Bitget Universal Exchange (UEX) Whitepaper: Blueprint for Financial Technologies in Crypto, Stocks, Commodities, and Emerging Markets

Written By: Ryan Lee, Chief Analyst, Bitget Research

Foreword

Every industry has a defining moment when evolution gives way to transformation. For exchanges, that moment is now. When I first described the idea of a Universal Exchange (UEX), I called it our “seventh gear”, a metaphor for breaking limits that once seemed mechanical, even impossible. In the early days, centralized exchanges were praised for speed and trust, while decentralized exchanges were praised for freedom and transparency. Each offered a glimpse of progress, yet none could capture the complete picture of what modern finance demands: universal asset coverage, smart UI/UX, and institution-grade security at once.

Bitget's UEX vision unites these formerly disparate characteristics. Instead of combining different models, a new financial fabric is being created in which stocks, commodities, cryptocurrency, and forex all coexist in a single, intelligent, global system. "Universally tradable" is made a reality by UEX through AI-driven trading, on-chain transparency, and a security foundation that is stronger than any in the sector. This paper by Bitget Research outlines both the theory and the architecture behind that vision. It is a blueprint for how the next decade of digital markets will be built, one universal exchange at a time.

— Gracy Chen, CEO of Bitget

Abstract

For over a decade, trading platforms have wrestled with the exchange trilemma, the inability to deliver a seamless user experience, unrestricted asset universality, and uncompromising security simultaneously.Centralized exchanges (CEXs) excel in performance and liquidity but restrict asset scope and concentrate custody risk. Decentralized exchanges (DEXs) offer greater asset freedom, yet users face complex operations, higher costs, and self-custody risks.The Universal Exchange (UEX) resolves this paradox by integrating the advantages of both architectures within a unified, AI-driven ecosystem. Bitget’s UEX framework offers a single account for users to access cryptocurrency and traditional markets securely. It bridges the gap between the reliability of a CEX and the openness of a DEX. This paper presents the conceptual foundation, technical design, and industry roadmap for UEX, illustrating how Bitget is pioneering a new era of universal, intelligent, and secure finance.

1 | Introduction: The Exchange Trilemma

The crypto industry’s growth has revealed an enduring paradox: every exchange optimizes two goals at the expense of the third.

● User Experience (UX): Speed, usability, liquidity

● Asset Universality: Breadth of tradable instruments

● Security: Protection of assets and data

CEXs like Binance, Coinbase, and Bitget offer fast onboarding, easy deposit options, and robust tools. However, curated listings slow new assets, and custody is a single point of failure if a breach is not covered. DEX swaps like Uniswap are permissionless, offering instant listings and broad coverage. However, gas fees, wallet friction, and limited pro tools create hurdles, while risks such as fake tokens, honeypots, and contract bugs come with little recourse.

[Figure 1 – The Exchange Trilemma and the UEX Solution]

2 | Evolution of Exchanges

As one of crypto’s most essential and longest-standing pieces of infrastructure, exchanges are on a clear arc: from fragmentation to universality.

Phase 1 | Peer-to-Peer Beginnings (2009–2011)Bitcoin’s early markets operated on trust and IRC chats. Without matching engines or custody systems, liquidity was scarce and risk absolute.

Phase 2 | Rise of Centralization (2012–2017)Exchanges such as Coinbase, Kraken, and Binance institutionalized crypto trading, introducing order books, fiat gateways, and derivatives. CEXs became the discovery engines for digital assets, but listings remained gated and custody centralized.

Phase 3 | DeFi & DEX Boom (2018–2024)Automated Market Makers like Uniswap democratized listings, fueling DeFi Summer and driving DEX volume from <1% to >20% of total crypto trades. Yet self-custody risks, fake tokens, and high gas fees limited mainstream appeal.

Phase 4 | Fusion Exploration (2024–2025)CEXs integrated Web3 wallets and on-chain access; OKX Web3, Binance Alpha, and Bitget Onchain pioneered early convergence.

Phase 5 | UEX Era (2025 →)Bitget CEO Gracy Chen first introduced the UEX concept, which integrates CEX, DEX, and TradFi, enabling users to trade crypto, gold, forex (FX), stocks, and other core global assets on a single platform. At the same time, UEX leverages AI and enhanced security infrastructure to improve both the user experience and safety dramatically.

[Figure 2 – Evolution of Exchanges Timeline and Market Growth (2009–2025)]

3 | The UEX Paradigm

DefinitionA Universal Exchange is a unified infrastructure that allows users to trade any digital or traditional asset seamlessly, supported by AI intelligence and institutional-grade security.

