That sounds obvious once you say it out loud. But the two layers are easy to mentally merge into one.
The bStock token can move on BNB Chain. Its supply can be observed on a public blockchain.
The share backing that token lives somewhere completely different in traditional custody infrastructure, held through the issuer's arrangements.
So one product connects two very different systems.
One side asks you to verify.
The other still asks you to trust institutions.
That doesn't automatically make either side better or worse. It just means "on-chain" describes only part of what you're holding.
And that distinction probably matters more than it first appears.
If you had to choose, which would matter more to you: being able to verify the token on chain, or knowing exactly how the asset behind it is held?
@BinanceCIS #bStocksCIS