NVIDIA-Linked Token Reaches $20.53 Million Market Cap

The NVIDIA (NVDA) linked token rNVDA has recorded an on-chain market capitalization of $20.53 million (approximately 2.9 billion KRW) on Arbitrum One. There is an increasing number of cases in the tokenized stock market that require consideration of actual demand and rights structure as the exposure of U.S. stock prices is being transferred to blockchain assets.

According to DefiLlama on the 15th, the token price of rNVDA on the Arbitrum One Real World Assets (RWA) dashboard was reported at $224.7, with an on-chain market cap of $20.53 million. Crypto Briefing reported that the market cap of rNVDA has increased by approximately $17.5 million to $18 million (around 2.48 billion to 2.55 billion KRW) over the past 30 days. The figures from the on-chain dashboard and internal exchange calculations may differ due to varying standards, so the numbers may not match exactly for the same asset.

rNVDA is an NVIDIA-linked rToken issued by the Reality Protocol within the Bitget ecosystem. Bitget announced on May 26 that it would provide tokenized U.S. stocks and exchange-traded funds (ETFs) with the launch of Reality. Bitget explained that each rToken is backed 1:1 by physical stocks held by a U.S. broker-dealer registered with the Financial Industry Regulatory Authority (FINRA) and protected by the Securities Investor Protection Corporation (SIPC).

According to Bitget's supporting documents, rTokens have an 'r' prefix before the asset name, using rNVDA as an example. The same document stated that holding rTokens does not imply direct ownership of stocks or voting rights. The Reality-based rTokens support trading 24/5, including pre-market, regular market, after-hours, and night sessions, but access may be restricted on weekends and U.S. holidays.

Bitget revealed on its official blog that rTokens reached an operating asset of $114 million (approximately 161.2 billion KRW) just five weeks after their launch. During the same period, the cumulative trading volume was $671.37 million (approximately 950.1 billion KRW), with an average daily trading volume of $19.75 million (approximately 27.9 billion KRW). rNVDA accounted for 13.38% of the cumulative trading volume, ranking among the top initial demand assets after rSPCX and rCSCO.

Bitget subsequently added 25 stock-linked altcoins, increasing the options to 660. This trend aims to attract demand for access to various U.S. stocks and ETF prices into the exchange accounts, not just NVIDIA. However, the internal operating assets and trading volumes are indicators within the Bitget ecosystem and should be distinguished from the overall demand in the tokenized stock market.

The significance of rNVDA lies in the fact that it is a tokenized asset linked to NVIDIA's price, rather than the NVIDIA stock itself. For Korean investors, the key point is not only the extended access time to U.S. stocks. The question is whether the structure, which combines stock exposure with USDT payments, on-chain custody, and fund management within exchange accounts, can establish itself as a real financial product.

Alpaca stated that Bitget utilizes the Alpaca infrastructure to provide access to tokenized U.S. stocks and ETFs. This indicates that rTokens are designed as products that incorporate custody and settlement infrastructure, rather than merely price display tokens. However, this structure does not necessarily mean that it guarantees rights similar to traditional stocks.

The U.S. Securities and Exchange Commission (SEC) explained in a statement on January 28 that tokenized securities can be categorized into issuer-led and third-party-led structures. The SEC noted that the rights, obligations, and benefits of holders may differ from those of the underlying securities depending on the tokenization structure. Reuters also reported that some tokenized stocks may not provide traditional shareholder rights or dividend rights.

Tokenized stocks typically implement exposure to the underlying asset price in the form of blockchain tokens. Depending on the structure, they can be backed by physical stocks or synthetically track prices. The rights that investors actually hold vary based on the issuing entity, custody method, terms, and regulatory jurisdiction.

Industry perspectives are mixed. Bitget and Alpaca believe that tokenized stocks can expand trading hours, enable faster settlements, enhance USDT-based fund management, and increase collateral utilization. In contrast, regulatory experts and traditional finance sectors raise concerns about investor protection and market stability.

This difference is also significant for domestic investors. Even if they are both NVIDIA-linked tokens, differences in the issuing entity, collateral method, and scope of rights can lead to variations in risk and investor protection mechanisms. It is essential to verify whether tokenized stocks are products that replace U.S. stock accounts or separate assets that provide price exposure within the exchange through terms and custody structures.

The increase in rNVDA's market cap indicates growing interest in tokenized stocks. However, it is crucial to differentiate whether this interest stems from long-term holding demand or short-term trading demand. The current confirmed fact is that rNVDA has been recorded as an on-chain asset worth $20.53 million on Arbitrum One and ranks among the top initial trading demand assets according to Bitget's internal data.