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ETH Summary: Trading activity surpassed issuance
Distribution became the main driver of growth, and on-chain utilization increased.
In 2026, the active market value of the tokenized stock market surged 314%, reaching US$4 billion as of September 9. bStocks and Robinhood accounted for 87.8% of issuer tracking volume from September to date. DeFi's total locked value (TVL) associated with tokenized stocks jumped to $289 million, accounting for 7.2% of active market value. In addition, the mein market, which is based on the BNB and Robinhood Chain network, generated a total volume of US$5.4 billion.
Binance Research points out that the tokenized stock market is moving from an "issue race" to a "distribution and application." The research team found that the capitalization of active tokenized stock markets has increased by 314% to US$4 billion this year. Monthly trading volume increased from US$237 million in January to US$7.9 billion in August, and the turnover rate also increased from 0.23 times to 2.14 times. Binance Research believes that a stronger platform will transform users, retain liquidity, and provide additional on-chain utility for tokenized stocks.
Trading activity exceeds issuance
Binance Research found that as of September 9, the market value of the active tokenized stock market climbed from $965 million to nearly $4 billion. During the same period, the chain listing value reached US$4.7 billion. The research team said the expansion reflects the steady growth in the number of tokenized stocks available for traders to trade.
According to Binance Research, trading volume is expanding far faster than the growth rate of the underlying asset base. Monthly issuer trading volume surged from $237 million in January to $7.9 billion in August, a more than 33-fold increase in eight months. The report pointed out that the market turnover rate also increased sharply during the same period, rising from 0.23 times the average active market value in January to 2.14 times in August. The turnover rate peaked at 3.32 times in July and then fell slightly next month.
Binance Research said the gap between issuance and trading volume suggests that the use of tokenized stocks is more active than ever. Investors seem to prefer trading positions rather than holding them passively. The research team sees this as a signal that the market is mature.
Distribution-Driven Growth
Binance Research points out that the issuer distribution landscape has changed rapidly since mid-2026. bStocks and Robinhood accounted for only 0.8% of issuer tracking trading volume in June. Its total share rose to 82.3% in August and reached 87.8% as of the statistical time point in September.
The report also traces similar patterns at the network level. BNB Chain and Robinhood Chain together accounted for 2.3% of transactions on the tracking chain in June. The figure rose to 83.0% in August and reached 88.2% in early September.
Binance Research notes that token portfolio concentration within bStocks is gradually decreasing. The combined trading volume share of the top five most active tokens fell from 98.7% to 84.6%. During the same period, the trading volume share of QQQ single token dropped from 95.2% to 66.0%.
Binance Research said user data shows that existing trading relationships help drive the adoption of tokenized stocks. The research team found that 58.5% of early bStocks users had traded perpetual contracts or direct stocks. Among SPCX perpetual contract traders, 8.6% converted to bStocks users, while only 0.6% converted to direct stock users.
On-chain usage rises
Binance Research reported that DeFi activity associated with tokenized stocks increased significantly during the year. The total locked value of active DeFi increased from $21.6 million in January to $289.1 million on September 9. During this period, its share of active market value increased from 2.2% to 7.2%.
The research team stated that the liquidity pool constitutes the largest part of DeFi activity. Binance Research reported that 65.4% of DeFi's total locked position value is in the liquidity pool, with loans accounting for 28.1%, and earnings tokenization accounting for 5.7% of the remaining total.
Binance Research also tracked how bStocks collateral use grew with broader lending activity. Outstanding borrowings rose from 5.5% of deposit collateral in June to 46.2% on September 10. As of that date, approximately $3.1 million in borrowings were secured by $6.8 million in collateral.
According to Binance Research, tokenized stocks also appear in the mein-paired trading pool. Between July 26 and September 9, the equity-paired miniin market on Robinhood Chain generated approximately $2.49 billion in volume. During the same time period, BNB Chain recorded similar volume of approximately $2.9 billion.
