Direxion Daily FTSE China Bear 3X Shares ETF tokenized stock pricerYANG

Detailed introduction to Bitget rToken (rYANG)

During U.S. market hours—including the regular session, pre-market, after-hours, and overnight sessions—spot orders for rYANG are routed directly through a broker to the Nasdaq or NYSE order book. Once the trade is executed on the U.S. stock market, the execution result is reflected in the on-exchange spot order record. Any order you place for rYANG while the U.S. market is open will also appear on the Nasdaq or NYSE order book. This means that during U.S. market hours, the trading price and liquidity of rYANG are exactly the same as those of the underlying stock. Orders for rYANG and their execution results are part of the U.S. stock market. There is no spread or so-called de-pegging, because rYANG trades are executed directly on the U.S. stock market itself. The execution price you see for rYANG is identical to the stock's price at that exact moment.

This makes rYANG fundamentally different from traditional RWA tokens. The price of a traditional RWA asset is determined by on-chain liquidity and trading activity, whereas the price of rYANG is directly equivalent to the stock price—it does not rely on any other mechanism to peg the asset's price. In terms of trading outcomes, trading rYANG is no different from trading the stock directly.

Bitget's spot trading market has listed over 500 rTokens (including rYANG), offering native U.S. stock liquidity 24/5, with some trading pairs supporting 24/7 trading.

Market liquidity: The only tokenized stock that aligns with the market price and liquidity of major U.S. stock exchanges such as Nasdaq and the NYSE.

Maximum capital efficiency: rTokens can be used within the unified ecosystem for margin, Crypto Loans, Earn, and more, expanding the ways your assets can be used.

More flexible trading: Supports stablecoin deposits, T+0 fund turnover, 24/5 trading, with some pairs supporting 24/7 trading.

Fund security: The only RWA asset in the industry subject to daily third-party Proof of Reserves (PoR) audits, ensuring transparent asset reserves and protecting user funds.

Dividend rights: Eligible dividends are paid out to users' accounts in USDT.

Corporate actions involving rYANG (including dividend payments, stock splits, and reverse splits) are handled in the same way that a traditional broker would handle a stock position.

While holding rYANG, whenever Direxion Daily FTSE China Bear 3X Shares ETF stock pays a USD dividend, Reality automatically converts it into an equivalent amount of stablecoin (USDT) and distributes it 1:1 to the Bitget accounts of rYANG holders. As a result, holding rYANG entitles you to the same dividend rights as holding the actual stock, with the entire process handled automatically by the platform, requiring no manual action. It should be noted that dividends are subject to a flat 30% withholding tax applied by the U.S. to foreign investors. For users holding high-dividend assets (such as certain tech stocks or ETF-linked tokens), this means they can earn steady passive income on top of capital appreciation, further boosting the overall return on their holdings.

The issuer of rYANG is based in El Salvador. Therefore, the withholding tax applicable to rYANG follows the U.S. withholding tax rules for El Salvador.

Whether you're using a traditional broker or another platform, deposits and withdrawals are rarely a seamless experience. Traditional brokers may take time to process deposits. After a stock is sold, withdrawals typically take one to two days to process, and the funds may take even longer to arrive. Securities holdings also cannot be split, transferred, or reallocated. By contrast, rYANG offers far greater flexibility than traditional stocks.

1. rYANG can be sold on the exchange, and the proceeds are immediately available for transfer, with no T+1 restriction.

2. rYANG can be freely transferred, withdrawn, or moved between sub-accounts, offering great flexibility and convenience. rYANG is essentially a regular crypto asset, with no difference in use from Bitcoin.

3. rYANG can be used directly as margin in a unified trading account to open futures positions. This allows users to participate in derivatives trading without selling their stock holdings, improving capital efficiency.

4. rYANG can be used as collateral to borrow crypto assets such as USDT, USDC, and BTC on the platform for further trading or to purchase other rToken assets. This is similar to the margin lending services offered by traditional brokers and helps improve capital efficiency.

The advantage of rYANG is that its price is exactly the same as the underlying stock's while also benefiting from the stock's deep liquidity. Even for less actively traded stocks, institutions don't need to worry about unexpected liquidations caused by price spikes resulting from insufficient on-exchange liquidity, as can happen with traditional tokens.

During weekends, when the U.S. stock market is closed, rYANG continues to function as collateral without interruption. Even though rYANG remains tradable over the weekend, its collateral value continues to be based on the last price before the U.S. market closes on Friday. This fixed index price is used for risk calculations, helping maintain a relatively stable collateral value and liquidation risk profile.