Three Pillars of UEX`

1. Asset Universality

○ Support for all cryptocurrencies (assets on ETH, BSC, SOL, Base, and beyond)

○ Integration tokenized Real-World Assets (RWAs) → (tokenized) stocks, ETFs, commodities, forex, and more

○ One account for every market

2. AI-Driven Intelligence

○ AI Agent breaks information overload by providing consolidated analysis from market sentiment, technical analysis, and onchain data.

○ Understands user portfolios, trading behaviors/preferences, and generates personalized trading strategies in real-time.

○ Transform strategy to execution → action with minimal friction.

3. Unified Security Framework

○ Hybrid custody architecture (on-chain transparency with off-chain controls)

○ Intelligent risk filters detect rug-pulls and contract anomalies

○ User Protection Fund and Proof of Reserves

Together, these pillars make “everything tradable” not as a slogan, but a system design.

[Figure 3: UEX Architecture and Three-Pillar Model]

4 | UEX Roadmap: Three Phases

Rome wasn’t built in a day, and neither is UEX. Since 2024, many exchanges have been testing UEX‑style approaches. Over the long run, UEX will evolve through three phases: unified entry, unified account, and, finally, a unified experience.

Phase 1: Unified Entry (2024-2025)

In mid-2022, OKX was the first to add a Web3 section inside its exchange app. Many exchanges followed. This lets users switch between the exchange and Web3 through a single entry point without downloading multiple apps.

In this phase, users interacting with assets via Web3 platforms mostly needed to do their own research, with limited risk prompts. Most exchanges also didn’t offer publicly verifiable protection funds. In extreme security incidents, there could be cases where assets couldn’t be redeemed.

At this stage, UEX also started experimenting with AI, but only at a basic level—limited to AI-powered info services that briefly summarize recent news and simple technicals for specific tokens.

Phase 2: Unified Account (2025-2026)

As we moved into 2025, centralized exchanges found a better way to integrate on-chain assets. With Binance Alpha and Bitget Onchain, users can trade newly emerging altcoins directly using their CEX accounts and funds, without the hassle of setting up a self-custody wallet. Moving from a single entry point to a single account improved the user experience.

In the early phase, both Binance Alpha and Bitget Onchain still followed the familiar CEX listing playbook: curate a subset of assets for trading. The bar was lower than being listed on major spot markets, but coverage was still limited.

That changed in Q3 2025. Bitget Onchain began supporting all on-chain assets on ETH, BSC, Base, and SOL, becoming the first venue to let users trade the complete set of on-chain assets using funds held on a centralized exchange. In practice, CEX asset support became permissionless for the first time, reaching DEX-level breadth. OKX followed shortly after, announcing support for all on-chain assets directly in the OKX exchange app.

It didn’t stop there. Exchanges began supporting non-native crypto assets such as tokenized stocks, enabling combined crypto–TradFi portfolios. Bitget, Kraken, and Bybit were among the first movers. Through partners like Ondo and xStocks, over 100 U.S. stock tokens, including Tesla, NVIDIA, and more, became tradable directly on crypto exchanges. Bitget went further with U.S. stock derivatives, offering up to 25x leverage and 24/5 trading.

On the AI front, Phase 2 of UEX aimed to make AI more intelligent and more conversational. Beyond quick summaries, AI can now parse user questions and deliver personalized answers based on the user’s investing preferences. Bitget’s GetAgent is a good example: it infers an “investment MBTI,” suggests orders, analyzes positions, and recommends earning products.

On security, a User Protection Fund and Proof of Reserves should be table stakes for UEX. A growth-based protection fund is also necessary: as the platform scales and custodial balances rise, a fixed-size fund underfits the risk surface and weakens protection.

Phase 3: Unified Experience (2026-)

UEX in Phase 3 will be a user experience reset. It will further expand asset coverage by adding more emerging assets across additional chains, as well as traditional assets such as gold, ETFs, and forex. Beyond trading, UEX will offer a broader range of earning products; with CeDeFi in the mix, it can better serve users across different market conditions.

Another step-change in AI drives the exchange’s experience upgrade. The AI Agent developed by UEX will transition from “get questions answered” to “get trades done”. All trades can be executed via AI-issued instructions, eliminating operational learning costs so that trading any asset reduces to a single command. This will meaningfully accelerate crypto adoption, tackling the long‑standing knocks on complexity and steep learning curves.

