Binance’s bStocks has surged to the top of the tokenized-stock race, holding roughly $1.4 billion in tokens — about 38% of the tokenized equity market that RWA.xyz values at $3.69 billion, according to a Nov. 3 dashboard snapshot. Key leaderboard figures (RWA.xyz, Nov. 3) - Binance bStocks: ~$1.4B across 104 products - Ondo: $902.8M - xStocks: $596.8M - Robinhood: $146.2M - Coinbase: $39.1M Two analytics views, two different pictures - RWA.xyz’s numbers show bStocks as the single largest issuer by distributed token value. - A separate Bitquery study (published Nov. 1) recorded $3.2B outstanding across six major issuers at the end of October, and using Oct. 30 prices found Binance accounted for $1.31B (41%). Bitquery’s methodology excluded unsold tokens sitting in issuers’ inventory wallets but included tokens held on exchanges for customers. Custody concentration alters rankings Bitquery also found that 88% of bStocks were concentrated in five wallets listed in Binance’s proof of reserves. When Bitquery removed the exchange custody wallets it had identified, the issuer rankings shifted — Ondo rose to lead with $848 million outstanding. In short, whether tokens are counted inside exchange custody wallets or only among tokens circulating externally materially changes the market picture. Fast growth since launch - Binance launched bStocks in June and grew quickly: $610.6M by August, surpassing xStocks in some rankings while still trailing Ondo in others. - By Oct. 15, Binance announced bStocks had surpassed $1 billion in assets under management and said customers had converted more than $6 billion between tokens and the underlying stock positions. How bStocks work - bStocks are issued as BEP-20 tokens on BNB Smart Chain by BTECH Holdings, an Abu Dhabi Global Market special-purpose vehicle. - Each token is designed to provide 1:1 price exposure to an underlying share held in a regulated custody account. Eligible holders can convert tokens into the corresponding shares through Binance. - Tokens do not carry voting rights; dividends are automatically reinvested via a multiplier mechanism rather than paid out in cash. - Users can buy bStocks with USDT on Binance Spot, convert supported stock holdings into tokens, or use Binance Convert. Tokens trade 24/7 and can be withdrawn to compatible external wallets. - Converting tokens into shares requires an eligible Stock Account and acceptance of Binance’s conversion terms; the service may be temporarily interrupted for maintenance or during corporate actions. Use cases and limitations - Binance has allowed certain uses of bStocks as collateral: for example, its August listing of the Trump Media-linked DJTB allowed qualifying VIP 3 users in approved jurisdictions to use the token as margin collateral (the listing did not enable borrowing DJTB). - Binance’s bStocks are explicitly unavailable to U.S. persons. Robinhood similarly disallows offering or delivering its Stock Tokens to U.S. persons. Trading activity tells a different story Bitquery’s monthly swaps data — which measures on-chain stock-token and ETF-token trade volume and excludes trades inside issuers’ own apps and centralized exchanges — recorded $10.3 billion in swaps across six issuers for the month. By that metric: - Robinhood led with $2.61B in swaps, followed by Coinbase at $2.49B. - Much of Robinhood’s apparent advantage came from automated round-trip trades (bots buying and selling the same token within one transaction); adjusting for round trips cut its lead to roughly $11M. - From Oct. 16 onward, Coinbase’s token trading volume outpaced Robinhood’s by about 10%. Product structure and legal framing - Robinhood’s Stock Tokens are described by the company as tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They aim to deliver economic exposure to underlying securities but do not grant legal or beneficial ownership — or voting rights — in the companies whose shares they track. Bottom line Binance’s bStocks now sit at the center of the tokenized-stock market by distributed value, but market share depends heavily on whether exchange-held custody balances are counted. Meanwhile, trading-led activity and issuer structures vary considerably, painting a fragmented but fast-evolving picture of tokenized equities onchain. Read more AI-generated news on: https://app.chaingpt.org/news