Crypto exchange MEXC has recorded over $7.1 billion in trading volume for perpetual futures linked to SpaceX shares shortly after the company’s public listing. This milestone reflects the growing capacity of crypto platforms to offer a comprehensive equity trading experience—from pre-IPO subscriptions through to actual share ownership—without users leaving the crypto ecosystem.

According to MEXC’s Q2 report, the exchange orchestrated two subscription rounds for SpaceX’s pre-IPO offering, raising more than 173 million USDT from over 74,000 participants. Following the listing on June 12, users were able to trade SpaceX futures, hold tokenized shares, and purchase real stock through MEXC’s platform.

The exchange’s offering includes “RealStocks,” launched earlier in June, which connects customer orders for US equities and ETFs to a licensed securities broker partner. This service enables holders to receive dividends and corporate actions, moving beyond mere price speculation. However, MEXC has yet to disclose details about its broker, custody arrangements, or its USDT-to-dollar conversion methodology. Despite this, it reported rapid user growth, with more than 120,000 new accounts in the first month and a funding rate of 52% among them. Dividends were settled on dozens of stocks and ETFs by mid-June.

Stock futures still dominate equity-related activity on MEXC. For example, following Micron’s earnings announcement in June, futures volume on its shares surged by approximately 142% in a single day. This momentum also benefited futures tied to SanDisk, SK hynix, and a DRAM ETF, highlighting strong investor interest across semiconductor names.

MEXC operates primarily overseas, as US retail investors are excluded and the exchange lacks a MiCA license for its European operations. Nevertheless, its CEO framed the latest quarter as proof of MEXC’s role as a gateway between crypto and traditional finance.

Several other major crypto exchanges are pursuing similar integrations of traditional equities with crypto trading. Binance opened trading for nearly 7,000 US stocks in early June, offering fractional shares starting at $5 through broker-dealer Nest Trading, with custody and dividends managed by Alpaca. Users there fund accounts with USDC, USDT, or Binance Coin.

Kraken has developed a tokenized equity platform called xStocks, which exceeded $25 billion in cumulative transaction volume within eight months. It trades on Deutsche Börse’s 360X venue and includes eight of the eleven largest tokenized equities in the market.

Coinbase is building what it calls an “Everything Exchange,” combining crypto, stocks, derivatives, and event contracts to deliver an all-encompassing digital asset marketplace.

Event contracts, another frontier these platforms explore, are gaining traction as well. MEXC launched a zero-fee event contract system in March and introduced multi-outcome Combo positions by June, with daily volumes skyrocketing by several thousand percent within a few months.