In terms of security, AI will also be central. When anyone can access global assets from anywhere, filtering out those with hidden risks, such as early crypto assets with security flaws or rug‑pull potential, becomes critical. Using AI to detect malicious logic is a significant safety value UEX creates. This shifts from “whitelisting” tokens for listing to "blacklisting" suspicious assets from full access, preserving permissionless trading while enhancing protection.

5 | Bitget’s UEX Implementation

As one of the first major exchanges to step into UEX, Bitget already ships a stack of innovative products that reflect UEX’s core idea: one exchange to trade the world. More is on the roadmap as Bitget scales into a more complete UEX in the coming months.

Live Features

Bitget Onchain extends CEX reliability into DeFi openness, enabling direct trading of millions of tokens across Ethereum, BSC, Base, and Solana. It eliminates wallet switching and private-key risk while preserving on-chain transparency. Onchain expanded Bitget’s supported crypto asset universe from hundreds to millions.

Through collaborations with xStocks and Ondo , Bitget expanded its coverage beyond cryptocurrencies. In Q3 2025, it added trading for 100+ tokenized stocks and launched stock index perpetuals tracking more than 20 leading US business giants, allowing users to go long or short with USDT collateral.

Aiming at user experience improvement, GetAgent, the AI Agent developed by Bitget, unifies 50+ pro‑grade tools to deliver real‑time market insight, consolidating signals, news, on‑chain data, market sentiment, and more, into a natural‑language guidance strategy, then executes in seconds. By connecting to each user’s portfolio, understanding their trading behavior and preferences, it becomes a truly personalized trading assistant for every user.

Beyond interface-level integration, Bitget’s UEX implementation is underpinned by a unified execution architecture that enables centralized account balances to interact directly with decentralized liquidity. On-chain trades are routed through established DEX aggregators, dynamically selecting optimal paths across multiple liquidity venues to minimize slippage and execution risk. A unified fee structure applies consistently across on-chain and centralized trades, eliminating the cost fragmentation typically associated with cross-platform execution.

To ensure reliability under volatile network conditions, transactions incorporate adaptive gas management and automated fallback logic, allowing execution to reroute or pause when congestion or abnormal contract behavior is detected. This design enables Bitget to scale access from hundreds of assets to millions of on-chain tokens without compromising execution integrity, positioning UEX as a production-grade system rather than a feature overlay.

Regarding security, since 2022, Bitget has published quarterly Proof of Reserves (PoRs), with the reserve ratio consistently above 150%, demonstrating that the platform holds over 100% of user deposits and that no unauthorized use has occurred. Bitget also maintains the industry’s second-largest User Protection Fund, which has exceeded $700 million at peak levels to cover extreme security risks.

In the Pipeline

In the coming months, Bitget will continue to add high-quality global assets. It will soon support trading gold, FX, and ETFs directly with USDT or other stablecoins.

For already supported tokenized stocks and stock futures, Bitget will enhance depth and liquidity, and, with partners such as Ondo, list more high-demand equities.

In CeDeFi, Bitget is in discussion and integrating with a couple of leading DeFi protocols. Bitget users will be able to subscribe to on-chain products in-app and earn competitive yields. Bitget is also exploring a private stock token service, giving retail access to primary-market opportunities previously limited to top VCs.

Bitget will keep improving GetAgent. It already handles simple actions like “buy 50 USD of BTC.” The next milestones include more complex actions, such as placing derivatives orders and subscribing to yield products, targeted for H1 2026. Ultimately, GetAgent will let users reach their investment goals through conversation alone, using natural‑language instructions.

Execution Architecture and On-Chain Reliability

On security, Bitget will upgrade its User Protection Fund to keep pace with platform growth. To mitigate risks from permissionless listings, it will use AI to scan tradable assets across the platform, flag suspicious patterns such as honeypots and abnormal minting, and apply trading limits where appropriate. Accuracy will improve with ongoing model updates, providing an additional layer of protection.

[Figure 4: Bitget UEX Ecosystem Integration Map]

6 | Competitive Landscape & Roadmap

The cryptocurrency exchange industry is undergoing a structural transformation. While nearly every top-tier platform recognizes the need to unify centralized and decentralized systems, only a few have begun building a viable framework for this convergence. Bitget’s Universal Exchange (UEX) model marks the most advanced operational implementation of this evolution to date.

Bitget Research evaluates this evolution through seven UEX capability pillars, which together define an exchange’s progress toward complete universality. Each capability reflects a distinct layer of convergence between user experience, infrastructure, and regulatory maturity.

