Tokenized stocks on blockchain rails have been the white whale of crypto for years. Reality Protocol, the issuer behind Bitget’s Stocks 2.0 initiative, is making a credible run at it with 69 tokens collectively worth $137.6 million on Arbitrum One.

The three largest assets by market cap are rMU (Micron), rSNDK (SanDisk), and rNVDA (NVIDIA), all trading as ERC-20 tokens that offer 1:1 economic exposure to their underlying US equities. Each token is designed to track the price of an actual stock, backed by real shares held in custody.

How Reality Protocol actually works

Reality Protocol launched between May and June 2026 as part of Bitget’s broader push to bring traditional equities into its crypto trading ecosystem.

Each rToken is an ERC-20 asset deployed on Arbitrum One. The tokens are backed by actual shares in custody, not synthetic exposure or derivatives. Independent daily Proof-of-Reserve audits are conducted by The Network Firm, with results verifiable at realityfinance.xyz.

The protocol also introduced USDT-based trading, meaning users don’t need to touch fiat rails to get equity exposure. Dividends are distributed separately as stablecoins. On-chain trading and margin accounts round out the feature set.

The expansion is already underway

As of late July 2026, Bitget expanded collateral eligibility for staking loans to 103 rTokens, adding 38 new Reality-issued assets to the supported list.

The choice of Arbitrum One as the settlement layer is strategic. Arbitrum consistently ranks as one of the highest-TVL Layer 2 networks, which means rTokens benefit from existing liquidity infrastructure and a large user base that already knows how to interact with ERC-20 assets.

$138M in market cap across 69 tokens means the average token sits around $2M. For a protocol that’s been live for roughly two months, it represents meaningful early traction in a category that has historically struggled to gain any traction at all.

What this means for investors

Reality Protocol’s approach embeds within an existing exchange ecosystem rather than trying to build a standalone platform. Bitget brings the user base. Reality brings the issuance infrastructure. Arbitrum brings the settlement layer. The Network Firm brings the audit trail.

The risk profile deserves attention. These tokens are only as good as the custody arrangement backing them and the legal framework protecting holders. Daily audits help, but they’re not a substitute for the investor protections that come with a regulated brokerage. If the custodian fails or the issuer runs into regulatory trouble, rToken holders could face a very different experience than traditional shareholders.

The expansion to 103 collateral-eligible tokens suggests Bitget is committed to making this a core part of its platform rather than a side experiment.