Key takeaways

  • Binance offers multiple ways to access equity-linked markets, including exposure to pre-IPO pricing and assets listed via perpetual futures, spot/direct equities listed in the U.S., and bStocks, as well as tokenized on-chain instruments.

  • Initial data suggest that these products are used largely together. 58.5% of bStocks users also traded perpetual futures or spot/direct equities in the same period.

  • Outside regular U.S. market hours, bStocks accounts for the majority of the volume tied to equities (bStocks and spot/direct equities) on Binance, rising to 58% after the close from 48% during regular session.

In recent months, Binance has expanded its core offerings to include an entire ecosystem of TradFi-linked products, such as TradFi perpetual futures contracts, including pre-IPO exposure, access to U.S.-listed stocks, and bStocks, tokenized on-chain securities.

But how are these products used in practice? Two things stand out. Users move freely between the three formats, and the on-chain layer is scaling faster than many observers would expect. It’s not only growing demand— for 4 out of 10 bStock users, the token was their first entry point into Binance’s TradFi products. 

In other words, on-chain is becoming the entry ramp.

bStocks is becoming the entryway

Approximately 41.5% of bStocks users started their TradFi journey on Binance with our tokenized securities offering. Instead of operating only as an add-on for existing equity traders, we’re seeing that bStocks could become an entryway to equities for a completely new generation that began its financial journey in crypto.

Figure 1: 41.5% of bStock users entered only through bStocks, without previously using perps or direct equities on Binance. Source: Binance Research, as of July 8, 2026

The market these users are entering is young and growing quickly. In less than a month, we increased bStock listings from 5 to 36, while the product’s market capitalization surpassed approximately 300M USD in the same period. Users want access to tokenized securities, and on Binance we’ve consistently been meeting demand by expanding the list of available assets.

When Wall Street sleeps, Binance takes the night shift

Part of the reason bStocks is growing so quickly is its 24/7 trading. Traditional U.S. equity markets run on a 24/5 schedule, Monday through Friday. Outside those hours, any reaction to news, earnings, and macro events is frozen until the markets reopen.

Figure 2: bStocks trading volume during market hours and outside market hours. Source: Binance Research, as of July 8, 2026

Equity trading on Binance also offers extended hours on weekdays, and users are leaning toward trading bStocks during that extended window. During regular session hours, bStocks and direct equities are almost on par, with bStocks at 48% of volume tied to equities. After the close, bStocks becomes the majority at 58%. A market that stays awake—along with the flexibility of digital assets—is a strong proposition for both native crypto traders and TradFi traders.

The usefulness of bStocks goes beyond 24/7 trading

24/7 access is just one advantage. What keeps users is what the bStock market can achieve compared to traditional assets.

Each bStock is backed 1:1 by a share held in a regulated custody account, which can be publicly verified via Binance’sProof of Collateral page. Dividends are automatically reinvested via a token rebasing mechanism called Multiplier.

Beyond trading and holding, bStocks can be used in a variety of on-chain applications. For example, users can deposit their bStocks into liquidity pools, use them as collateral, or implement them in DeFi strategies to generate additional yield, with PancakeSwap LPs showing APYs of roughly 32% to 228% and native credit pools in the 5% to 10% range.

Figure 3: bStocks DeFi yield opportunities. Source: Binance Research, as of July 8, 2026

Another important piece of utility is that, unlike most platforms offering tokenized securities, Binance users can move freely between a bStock and its underlying share 1:1 instantly, with zero conversion fees.

This frictionless cycle helps keep the price tightly anchored. And because TradFi markets don’t trade 24/7 and aren’t on-chain, temporary price differences can arise between a bStock and its underlying share—creating arbitrage opportunities in the primary market for all users.

Between June 11 and July 8, 2026, a sample of users generated 216M USD in consecutive rapid trades between bStocks and their equivalent shares. A small group of systematic traders accounted for most of the volume, but the vast majority were retail participants—many appearing only once to take advantage of a fleeting price gap before moving on.

Binance users are moving between products

However, bStocks isn’t in its own silo, and neither is any other product on Binance. Putting perps, stocks, and tokenized values under a single roof allows our users to diversify and build integrated portfolios instead of managing positions scattered across separate apps. The data so far shows that this is already happening: 58.5% of bStock users also traded perps or stocks—25% between perps and bStocks, 20.7% across all three, 12.7% between stocks and bStocks.

Let’s look at a recent example: the SPCX recent listing. Of the 8.6% of users who traded their pre-IPO perps, they then traded the bStock, compared to just 0.6% who moved to direct equity—almost a 14x advantage for the tokenized format as an entry point. 

