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SOL Binance bStocks has become the second largest issuer of tokenized stocks, with a market value of US$610.6 million.
Since its launch in June this year, Binance's bStocks platform has quickly occupied an important position in the tokenized stock field. According to Token Terminal data, bStocks currently has a market value of US$610.6 million, accounting for 22.1% of the total tokenized stock market.
Rapid growth and market share changes
The emergence of bStocks has significantly changed the competitive landscape among issuers of tokenized shares. bStocks has surpassed Backed's xStocks, which has ranked second in nearly a year. The latest data shows that xStocks has a market value of US$601.2 million, while Ondo Finance still ranks first with a market value of US$951.8 million and a market share of 34.4%.
Issuer| market value| Market Share
Ondo Finance| $951.8 million| 34.4%
Binance bStocks| $610.6 million| 22.1%
Backed xStocks| US$601.2 million| 21.5%
The entire tokenized stock market is undergoing rapid expansion. The total market value of this sector has jumped from US$569.76 million at the beginning of the year to approximately US$2.8 billion, with a year-to-date growth rate of approximately 391%. Although xStocks also achieved 228% growth during this period, Binance absorbed most of the new demand, leaving the market leader ranking still in flux.
Despite fierce competition, the change in market share stems mainly from new buyers entering the space, rather than Binance attracting users from competitor products. Binance internal data also shows that bStocks 'recent growth has not come at the expense of xStocks.
Convenient transactions and simplified conversions
For Binance users, the process of purchasing bStocks is very simple. Tokenized shares can be traded on the Binance spot market and paired directly with USDT. This seamless integration allows users to purchase tokenized stocks such as Nvidia the same way they buy popular cryptocurrencies such as SOL. All operations are completed within the Binance platform, eliminating the need for cumbersome registration or cross-chain processes.
In addition, Binance also provides convenient conversion options for investors holding underlying assets. Customers who hold shares of Binanc-related broker Nest Trading can convert them to bStocks for free at a 1:1 ratio. The process is fully reversible and allows for flexible management of assets without long-term commitments.
Small Dictionary: Nest Trading, as a broker of Binance, supports the direct conversion of traditional stocks into tokenized versions called bStocks, allowing traditional investors to easily enter the digital asset market without additional cost.
Issuer Models and Trading Activity
Although Ondo Finance is the largest entity by market capitalisation, it does not operate its own trading platform. Instead, it mints tokens through other platform interfaces, including Binance. The effectiveness of this model depends largely on the coverage and user base of the cooperative exchange.
Kraken provides a useful reference for comparison. The company both controls Backed's token issuance and runs its own exchange, similar to Binance. However, in comparison, Kraken's user base and market influence are still small.
The market value of each issuer only reflects casting volume, not actual trading activity. In this model, tokens passively held in wallets have the same weight as frequently traded tokens.
In the past two years, industry discussions have focused mostly on regulatory compliance, custody arrangements and settlement processes. However, Binance's rapid rise is mainly due to its large existing user base and its ability to seamlessly integrate tokenized stock products into the platform. Whether higher issuance will eventually translate into more active trading activity is still uncertain because existing market data does not provide a clear answer.
