Gate.io Crosses $20 Billion in TradFi Volume as Crypto Exchanges Race to Absorb Traditional Markets

Gate.io Says It's Not Just for Crypto Anymore

Gate.io made it plain on February 10: "Gate isn't just for crypto anymore." The exchange's TradFi platform, which launched its public beta in January 2026, now lets users trade stocks, gold, forex, indices, and commodities using USDT as collateral. Cumulative volume has already crossed $20 billion, with peak daily activity surpassing $5 billion.

The announcement caps a rapid expansion. Gate.io rolled out web access to TradFi alongside the existing mobile app, creating a unified account system that spans crypto spot, futures, and traditional financial markets in a single interface. A $150,000 reward pool running through February 22 and over 1,100 grams of gold distributed through promotional campaigns signal how aggressively the exchange is pushing adoption.

Gate isn't operating in a vacuum. Bybit, Binance, and Bitget are all racing to absorb the same traditional asset classes, turning crypto exchanges into full-spectrum financial platforms. The question is no longer whether crypto exchanges will offer stocks and forex. It's whether traditional brokerages can keep up.

How Gate TradFi Works Under the Hood

The mechanics are straightforward but significant. Users deposit USDT, which the platform automatically converts to an internal accounting unit called USDx at a 1:1 ratio. USDx is neither a fiat currency nor a crypto asset. It exists purely as a ledger denomination for TradFi positions, eliminating conversion fees and custody overhead.

From there, leverage options vary by asset class. Forex, metals, and indices support up to 500x fixed leverage. Stock CFDs max out at 5x. The base trading fee sits at $0.018 per order, with VIP tiers adjusting rates downward.

Gate also launched xStocks, a tokenized stock trading feature offering eight initial pairs: Coinbase, Nvidia, Circle, Apple, Meta, Robinhood, Tesla, and Google. Each tokenized asset is backed by actual shares through xStocks' regulated tokenization framework, enabling fractional ownership and 24/7 trading without market-hour restrictions. All pairs settle exclusively in USDT.

The unified account system is the glue. A single login governs crypto spot, futures, and TradFi positions. Portfolio management, margin calculations, and fund transfers happen across asset classes without requiring separate accounts. For traders who already hold USDT on Gate, traditional markets are now one click away.

The Bigger Picture: Crypto Exchanges Eating Finance

Gate's move is part of a wave. Bybit announced its pivot to becoming "The New Financial Platform" in January 2026, with plans to list 500 trading pairs covering stock CFDs, foreign exchange, commodities, and indices by Q1. Bybit also plans to launch dollar-denominated banking accounts with IBANs through licensed partners, targeting the underbanked populations that crypto exchanges have long courted.

Binance is exploring plans to reintroduce stock trading four years after discontinuing the feature. The exchange secured three Abu Dhabi licenses in December 2025 covering exchange, clearing, and broker-dealer activities, laying the regulatory groundwork for a broader product suite.

Bitget launched its own TradFi beta with forex, gold, and stock derivative trading using USDT collateral, mirroring Gate's playbook almost feature for feature.

The pattern is unmistakable. Crypto exchanges are no longer content to dominate digital assets. They want everything: equities, commodities, forex, indices. USDT collateral is the common thread, letting users access global markets without touching fiat rails.

What This Means for Crypto Card Holders and Everyday Users

For users of crypto cards, the convergence creates a new dynamic. Exchanges that also issue spending cards, like Gate, Bybit, and Binance, can now position themselves as one-stop financial platforms. You trade crypto and stocks in the same account, earn rewards on a linked card, and spend proceeds without ever moving funds to a traditional bank.

Gate's unified account system is a case study. A trader could hold USDT, take a leveraged gold position, close it in profit, and spend those gains through a Gate.io card the same day. No wire transfers, no brokerage withdrawals, no multi-day settlement windows.

This also shifts the competitive landscape for cashback and staking rewards. If exchange-linked cards begin offering rewards on TradFi trading volume (not just crypto transactions), the value proposition changes entirely. A card that earns 1% back on stock trades settled in USDT competes directly with Robinhood Gold or Interactive Brokers' debit card.

The risk, of course, is regulatory. CFD trading is banned or restricted in several jurisdictions, including the United States. Tokenized stocks sit in a gray zone between securities law and crypto regulation. Users need to verify that TradFi features are available in their region before assuming access.

Why Traditional Brokerages Should Be Worried

Traditional brokerages operate on legacy infrastructure: T+1 settlement, market hours, currency conversion fees, separate margin accounts per asset class. Crypto exchanges are building the opposite: instant settlement, 24/7 access, USDT-native collateral, and unified portfolios.

The user experience gap is widening. A Robinhood user who wants to trade gold needs a separate futures account or ETF. A Gate user types "XAUUSD" and trades with up to 500x leverage from the same dashboard where they bought Ethereum five minutes ago.

That said, crypto exchanges face their own challenges. Regulatory licensing across multiple jurisdictions is expensive and slow. The lack of deposit insurance (FDIC, SIPC equivalents) means user funds carry exchange-specific risk. And the CFD model, where users trade price movements without owning underlying assets, has drawn scrutiny from regulators worldwide.

Still, the direction is clear. Bybit CEO Ben Zhou told Fortune in January 2026 that "TradFi firms are increasingly warming to cryptocurrencies", framing the convergence as inevitable rather than aspirational.

FAQ

What is Gate TradFi? Gate TradFi is a multi-asset trading platform within Gate.io that lets users trade stocks, gold, forex, indices, and commodities using USDT as collateral. It operates alongside crypto spot and futures trading in a unified account.

How does the USDx system work? When you deposit USDT for TradFi trading, the platform converts it to USDx at a 1:1 ratio. USDx is an internal accounting unit, not a currency or token. It simplifies margin calculations and eliminates conversion fees between crypto and TradFi positions.

What leverage is available? Forex, metals, and indices support up to 500x leverage. Stock CFDs max out at 5x. Leverage options vary by VIP tier and asset class.

Is Gate TradFi available everywhere? No. CFD trading is restricted or banned in certain jurisdictions, including the United States. Users should check regional availability before trading.

What stocks can I trade on Gate? Through xStocks, Gate offers tokenized trading pairs for Coinbase, Nvidia, Circle, Apple, Meta, Robinhood, Tesla, and Google, with USDT settlement and 24/7 access.

Overview

Gate.io has crossed $20 billion in cumulative TradFi trading volume, offering stocks, gold, forex, indices, and commodities alongside crypto through a unified USDT-collateral system. The platform provides up to 500x leverage on forex and metals, tokenized stock trading via xStocks, and a single-account dashboard spanning all asset classes. This mirrors moves by Bybit, Binance, and Bitget, all racing to transform from crypto-only exchanges into full-spectrum financial platforms. For crypto card holders and everyday users, the convergence means exchanges are becoming one-stop shops where trading, earning, and spending happen in the same ecosystem without touching traditional banking rails.