Bitget has launched its Fixed Coupon Note (FCN) Plan, introducing a structured financial product commonly used in traditional markets to its tokenized U.S. stock ecosystem.
The new product allows users to subscribe with USDT and earn a predefined USDT coupon during the holding period. Bitget says it is the first crypto exchange to combine an FCN structure with USDT settlement and delivery of U.S. stock rTokens.
The launch gives users another way to gain exposure to tokenized equities beyond conventional spot trading.
The FCN Plan is for users who want exposure to U.S. stocks and are willing to buy them at a set price instead of the current market price. At launch, it supports several U.S. stock rTokens, including SNDK, MRVL, SKHY, NVDA, and MU.
Users deposit USDT and choose a strike price, which is the price they are willing to pay for the rToken. At maturity:
- If the rToken price is at or above the strike price: Users get their USDT back plus the agreed coupon.
- If the rToken price is below the strike price: Their USDT is converted into the rToken at the strike price, while the coupon is paid in USDT.
Bitget positions FCN as an alternative to a conventional limit order. With a traditional limit order, capital can remain unused while an investor waits for a stock to reach a preferred entry price. Under the FCN structure, users establish their desired entry price while potentially earning a coupon during the product term.
Bitget CEO Gracy Chen said the product is intended for situations where investors want exposure to a stock but are unwilling to buy at its current price.
“FCN gives users a set price they are comfortable buying at and earn while they wait,” Chen said.
The launch supports Bitget’s Universal Exchange (UEX) strategy, which aims to bring crypto and traditional assets into one trading platform.
By combining USDT, tokenized U.S. stocks, and structured products, the FCN Plan gives users another way to access tokenized stocks.
It also shows Bitget’s move toward offering more advanced ways to invest in tokenized traditional assets, beyond simple spot trading.
Meanwhile, Bitget said FCN is not a principal-protected product, meaning users can lose money. If the product is settled in rTokens, users are still affected by changes in the underlying stock price. If the rToken price falls after settlement, users could face additional losses.
To celebrate the launch, the exchange is running an FCN campaign from August 17 to September 18, 2026. Eligible first-time and repeat subscribers can earn rewards during the campaign.
