The Binance ecosystem has continued to gain ground in the tokenized stock market, with bStocks now becoming the second-largest issuer of tokenized stocks, just behind Ondo Finance, according to Token Terminal data. The move comes less than two months after bStocks launched in June and marks another major shift in a market that has grown rapidly over the past year.
Binance first moved ahead of Kraken-owned xStocks on July 28, when bStocks reached $560.162 million in value, although it later lost the position. Since August 3, however, bStocks have maintained their lead over xStocks as demand for tokenized equities continues to grow.
bStocks Widens Lead as Tokenized Stock Market Expands
At the time of writing, bStocks were valued at $622.633 million, compared with $605.469 million for xStocks as of August 13. Ondo remained the largest issuer at $957.415 million, bringing it closer to the $1 billion mark. bStocks now account for about 22.1% of the tokenized stock market. Its offering includes tokenized stocks and exchange-traded funds (ETFs), with assets such as Circle (CRCL) and Securitize (SECZ) among the products available in the market.
The shift comes as the broader tokenized stock market has expanded sharply over the past year. Token Terminal data shows that the value of tokenized stocks and ETFs has risen from roughly $80 million a year ago to about $2.82 billion, representing more than a 30 times increase. The rapid expansion has also reshaped the ranking among major issuers. 12 months earlier, xStocks led the market with about $40.7 million in value, followed by Robinhood at $37.2 million. Ondo, which now sits at the top, had only about $65,000 in tokenized stock value at the time.
The market has also shifted toward BNB Chain, which now hosts the largest share of tokenized stock value. The network accounted for roughly 33.6% of the market at the time of writing, ahead of Ethereum at 27.8% and Solana at 22.1%. Token Terminal data also shows that about $945.3 million worth of tokenized stocks is hosted on BNB Chain. That is roughly $163 million more than Ethereum, which held about $782.1 million in tokenized stock value.
Binance’s Trading Base Gives bStocks an Early Boost
Binance co-founder and former CEO Changpeng Zhao tied the exchange’s quick gains in new sectors to its user base, responding to a post that flagged bStocks’ rapid climb in market share since its June launch. He argued on X that exchanges which extract maximum fees from users or trade against them ultimately fail to retain them, and framed user retention as the foundation for products Binance has yet to build. Zhao wrote, saying:
“Protect users = protect your future businesses, even the ones you haven’t launched yet.”
Early trading activity has also pointed to strong demand with Binance’s equities business recorded about $143 million in average daily turnover during its first nine sessions, while cumulative trading volume surpassed $1 billion. Active traders peaked at roughly 30,700, while the value locked in the products approached $400 million.
Binance opened access to more than 7,000 US-listed stocks and ETFs for eligible users outside the United States on June 1 through its Abu Dhabi Global Market (ADGM) broker-dealer. The exchange later launched bStocks, with the tokens issued through BTECH Holdings, a special-purpose vehicle registered in the ADGM.