A likely explanation for the stark difference is familiarity. A token that’s traded on-chain and sits in the same wallet feels natural to a user who already trades pre-IPO perps. Direct equity, with its separate infrastructure and market hours, is the least familiar option.

Final thoughts

Binance has built an ecosystem of TradFi-linked products that’s growing rapidly. bStocks listings and on-chain market capitalization have grown dramatically since launch, while trading is shifting more and more from the exchange floor to bStocks outside of U.S. market hours.

Even more revealing is how connected the pieces are. Binance users are moving from perpetual futures to direct equities and then to bStocks—a complete cycle that works in both directions with the same smoothness. It’s still early, but the signals point to a real shift in how users trade in traditional markets, with Binance at the forefront of this move.

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Disclaimer: Nest Trading Limited acts as your introducing broker and routes your Securities orders to its affiliated clearing broker, Alpaca Securities LLC, for execution, clearing, settlement and custody. Binance does not manage or hold in custody your Securities. Securities involve a high risk of market and liquidity, and price volatility (in particular, outside traditional market hours). The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not responsible for any losses you may incur. Past performance is not a reliable indicator of future performance. Before trading, you must conduct an independent assessment of the suitability of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisors where appropriate. This information should not be interpreted as financial or investment advice. Binance may receive remuneration for order flow payment for directing your orders. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, refer to our Terms of Use, Terms of Trading Product for Securities and Risk Warning.

Disclaimer: bStocks tokenized Securities are classified as Certificates representing certain Financial Instruments (paragraph 92, Annex 1 of the FSMR). bStocks are not shares or equity interests, and bStocks do not allow holders to directly own a share or equity interest in the underlying listed company. bStocks do not represent any affiliation with the issuer of the underlying asset.  bStocks are offered pursuant to an approved Prospectus in the ADGM and are not offered in any other jurisdictions. No public offering is made outside the ADGM. Tokenized Securities are available only to eligible users in permitted jurisdictions, only on the basis of a secondary market. It is your sole responsibility to ensure that access to and trading of tokenized Securities is legal in your jurisdiction before proceeding. Accessing this product from a jurisdiction where it is prohibited or restricted does not create any responsibility or obligation on the part of Binance. We may restrict, suspend, reject, cancel or reverse access or transactions if we determine, in our sole discretion, that your access or transaction may violate applicable law, product restrictions, eligibility criteria, sanctions requirements or relevant offering documents. Tokenized Securities may be held and transferred on-chain outside the CSD environment. The transfer of tokenized Securities back into the CSD environment is subject to conditions, and you may not be able to trade, redeem or otherwise manage tokenized Securities within the CSD environment if such conditions are not met.

No information shown in relation to tokenized Securities is intended to constitute an offer, solicitation, promotion, recommendation or invitation to buy or sell Securities in any jurisdiction. Tokenized Securities are not offered, sold, distributed, made available or accessible in the United States or to, or for the account or benefit of, U.S. persons. Tokenized Securities have not been and will not be registered under the U.S. Securities Act of 1933 or any U.S. state securities law, and no public offering of bStocks will be made in the United States or in any other jurisdiction (other than the ADGM). By accessing this product, you represent and warrant that you are not a U.S. person, that you are not located in the United States, that you are not acting for the account or benefit of any U.S. person, and that you will not access, buy, sell, transfer, redeem or otherwise conduct transactions with tokenized Securities from within the United States.

For more information, refer to the Terms of Use, Exchange Rules, Exchange Procedures, the Prospectus (if applicable and understanding that the offering is only made in the ADGM; no public offering is made elsewhere and viewing of the prospectus does not constitute an invitation or solicitation outside the ADGM), Terms of bStocks minting and redemption product, Admission Notice to Trading and the Risk Warning.

Digital asset prices can be volatile. The value of your investment can go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not responsible for any losses you may incur. TradFi Perps are subject to a high risk of market and price volatility (in particular, outside the traditional market hours). You may be required with little advance notice to make additional margin deposits or interest payments. If required margin deposits or interest payments are not made within the specified time period, your collateral may be liquidated. In addition, you will remain responsible for any resulting deficit in your account and for the interest charged to your account. Your entire margin balance may be liquidated in the event of an adverse price movement. Past performance is not a reliable indicator of future performance. TradFi Perps do not represent ownership of the relevant underlying asset. Before trading, you must conduct an independent assessment of the suitability of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisors where appropriate. This information should not be interpreted as financial or investment advice.

This content is provided to you “as is” for general information and educational purposes only, without any representation or warranty of any kind. It should not be interpreted as financial advice, nor does it intend to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment can go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not responsible for any losses you may incur. Not financial advice.

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