Cryptoexchange MEXC said today (Tuesday) that perpetual futures tied to SpaceX sharesdrew more than 7.1 billion USDT in trading volume in the weeks after the rocketcompany listed on June 12. The figure comes from the exchange's ownsecond-quarter report and has not been independently audited.Users couldsubscribe to SpaceX before it went public, trade futures on it afterward, holda tokenized version, and buy the actual share, without ever leaving theplatform. MEXC rantwo SPACEX(PRE) subscription rounds while the company was still private,collecting over 173 million USDT from more than 74,000 entries, the reportsaid.SpaceX Becomes the TestCase for the Full Equity StackOne namewent from private to publicly traded inside a single quarter, and MEXC sold aproduct at every stage of the journey.RealStocks,which went live June 1, supplied the last piece. The service routes orders for actualUS shares and ETFs through a licensed securities broker partner, giving buyers dividends ratherthan price exposure alone. The exchange has still not named the broker,disclosed custody arrangements, or explained how the USDT-to-dollar conversionis priced.More than120,000 users signed up in the first month and 52% of them funded an account,according to the company. By June 18, it had settled dividends on 34 stocks andETFs.Stockfutures carried much of the equity flow. Micron's June earnings lifted MUfutures volume on the platform by roughly 142% in a single day, MEXC said, withactivity spilling into SanDisk, SK hynix and a DRAM ETF."Q2put real numbers behind the word gateway," said Vugar Usi, who took overas chief executive during the quarter.Binance, Kraken andCoinbase Are Building the Same ThingBinanceopened access to roughly 7,000 US stocks on June 1, the same day RealStocks launched. Orders are arranged throughbroker-dealer Nest Trading, with Alpaca handling custody, dividends andcorporate actions, and fractional purchases start at $5, funded in USDC, USDTor BNB.Kraken wentthe tokenized route instead. Its xStocks brand passed $25 billionin cumulative transaction volume in under eight months, listed on Deutsche Börse's 360X venue, and nowaccounts for eight of the eleven largest tokenized equities. Coinbase hasdescribed its own version of the plan as an "Everything Exchange"covering crypto, stocks, derivatives and event contracts.Predictionmarkets are the other shared front. MEXC opened a zero-fee eventcontract platform in March and added multi-outcome Combo positions on June 9. Average daily volumethere rose more than 6,700% between early and late June, the company said, offa starting base it did not disclose.Traffic Runs Both Ways asBrokers Copy the PerpetualTheborrowing is not one-directional. On Monday, Pepperstone said it would extend itsperpetual CFD range beyond SpaceX into metals, stock indices and energy, with gold, silver, Nasdaq, S&P500, WTI and Brent versions listed as planned.The perpetual, a contract with no expiry that uses periodicfunding payments to stay near the underlying, began life in crypto and is nowbeing fitted onto shares and commodities inside a regulated CFD wrapper."Webelieve perpetual markets will become a standard feature of modernfinance," Pepperstone group chief executive Tamas Szabo said. Europeanregulators have already told firms that perpetual futures fall under EU CFDrules, which drags the format inside the same retail leverage caps that MEXC'soffshore version sits outside.The Refund the Report DoesNot MentionMEXC'sLaunchpad section says SPACEX(PRE) traded 12% above its subscription price atlisting and reached a 38% peak return. It says nothing about refunds.On June 12,MEXC cancelled tokenized SpaceXallocations and returned money to subscribers, along with Binance, Bybit and Bitget Wallet,after xStocks failed to source the underlying shares. All four had beenreselling access to allocations that Kraken's tokenization arm promised toprocure, and when that single supplier came up empty, so did everyone hangingoff it.Demand wasnever the constraint. Binance's campaign drew more than $557 million in USDCbefore it was pulled, and MEXC's first round ran 15.5 times oversubscribed. Theshares just never showed up.US Retail Stays Outsidethe PerimeterNone ofthis touches American investors. Tokenized equity products are closedto US persons, andKraken's SpaceX token also excluded users in the UK, Canada and Australia.Europe isnarrowing as well. MEXC entered July without a MiCAlicense and withoutany public update on its application, and its published list of restrictedjurisdictions, last revised in May, does not include EU member states. HongKong's securities regulator put the exchange on its warning listover unlicensed activity in 2024.MEXC putits June reserve ratio at 156.5% across major assets, with bitcoin backed at269%, and said its futures insurance fund hit $753 million in July. Bothnumbers are the exchange's own, and neither has been verified by an outsideauditor.This article was written by Damian Chmiel at www.financemagnates.com.