Bitget, the world's largest Universal Exchange (UEX), has launched the Fixed Coupon Note (FCN) Plan, bringing a structured product commonly used in traditional finance to tokenized US stocks.
The product allows users to subscribe with USDT and select a price at which they would be comfortable acquiring a particular stock-linked rToken. During the holding period, the subscription generates a predefined coupon paid in USDT.
At launch, the FCN Plan supports several popular US stock rTokens, including SNDK, MRVL, SKHY, NVDA and MU.
The structure is designed for investors who are interested in a particular stock but do not necessarily want to purchase it at the current market price. Instead of leaving capital unused while waiting for a preferred entry point, users can commit it to the FCN and potentially earn a coupon during the product term.
How the FCN structure works
The mechanism has two possible outcomes at maturity. Users first select an rToken and a strike price, then subscribe using USDT.
If the observation price of the underlying asset is at or above the selected strike price when the product matures, the user receives their original USDT principal along with the predefined coupon.
If the observation price falls below the strike price, the principal is instead converted into the linked rToken at the predetermined strike price. The coupon is still paid in USDT.
This makes the product somewhat similar to setting a target purchase price while receiving a return during the waiting period, although the two structures are not identical.
A conventional limit order simply remains open until the market reaches the specified price or the order expires. The allocated capital generally does not generate a coupon simply because the trader is waiting.
The FCN introduces another variable. The user receives the predefined coupon during the product term, but accepts the possibility that the principal will ultimately be delivered in the form of the underlying rToken if the asset finishes below the strike price.
Extending Bitget's tokenized asset strategy
The launch adds another layer to Bitget's growing rToken ecosystem.The exchange has been expanding beyond conventional cryptocurrency markets by bringing tokenized versions of traditional financial assets into its trading environment.
FCN extends that strategy by moving beyond straightforward buying and selling and introducing a structured product around tokenized equities.
The approach also reflects Bitget's broader Universal Exchange strategy, which seeks to bring crypto and traditional financial exposure together within a single platform.
USDT serves as the funding currency, while rTokens provide exposure to US equities and the FCN structure determines how the position is ultimately settled. The combination creates a product that sits between conventional spot investing and more complex structured strategies.
“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.”
The predefined return does not eliminate investment risk. Bitget describes the FCN as a non-principal-protected structured product.
If the settlement condition results in delivery of the rToken, users remain exposed to movements in the underlying asset after receiving it.
That distinction is important because the coupon should not be interpreted as protection against a decline in the stock's value. If the underlying asset falls significantly, the value of the delivered rTokens can also decline, potentially resulting in an overall loss.
The product therefore suits a different risk profile from simply holding USDT or placing a conventional limit order. Users need to consider both the strike price and the possibility of ultimately receiving the underlying tokenized stock.
Bitget expands its structured product offering
The FCN launch illustrates how tokenization can extend beyond simply putting traditional assets on a blockchain.
Once stocks are represented as digital assets within a crypto-native platform, they can potentially become the underlying assets for additional financial products. In Bitget's case, the FCN provides another way for users to approach tokenized equities without limiting the experience to conventional spot purchases.
Bitget is also running a promotional campaign tied to the launch. The campaign runs from August 17 through September 18, 2026, with rewards available to eligible first-time and cumulative subscribers.
The bigger development, however, is the product structure itself. By combining tokenized US stocks with USDT settlement and a fixed-coupon mechanism, Bitget is expanding the range of strategies available around traditional assets within its crypto-focused ecosystem.
That puts FCN alongside the exchange's broader push into tokenized equities and other traditional financial products, as crypto platforms increasingly compete to become multi-asset trading destinations rather than venues focused exclusively on digital currencies.
Arman Shirinyan
Dan Burgin
