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ZEC $1,141 Binance bStocks Crosses $1 Billion After Four Months
The exchange's tokenized stock product has become the fastest to reach the milestone, attracting traders with blockchain-based access to traditional equities.
Key takeaways
- Market leader by size. bStocks holds $1.2 billion versus Ondo's $893.7 million and xStocks' $600.4 million as of October 16.
- Heavy trading activity. The platform has recorded over $40 billion in cumulative trading volume with average daily activity exceeding $300 million.
- Leverage available now. Eligible users can use bStocks as collateral for margin and futures positions with exposure up to 5x.
What happened
Binance announced that bStocks, its tokenized U.S. equities offering, reached $1 billion in assets under management as of October 15, according to on-chain data from Dune Research. The product launched on June 11 with five initial listings and now includes close to 100 tokens representing stocks and ETFs.
The exchange claims bStocks is the fastest tokenized equity product to hit the billion-dollar threshold. Competing platforms rank below it: data from rwa.xyz shows Ondo at $893.7 million and xStocks at $600.4 million as of October 16, with the overall tokenized stock market valued near $3.5 billion.
Trading volume on the platform has been substantial. Users have moved $6 billion in shares between token and traditional form at one-to-one conversion rates, while cumulative trades have exceeded $40 billion since launch, averaging over $300 million daily.
Why it matters
The milestone underscores growing interest in trading traditional financial assets through blockchain infrastructure. Each bStocks token is backed one-to-one by the underlying security and can be redeemed for the stock itself rather than cash, giving users direct exposure to equities within the crypto ecosystem.
Binance recently expanded how investors can use bStocks. In September, the exchange began allowing eligible retail and institutional users to pledge bStocks as collateral for margin and futures trading, with permissible leverage reaching 5x. Ethena also began using bStocks to back its USDe stablecoin in the same month, deepening integration with broader crypto finance.
What is still unclear
- Binance did not specify which competing tokenized equity products it measured against when claiming the fastest-to-billion milestone.
- The exact terms under which Ethena uses bStocks as backing for USDe remain undisclosed, including whether a side letter protecting the stablecoin's collateral has been finalized.
Questions readers ask
What is bStocks and how does it work?
bStocks are blockchain-based tokens that represent ownership of underlying U.S. stocks and ETFs. Each token is backed one-to-one by the actual security and can be redeemed for the stock itself. They trade on Binance and integrate with margin, futures, and other crypto products.
How much trading volume has bStocks seen?
Since launching in June, bStocks has recorded more than $40 billion in cumulative trading volume, with users converting approximately $6 billion between token and traditional forms and averaging over $300 million in daily trades.
Can U.S. residents trade bStocks?
No. bStocks are not available to U.S. persons and are only offered under a prospectus approved by Abu Dhabi Global Market.
How does bStocks compare to other tokenized stock platforms?
As of October 16, bStocks leads the market with $1.2 billion in value, followed by Ondo at $893.7 million and xStocks at $600.4 million, out of a total market near $3.5 billion.
