Aug 13, 2026 – Binance's tokenized stock product
bStocks has overtaken Backed's xStocks to become the second-largest issuer of
tokenized equities by market value, less than two months after its June
launch .
According to data from Token Terminal, bStocks now holds a
market capitalization of $610.6 million**, representing 22.1% of the
total tokenized stock market . Backed's xStocks sits just behind at
**$601.2 million, while Ondo Finance remains the market leader at $951.8
million with a 34.4% share .
The tokenized stock market has grown dramatically in 2026.
The sector's total market capitalization has surged from $569.76
million** at the start of the year to approximately **$2.8 billion — a
year-to-date growth rate of about 391% . A year earlier,
xStocks led with $40.7 million, followed by Robinhood at $37.2 million, while
Ondo held about $65,000 .
Rapid Growth Driven by New Buyers, Not Competition
Interestingly, Binance's rise hasn't come at the expense of
existing competitors. While bStocks captured most of the new demand, xStocks
actually grew by 228% during the same period . The market
expanded so quickly that even with its own growth, xStocks' overall share
shrank because the pie grew larger.
Binance's internal data confirms that the growth in bStocks
has not come at the expense of xStocks . This suggests the exchange is
reaching entirely new buyers who were not exposed to tokenized stocks a few
months ago.
Why bStocks Is Growing So Fast
Binance launched bStocks on June 11, allowing
investors to gain exposure to U.S. stocks through blockchain-based tokens
without directly owning the underlying shares . The product has been
structured for maximum accessibility:
- Seamless
integration: bStocks trades in Binance's spot market directly
against USDT. Users can buy tokenized stocks like Nvidia the same way they
would purchase SOL — all within the Binance platform, with no bridging or
separate onboarding required .
- Zero-fee
conversion: Anyone holding shares through Nest Trading, Binance's
affiliated broker-dealer, can convert them to bStocks at a 1:1 ratio with
no fees. The process is fully reversible, making holding bStocks a
flexible decision rather than a long-term commitment .
- Largest
user base: Changpeng Zhao, Binance's co-founder and former CEO,
attributed bStocks' rapid growth to Binance's existing large user
base . The venue had the accounts before it had the product, and the
product inherited them .
How the Issuers Compare
Ondo Finance leads the market despite not
operating its own trading venue. It mints tokens through other platforms'
interfaces, including Binance . The company has maintained its position
through early entry and fast expansion .
Binance bStocks controls both issuance and
distribution, giving it the same model as Kraken — which owns Backed and runs
its own exchange. However, Binance's user base is significantly larger .
xStocks held the second position for nearly a
year before bStocks surpassed it. It remains structurally similar to bStocks
but with a smaller footprint.
Important Distinction: Market Cap Measures Minting, Not
Trading
Market capitalization by issuer counts how many tokens have
been created, not how actively they trade . A token sitting idle in a
wallet weighs the same as one that trades daily. Whether higher issuance levels
will translate into increased trading activity remains an open question .
The Bottom Line
Binance's bStocks has rewritten the tokenized stock
leaderboard in record time — not by stealing customers, but by putting the buy
button where users already were. The sector's nearly 400% growth this year
suggests tokenized equities are moving from a niche experiment to mainstream
adoption, driven by the same playbook that made crypto exchanges dominant:
distribution beats everything.
CoinaiNews provides independent market analysis and
coverage of cryptocurrency, technology, and financial markets. The information
presented does not constitute financial advice.
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