000 and then fell; for more volatile targets such as rMSTR, the discount rate fell even faster.

Stress Test: Collateral Buffer Capacity

The adjusted initial equity of the model's investment portfolio is approximately US$166,000, which is much higher than the maintenance margin that initially leveled (approximately US$8,150). As the starting status of the account is close to the initial margin level, Block Scholes tested its buffer performance under stress scenarios:

Scenario -10% decline -20% decline Only chip stocks fell $150,000 $133,000 Chip, BTC, ETH and Nasdaq 100 fell together $90,000 $14,000

The impact of the sell-off is limited to chip makers because these stocks are held without leverage. The impact of the widespread sell-off was greater, mainly through leveraged BTC and ETH positions: of the total loss of $76,000 caused by the-10% decline,$16,600 came from the decline in the value of stock collateral.

In this portfolio, a strong level is hit when the correlation falls by about 21%. An additional USDT of approximately US$30,000 could extend the equalization threshold to approximately 25%. If you hold US$166,000 in USDT instead of stock collateral, the strong plateau can be pushed to about 27%. The report concluded: The choice of collateral is as important as its quantity.

Impact of correlation on capital efficiency

Cryptocurrencies and stocks share common drivers such as global liquidity, real interest rates, and risk appetite, so a positive correlation between them is the most common state. Since January 2022, the average 60-day correlation between BTC and the Nasdaq 100 ETF is +0.41, ranging from-0.13 to +0.75. Between November 2023 and May 2024, the average dropped to +0.07, and then increased again, reaching an average of +0.53 during the tariff shock period from April to June 2025.

Volatility is the second key factor. Since 2022, the average annualized volatility of BTC has been 51%, while the Nasdaq 100 has only 22%. Low-volatility collateral helps preserve margin buffers. However, between June 1 and August 25, 2026, the volatility of the chip basket was 56%, higher than BTC's 40%, while the Nasdaq 100 ETF remained at 26%. As a result, a decentralized index more consistently shows the advantages of low volatility than a single stock or a concentrated basket of sectors.

Block Scholes maps collateral on a grid of correlations and volatility. Low-volatility, negatively correlated collateral has the lowest relative strength risk, while high-volatility, positively correlated collateral has the highest risk. As of August 25, 2026, the chip basket is located in the highest risk cell, with a correlation of +0.19 with a volatility of 56%. The USDT is located in the low-risk cell.

One rStock, multiple roles

In a unified account, a single rStock position can serve multiple purposes simultaneously:

• Equity exposure: Tokens track underlying U.S. stocks.
• USDT dividends: Reality, the issuer behind Bitget Stocks 2.0, pays cash dividends (in the form of USDT) directly to qualified investors rather than reinvest them.
• Margin support: Positions can be used as collateral for futures and other positions without having to sell.
• Stable currency lending: Positions can be pledged to lend stable currency.

Exposure and dividends arise from holding tokens. Margin and loans rely on the same collateral value, so collateral used for one cannot be used for the other.

Conclusion

Bitget's cross-asset unified account extends portfolio margin management from crypto assets to tokenized stocks and other real-world assets. In Block Scholes 'model, positions that previously required approximately $165,000 in independent USDT margin can now be backed by stock positions that traders already have. The resilience of the portfolio depends on the collateral portfolio: its correlation and volatility determine how quickly the margin buffer is eroded. In addition, Bitget can also dynamically adjust the discount rate and change the margin amount provided for different positions.