Reality, the tokenization platform operating within Bitget’s rToken ecosystem, announced a partnership with blockchain infrastructure firm Merkl to address a persistent challenge in decentralized finance: accurately attributing dividend rights when tokenized equities are deployed in smart contracts. The collaboration enables Reality to locate the actual holders of rTokens that are locked in lending markets, liquidity pools, or staking contracts, ensuring that eligible investors continue to receive cash dividends in stablecoins.

How Merkl’s forwarder solves ownership tracking

Merkl will employ its reward‑forwarding mechanism to trace rToken positions through multiple layers of DeFi contracts. By scanning protocol‑specific fee structures and using the Merkl Studio Forwarder Scan tool, the system can determine the underlying user behind each on‑chain contract address. According to Merkl co‑founder and CEO Pablo Veyrat, “Our forwarder technology traces ownership through nested smart contracts and tells Reality exactly who holds what, so dividends can reach the right people wherever their tokens are deployed.”

Roles of Reality and Bitget

Under the agreement, Reality remains responsible for issuing rTokens and defining dividend entitlements, while Merkl supplies the infrastructure that identifies eligible holders across supported DeFi applications. Bitget CEO Gracy Chen emphasized the broader goal, noting that tokenized equities should be useful beyond simple trading and that the partnership makes “tokenized equities more practical for everyday use.” Net cash dividends are typically settled in USDT, separate from the token’s price movements.

Growing demand for tokenized equities

The integration arrives as rToken activity on Bitget’s UEX platform accelerates. DeFiLlama data cited by both sources shows cumulative rToken transaction volume of $1.16 billion for June‑July 2026, and a 23.54% month‑over‑month increase in users trading both crypto and rTokens in July. These metrics suggest rising interest in using tokenized stocks and ETFs as part of cross‑asset strategies within DeFi.

What to watch next

Investors should monitor which DeFi protocols are added to Merkl’s supported list, as broader coverage could increase dividend capture rates. Additionally, the impact on rToken liquidity and user adoption will be evident in upcoming volume reports from DeFiLlama and Bitget. Finally, any regulatory guidance on dividend distribution for tokenized securities may influence the scalability of this model.