Binance bStocks Passes xStocks as Second-Largest Tokenized Stock Issuer

Binance bStocks Moves Into Second Place

Binance bStocks reached approximately $624 million in tokenized stock value on Aug. 3, according to data from Token Terminal's tokenized-assets dashboard.

That placed Binance ahead of xStocks, which had approximately $579 million at the time.

The latest figures represent a significant change from the previous year, when xStocks and Robinhood were the two largest issuers tracked by the platform.

As of the following day, bStocks remained ahead of xStocks, with the two issuers holding approximately $610.6 million and $601.2 million, respectively.

Tokenized Stock Market Expands Rapidly

The rise of Binance bStocks comes as the broader tokenized stock market has expanded sharply.

In August 2025, the total value tracked across the issuers shown in the data was only around $80 million.

By Aug. 3, 2026, that figure had increased to approximately $2.63 billion.

The expansion highlights growing interest in bringing traditional financial assets onto blockchain infrastructure.

Tokenized stocks can allow investors to gain exposure to traditional securities through blockchain-based representations, potentially providing features such as extended trading availability and onchain transfers.

Ondo Finance Remains the Largest Issuer

Despite Binance's rapid growth, Ondo Finance continues to lead the tokenized stock market.

Ondo's tokenized stock value stood at approximately $926.5 million on Aug. 3, giving it a significant lead over both Binance and xStocks.

Ondo has been one of the major companies building infrastructure for tokenized real-world assets, including tokenized U.S. Treasury products and other financial assets.

The growing competition between Ondo, Binance and other issuers illustrates how quickly the tokenized securities market is developing.

Binance Launched bStocks in June

Binance launched bStocks on June 11, 2026, initially offering tokenized exposure to a selection of U.S. stocks.

According to Binance's launch announcement, bStocks are 1:1-backed tokenized U.S. securities represented as BEP-20 tokens on BNB Chain.

Users can trade eligible bStocks around the clock and hold them through supported wallets.

The official BNB Chain announcement explains that bStocks are backed by the corresponding securities held with a regulated custodian.

bStocks Reaches $500 Million in Seven Weeks

The speed of Binance's growth has been particularly notable.

Binance announced on July 29 that bStocks had surpassed $500 million in assets under management, just seven weeks after its launch.

At launch, the platform offered five tokenized stock listings. By the end of July, that number had expanded to more than 46 listings, according to Binance.

The company's official announcement also said bStocks was attracting a largely crypto-native audience.

bStocks Brings Stocks Onto BNB Chain

One of the main differences between traditional stock trading and bStocks is the use of blockchain infrastructure.

Binance says bStocks operate as BEP-20 tokens on BNB Chain, allowing eligible assets to be held in compatible wallets and potentially integrated with supported decentralized finance applications.

The structure is designed to provide more flexibility around custody and transfers than traditional brokerage infrastructure.

Binance's official bStocks guide says the tokens are backed 1:1 by U.S. shares held with a regulated custodian.

Tokenized Stocks Offer 24/7 Trading

Another major feature of tokenized stocks is the ability to trade outside traditional stock-market hours.

Traditional U.S. equity markets operate during defined trading sessions, while blockchain-based assets can be transferred and traded continuously when supported by the platform.

Binance says eligible bStocks can be traded 24/7, providing users with access to tokenized securities beyond conventional market hours.

The product also supports self-custody through compatible wallets, although availability and access depend on the user's jurisdiction and applicable restrictions.

Binance Expands Beyond Cryptocurrency

The rapid growth of bStocks represents another step in Binance's expansion beyond conventional cryptocurrency trading.

The exchange previously introduced direct U.S. stock trading for eligible users before expanding its offering into tokenized securities.

In its announcement introducing U.S. equities trading, Binance said it wanted to make access to different asset classes more integrated with its broader financial ecosystem.

The company's announcement on U.S. stock trading and bStocks described the move as part of its broader multi-asset strategy.

xStocks Falls to Third Place

The latest data means xStocks, previously the largest tokenized stock issuer, has fallen to third place by tracked value.

xStocks had approximately $40.7 million in tokenized stock value a year earlier.

The comparison demonstrates the scale of growth across the sector.

While xStocks has continued to expand, Binance's ability to reach hundreds of millions of dollars in tokenized stock value within weeks has significantly changed the competitive landscape.

Tokenized Stocks Were Much Smaller a Year Ago

The growth becomes even more significant when compared with the market in August 2025.

At that time:

• xStocks: approximately $40.7 million

• Robinhood: approximately $37.2 million

• Ondo Finance: approximately $65,000

• Total tracked market: approximately $79.6 million

By Aug. 3, 2026:

• Ondo Finance: approximately $926.5 million

• Binance bStocks: approximately $624 million

• xStocks: approximately $579 million

• Total tracked market: approximately $2.63 billion

The figures show how quickly tokenized equities have moved from a relatively small niche into a multibillion-dollar market.

Binance Gains Ground in Real-World Assets

The rise of bStocks also strengthens Binance's position in the broader real-world asset (RWA) sector.

Tokenized stocks are part of a wider movement to bring traditional financial instruments onto blockchain networks.

The same trend includes tokenized government bonds, money-market products, credit instruments and other financial assets.

For crypto platforms, tokenization creates an opportunity to connect traditional finance with blockchain-based trading, custody and settlement infrastructure.

Competition Could Intensify

Binance's rapid growth is likely to increase competition among tokenized stock issuers.

Ondo currently maintains the largest position, while Binance and xStocks are separated by a relatively small margin.

Changes in market prices, new listings, investor demand and additional integrations could quickly alter the rankings.

The increasing number of platforms entering the sector could also accelerate innovation around liquidity, settlement, custody and access to tokenized securities.

Tokenized Stock Market Outlook

The rise of Binance bStocks suggests that demand for tokenized equities is growing beyond early blockchain-focused projects.

The market has expanded from less than $100 million in tracked value a year ago to more than $2.6 billion in the latest data.

If the trend continues, tokenized stocks could become an increasingly important part of the broader digital-asset and financial-services markets.

For Binance, moving into second place so quickly demonstrates the advantage of combining tokenized securities with an established global crypto user base.

Conclusion

Binance bStocks has overtaken xStocks to become the second-largest tokenized stock issuer, reaching approximately $624 million in value on Aug. 3.

Ondo Finance remained the market leader at roughly $927 million, while xStocks ranked third at approximately $579 million.

The shift is particularly notable because Binance launched bStocks only on June 11, 2026, and announced that the product had already surpassed $500 million in assets seven weeks later.

With the total tracked tokenized stock market reaching around $2.63 billion, the latest data points to rapidly increasing competition and adoption in tokenized equities.

For Binance, the rise of bStocks marks a significant expansion beyond traditional crypto markets and further strengthens the exchange's position in the growing real-world asset and tokenization sector.