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Binance’s bStocks is now the largest tokenized stock product, with $1.5 billion in assets under management, according to Token Terminal data. That’s more than 31% of the category.
Tokenized stocks are shares of companies issued as digital tokens on a blockchain. They let investors trade around the clock without a traditional brokerage account.
bStocks reached the top as the market hit a new high. Tokenized equities reached a record $4.8 billion in assets on Nov. 10, according to blockchain data firm Token Terminal.
Binance says that growth makes tokenized stocks the fastest-growing category of real-world assets (RWAs) in 2026. RWAs are traditional investments, such as stocks and bonds, brought onto a blockchain.
“Tokenized equities reaching an all-time high is a market-level signal, and bStocks becoming the largest product in the category shows where that demand is concentrating,” said Shunyet Jan, Binance’s head of exchange and trading.
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bStocks outpaces the rest of the market
According to Binance, the tokenized equity market grew 164% between June and early November. Without bStocks, that growth would have been 81%.
bStocks launched on June 11 on BNB Chain, a blockchain network. Each token tracks a U.S. stock or exchange-traded fund (ETF) one-to-one. It started with five names: Circle, Micron, Nvidia, Sandisk and Tesla.
Source: Token Terminal
It passed $1 billion on Oct. 15, which Binance says made it the fastest tokenized equity product to reach that mark. It hit $1.5 billion in 145 days.
Cumulative trading volume has passed $45 billion. Users have also converted $7.5 billion between regular stock holdings and bStocks at a 1:1 ratio.
“We built the product to provide simple 1:1 access to stocks and ETFs without the need for a separate brokerage account, and the market is responding positively as we continue to expand our listings and TradFi offerings,” Jan said.
A younger, global investor base
Part of the appeal is timing.
bStocks trade 24/7, including weekends,and converting between stocks and bStocks carries no conversion fees, according to Binance.
About 56% of bStocks trading volume has happened outside regular U.S. market hours.
Users in emerging and frontier markets account for about 70% of volume, according to Binance Research. Gen Z investors make up 46% of bStocks users.
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Tokens put to work in DeFi
Holders aren’t just buying and holding.
A growing share are using bStocks in DeFi (decentralized finance), the lending and trading apps that run on blockchains.
In early October, 11.2% of bStocks were deployed in DeFi. That’s about 3.8% points higher than comparable tokenized stocks.
Borrowing against bStocks also picked up.
The share of deposited bStocks collateral being borrowed against rose to 46.2% by Sept. 10, from 5.5% at the end of June.
Across the market, on-chain transfers of tokenized stocks topped $100 billion in the third quarter.
That’s more than 16 times the $6 billion in the first quarter, according to a September Binance Research report.
bStocks are offered under an approved prospectus in the Abu Dhabi Global Market (ADGM) financial center and aren’t available to U.S. persons.
Holders don’t directly own the underlying shares. Binance says each token is backed 1:1 by a share held with a regulated custodian.
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