Exchanges Cancel SpaceX Tokenized Allocations as Ondo Launches SPCX

Summary

• Crypto exchanges including Bybit, Bitget Wallet, Binance Wallet, and MEXC canceled tokenized SpaceX IPO campaigns on June 12 after xStocks reduced allocations.
• Binance ended its subscription and committed to refunding all USDC deposits due to the allocation shortfall.
• Ondo Finance launched SPCXon, which recorded tens of thousands of trades and exceeded $1M in volume within the first hour.

Crypto exchanges Bybit, Bitget Wallet, Binance Wallet, and MEXC canceled their tokenized SpaceX IPO offerings on June 12. xStocks failed to deliver full allocations. Platforms scrambled to manage user positions on the IPO day.

Binance ended its subscription campaign separately. It promised to refund all USDC.

These moves show the delivery risks in tokenized stocks tied to outside providers.

Context

Tokenized stocks give users exposure to shares via blockchain tokens. Platforms rushed to launch these products before big IPOs like SpaceX. The June 12 date revealed supply gaps when allocations fell short.

Ondo Finance stepped in with its on-chain option.

Details

Bybit, Bitget Wallet, Binance Wallet, and MEXC each canceled their SpaceX tokenized campaigns. They received reduced allocations from xStocks. Binance confirmed it would return all deposited USDC to participants.

Ondo Global Markets launched SPCXon that same day. The token saw tens of thousands of trades and crossed $1M in volume within the first hour.

"Minutes after launch, SPCXon surpassed tens of thousands of trades on Ondo Global Markets, crossing $1M in volume in an hour."

, Ondo Finance (Source)

Tokenized offerings still face allocation and delivery risks from share providers. Platforms noted this across the board.

Outlook

Crypto exchanges and token issuers will test more tokenized stock products around future IPOs. On-chain platforms like Ondo captured volume when allocation channels faltered.