Industry Overview

As of mid-2025, the global exchange market remains dominated by five players — Binance, OKX, Bybit, Coinbase, and Bitget — which collectively account for over 60% of worldwide spot and derivatives volume (CoinGecko, Apr–Jun 2025). Despite industry progress, most platforms continue to operate within partial convergence models, linking CeFi and Web3 services without achieving unified liquidity, AI-native trading, or TradFi asset support.

[Figure 5 – UEX Readiness Matrix]

Interpretation

The results reveal that Bitget currently leads the industry in comprehensive UEX readiness, being the only exchange to have operationalized all seven pillars within a single platform. While Binance and OKX have introduced foundational Web3 and AI capabilities, their ecosystems remain partitioned across multiple apps and wallets, preventing seamless account interoperability. Bybit and Coinbase continue to focus on core trading and compliance frameworks, with limited on-chain integration or AI deployment.

● Unified Entrance – All five exchanges now offer some form of Web3 or wallet access; however, only Bitget integrates it natively within the same application environment as its CEX platform, enabling direct DApp and token interaction without third-party bridging.

● Unified Account – Bitget is the first to deliver cross-chain trading from a single balance across Ethereum, BSC, Solana, and Base networks. Competitors have partial implementations that require asset transfers between sub-accounts or separate wallets.

● TradFi Assets – Bitget leads the TradFi integration frontier with tokenized stock futures and partnerships for gold, ETF, and FX market access. Other exchanges have either paused or never launched such instruments due to evolving regulations.

● AI Integration – Basic – Binance and OKX provide AI-powered content or analytics (e.g., AI news or security alerts), while Bitget has integrated real-time Onchain AI Signals and personalized insights natively into its app.

● AI Integration – Advanced – Bitget’s GetAgent is the industry’s first AI trade execution assistant, capable of understanding natural-language queries, analyzing strategies, and executing trades. Other platforms are still in research or beta stages for similar tools.

● Unified Security – All leading exchanges maintain Proof of Reserves (PoR) frameworks and user protection mechanisms, but Bitget distinguishes itself with a 137% reserve ratio and a $700M Protection Fund, positioning it among the highest levels of transparency and assurance in the market.

● On-Chain Risk Filter – Bitget and OKX employ advanced AI-based screening to identify and block high-risk tokens and smart-contract exploits. Binance’s system is limited to wallet alerts, while Bybit and Coinbase rely primarily on manual review processes.

Why UEX Capabilities Are Structurally Difficult to Replicate

While multiple exchanges have introduced partial Web3 access or AI-driven analytics, most implementations remain modular rather than unified. In these architectures, decentralized wallets, centralized trading accounts, and traditional asset products operate as parallel systems, requiring users to manage fragmented balances, interfaces, and risk models.

Bitget’s UEX fundamentally differs by integrating execution, custody abstraction, and risk intelligence into a single account layer. Unified account functionality is not a user-interface feature but an execution-layer design that enables centralized funds to interact with decentralized markets through standardized routing, pricing, and settlement logic. This convergence allows for on-chain assets, tokenized traditional instruments, and centralized products to share liquidity and risk controls within a single system.

As a result, UEX readiness is less a function of feature parity and more a measure of architectural maturity. Exchanges that evolved through incremental product expansion face structural constraints when attempting to unify balances, risk engines, and compliance frameworks retroactively. Bitget’s approach, built with convergence as a first principle, positions it ahead of competitors that continue to operate across loosely connected product silos.

TradFi Integration as a Differentiating Inflection Point

The integration of tokenized traditional assets represents a critical inflection point in the transition toward universal exchanges. Previous attempts at stock-linked tokens failed primarily due to weak asset backing, limited transparency, and inadequate handling of corporate actions. Bitget’s UEX model addresses these shortcomings through structured issuance and redemption mechanisms, ensuring tokenized instruments maintain economic equivalence to their underlying assets.

This approach allows Bitget to extend UEX beyond crypto-native markets while preserving the transparency, programmability, and settlement efficiency of blockchain infrastructure. As regulatory clarity improves, such architectures are expected to become foundational to the next phase of exchange convergence, further widening the gap between platforms that can support real-world assets natively and those confined to digital-only markets.

Industry Roadmap Toward Full UEX

Bitget Research forecasts that the next 24–36 months will define the convergence phase for global exchanges:

2025–2026 | Phase 3 – Unified Experience: AI-driven trading assistants and personalized interfaces become mainstream. Bitget will scale GetAgent globally, setting new standards for user interaction in trading automation.

