The RWA shift may not need a completely new audience.
It may already have one.
One number from Binance Research caught my attention:
58.5% of early bStocks users had already traded perpetuals and/or direct equities.
That changes how I look at tokenized stocks.
This isn't simply about taking a traditional asset and putting it on a blockchain.
It's about existing market participants getting another way to interact with financial assets.
And the growth is showing up across the ecosystem.
BNB Chain reached around $1B in tokenized stocks and 1.8M holders, while accounting for roughly 34% of tokenized stock market cap and 45% of holders in the report's September data.
bStocks also grew rapidly, becoming one of the major forces behind the expansion of tokenized stock activity.