Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BNB Binance opened the bStocks collateral function to all margin accounts, and the cumulative transaction volume exceeded US$30 billion in 90 days.
On September 21, Binance announced that it would expand its collateral function for tokenized stocks (bStocks) to all margin accounts. Previously, this function was limited to customers with VIP 3 and above. In less than 90 days, the cumulative transaction volume of this feature has exceeded US$30 billion. However, this update also introduces appropriateness questionnaire evaluation and automatic risk control restrictions for ordinary accounts.
Overview of core points
- Scope of application expanded: Binance extends bStocks collateral function to full position margin accounts and combined margin accounts.
- Introduction of risk control mechanism: Ordinary accounts and VIP 1 and VIP 2 level accounts need to complete an appropriateness questionnaire evaluation before using bStocks as collateral; when a certain threshold is exceeded, the platform will automatically implement restriction measures.
- Trading volume surges: According to data, monthly trading volume of tokenized stocks soared from $237 million in January to $7.9 billion in August.
The collateral function is fully open
Binan issued a notice on September 21, announcing the relaxation of its margin rules. The "bStocks" product, which was previously only available to VIP 3 and above users-tokenized securities backed by U.S. stocks and U.S. ETFs-is now allowed to be used as collateral in all full-position margin and portfolio margin accounts.
这一举措对仍处于发展初期的代币化股票市场产生了深远影响，目前市场交易量主要由两家平台主导。在估值折扣和抵押率的支持下，用户可利用杠杆最高达5倍购买bStocks，且存入的证券也可用于覆盖空头期货头寸。
币安交易与交易所业务负责人Shunyet Jan表示，此举使得用户无需再将代币化股票与加密货币头寸视为两个独立的投资组合，实现了资产管理的整合。
非无条件开放：证书性质与小型账户过滤
此次功能的开放并非无条件的。根据官方公告，普通账户以及VIP 1和VIP 2级别账户必须完成适当性问卷评估后，方可将bStocks用作抵押品。
当账户风险指标超过特定阈值时，平台可采取以下限制措施：限制bStocks转入、限制购买低流动性资产、禁止在组合保证金中建立新的期货头寸，以及暂停自动充值功能。一旦账户风险指标回落至阈值以下，这些限制将被解除。VIP 3及以上级别的用户则豁免于此项评估。
值得注意的是产品本身的法律属性。发行方明确指出，bStocks是代表特定金融工具的证书，而非股票本身：持有者并不拥有底层股票的所有权。该产品在阿联酋阿布扎比全球市场（ADGM）发行，且不在美国境内提供。
市场活跃度提升三倍，但集中度极高
根据币安研究院的数据，代币化股票的月度交易量从1月的2.37亿美元增长至8月的79亿美元。截至9月9日，活跃市值约为40亿美元，较1月份上涨314%。由于基数尚小，这一对比仅供参考。
换手率也随之上升，从1月平均活跃市值的0.23倍增至8月的2.14倍，其中7月曾达到3.32倍的峰值。目前，市场活动高度集中：bStocks和Robinhood两家平台占据了9月追踪发行人交易量的87.8%，而6月这一比例仅为0.8%。
这种高集中度被视为主要弱点，因为SEC的实验性框架并未涵盖在ADGM发行的此类产品。下一个关键观察指标是10月份bStocks和Robinhood的市场份额占比：如果该比例保持在85%以上，说明此次扩容仅扩大了这两家平台的用户基础；若比例下降，则表明市场深度有所增加。未来，BNB链上代币化资产的动态将是值得重点关注的风向标。
