MEXC, a digital asset exchange known for zero-fee trading, reported a significant uptick in trading activity for September. New-token spot trading volume climbed 77% month-over-month, while TradFi spot trading volume rose 78%. Tokenized US stock trading volume saw an even larger increase of 81%.
Stock Meme Projects Dominate New-Token Rankings
Stock Meme projects, which combine meme culture with stock-related themes, took the top two spots by new-token spot trading volume. Together, 4STOCK and MEMEROBINHOOD accounted for approximately 38% of the combined trading volume among the top 10 new tokens. This highlights the growing interest in stock-themed assets within the crypto space.
The number of newly listed tokens on MEXC increased 15% month-over-month in September, and the number of users trading new tokens grew 27%. Seven of the top 10 new tokens by spot trading volume made their exchange debut on MEXC, underscoring the platform's role in early-stage asset discovery.
Tokenized Stocks as Quote Assets
Beyond meme tokens, tokenized US stocks are increasingly being used as quote assets for on-chain new token trading pairs. Four Stock Meme projects—MEMEROBINHOOD, SI, MOO, and 4STOCK—ranked among the top 10 gainers, collectively representing about 67% of the ranking's total trading volume. Additionally, EMBER and BREW, tokens associated with token launch platforms, also made the top 10, with both platforms supporting trading pairs between new tokens and stock-related assets.
These developments suggest that the convergence of stocks and crypto assets is expanding beyond simple 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.
Tokenized US Stock Trading Surge
MEXC's tokenized US stock trading volume rose 81% month-over-month in September, accounting for approximately 66% of the increase in TradFi spot trading volume. Growth was broad-based, with more than half of the tokenized US stocks seeing their trading volumes at least double. The number of tokenized US stocks in the top 10 by TradFi spot trading volume increased from three in August to five in September, with MRVL and META entering the ranking after trading volumes surged 212% and 152%, respectively.
Circle-related trading activity also appeared across both MEXC's tokenized US stock and new-token markets. On September 16, Circle launched the mainnet of its own blockchain, Arc. ARGUS, the token of a launch platform 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 US stock CRCL rose 103% month-over-month, placing it fourth by TradFi spot trading volume.
Engagement and Incentives
To drive user participation, MEXC held xStocks Gala, a tokenized US 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, MEXC further lowered barriers to participation in the tokenized stock market.
MEXC CEO Vugar Usi commented, "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."
These figures indicate a growing appetite for cross-market trading, as investors seek to leverage stock-related themes within the crypto ecosystem. The trend may continue as more platforms integrate traditional finance assets with blockchain technology.
This article is for informational purposes only and does not constitute financial advice.
