Binance's bStocks pass $1B and top tokenized stock rankings

Binance says its tokenized US stocks, sold as bStocks, now hold more than $1 billion in assets, making them the largest product of their kind about four months after launch. The exchange announced the milestone on Thursday, citing Dune onchain data as of 15 October, Unchained reported.

The numbers

• Launch: 11 June 2026, with five listings; close to 100 are listed now.
• Assets: more than $1 billion, according to Binance, which called bStocks the fastest tokenized equity product to reach that mark. It did not say which rivals it compared against.
• Independent ranking: rwa.xyz data on 16 October put bStocks first at about $1.2 billion in a tokenized-stock market of roughly $3.5 billion, ahead of Ondo ($893.7 million) and xStocks ($600.4 million).
• Activity: Binance says users have converted $6 billion of shares into and out of token form at a one-to-one rate, and that the tokens have traded more than $40 billion since launch — upward of $300 million on an average day.

"The test of a tokenized stock isn't the launch-day chart; it's whether it still behaves like a market after the launch," said Shunyet Jan, Binance's head of exchange and trading.

What holders actually own

Binance says each token is backed one-to-one by the underlying security and can be redeemed for the stock itself. The same release, however, states that bStocks are not shares and give no direct ownership in the listed company. They are issued by BTech Holdings, a wholly owned Binance subsidiary, under a prospectus approved in the Abu Dhabi Global Market, and are not offered to US persons.

That structure matters beyond Binance. Ethena began backing its USDe stablecoin partly with bStocks in September; in an August review for Ethena's risk committee, Kairos Research described the exposure as unsecured credit to a Binance affiliate until a side letter limits what the issuer can do with the backing shares. Ethena has not said whether that letter has been signed. Since September, Binance has also let eligible users post bStocks as margin and futures collateral, with up to 5x exposure.

Rival Ondo had said in May that its tokenized stocks crossed $1 billion in total value locked within eight months — a different metric, but a sign of how fast the segment is growing. See also Ondo's broader $4 billion milestone and how big banks view tokenization.

Holding assets on an exchange carries its own risks; our guide to centralized vs decentralized exchanges explains the trade-offs.