2026–2028 | Phase 4 – TradFi Integration: Tokenized real-world assets (RWAs) expand rapidly, with exchanges introducing regulated gateways for stocks, bonds, and commodities.

2028 onward | Phase 5 – Interoperable UEX Networks: Major exchanges and financial institutions interconnect through shared liquidity and compliance protocols, forming an integrated “meta-exchange” layer bridging CeFi, DeFi, and TradFi.

7 | Blueprint for Industry Adoption

UEX is not a closed ecosystem; it is a framework that any cryptocurrency exchange, fintech company, or bank can adopt.

Technical Modules:

● Custody Layer: Hybrid on/off-chain architecture with auditable reserves

● Cross-Chain Layer: Interoperability standards for EVM and non-EVM networks

● AI Layer: Open API for predictive analytics and strategy execution

Governance & Compliance:

● Modular licensing structure to align with MiCA, MAS, and LATAM regulations

● Transparent proof systems for institutional verification

● Optional co-custody for banks entering tokenized markets

Pathways for TradFi Institutions:

● White-label UEX modules for neobanks and brokerages

● Integration with Bitget Wallet SDK for retail on-ramps

● Shared liquidity pool to unify crypto and securities markets

[Figure 7 – UEX Adoption Framework]

8 | Security & Risk Framework

UEX security rests on three defense tiers:

1. Pre-Trade Screening: AI risk filters identify malicious contracts, counterfeit tokens, and abnormal liquidity flows.

2. Real-Time Protection: Continuous transaction monitoring flags anomalies using pattern recognition and on-chain analytics.

3. Post-Event Assurance: The Protection Fund provides fallback compensation in extreme cases, ensuring user restitution.

This framework surpasses industry norms by integrating machine intelligence with transparent reserves, thereby creating a “trust-by-design” model for global regulation.

From Reactive Safeguards to Preventive Market Defense

Unlike traditional exchange security models that focus primarily on post-incident recovery, Bitget’s UEX security framework emphasizes preventive risk management. Pre-trade screening mechanisms analyze smart contracts, liquidity patterns, and historical behavior to identify high-risk assets before users are exposed to them. Real-time monitoring further evaluates transaction flows and contract interactions, enabling automated intervention when anomalous activity is detected.

By integrating these intelligence layers directly into execution workflows, UEX transforms security from a reactive safeguard into an active market defense system. This design not only enhances user protection but also aligns with emerging regulatory expectations for continuous risk oversight in hybrid digital and traditional financial environments.

9 | Use Cases & Market Opportunities

Retail Traders

AI-guided portfolio management simplifies investment decisions. Users can trade crypto, RWAs, stocks, forex, commodities, and more within a single interface, gaining 24/7 market access previously unavailable in Traditional Finance (TradFi).

Institutions

Fund managers and treasuries gain multi-asset exposure through a single account, reducing custody fragmentation and operational costs.

Developers & Fintech Apps

The UEX API and Bitget Wallet SDK enable embedding of trading and settlement capabilities into external applications.

Regulators & Auditors

UEX’s transparent Proof of Reserves and AI-driven risk analytics provide real-time market surveillance and solvency verification.

By 2030, tokenized assets are expected to represent over $16 trillion in value (BCG estimate). UEX positions Bitget and its partners at the core of this expanding ecosystem.

[Figure 7 – Projected UEX Market Share and Tokenized Asset Growth]

10 | Conclusion

The Universal Exchange marks the culmination of crypto’s first decade and the beginning of a borderless financial era. By resolving the exchange trilemma and uniting centralized and decentralized models through AI and security innovation, Bitget has laid the foundation for the next generation of markets.

For users, UEX means freedom to trade anything, anywhere, safely. For institutions, it means an architecture that is ready for integration and fosters regulatory trust. For the industry, it signals a shift from competition to convergence, where every asset becomes part of a single, universal network.

Bitget will continue to expand UEX through AI innovation, tokenized markets, and global premium asset collaborations, making finance simpler, smarter, and truly universal.

About Bitget Research

Bitget Research is the analytics and thought-leadership arm of Bitget, the world’s largest Universal Exchange. It publishes insights on digital asset markets, blockchain technology, and financial innovation, serving 120 million users across 200 countries. Our mission is to provide transparent, data-driven research that bridges the gap between cryptocurrency and traditional finance.

Publication Information

Victoria, Seychelles | October 2025

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