Binance bStocks Hit $610 Million to Edge Past xStocks in Under Two Months

Binance bStocks overtakes xStocks by issuer value

Binance bStocks has become the second-largest tokenized stock issuer by value, moving ahead of Kraken's xStocks less than two months after launch. The analytics platform Token Terminal placed bStocks behind only Ondo Finance among tokenized equity issuers. The result marks a fast climb for a product that entered a market already served by established names. bStocks gained more than $600 million in value within weeks of its debut. bStocks now sits at the front of a group of exchange-linked issuers competing for share of a growing segment.

August data placed bStocks above xStocks but behind Ondo

bStocks reached about $624 million on August 3, surpassing xStocks at roughly $579 million while trailing Ondo Finance at about $927 million, according to Token Terminal. As of Tuesday, bStocks held $610.6 million, narrowly ahead of xStocks at $601.2 million, while Ondo Finance remained the largest issuer in the ranking. The margin between the two closest competitors has stayed thin since they changed places, standing at about $9 million on Tuesday. Ondo Finance's lead over both issuers reached more than $300 million on August 3.

BNB traded near $611 at the time of publication

BNB, Binance's native token, traded at $610.72 at the time of publication, up 2.9% over the past seven days (CoinPaprika, 13 August 2026). Its market value stood near $81 billion, ranking BNB among the largest crypto assets by capitalization. The token's scale reflects the size of the exchange behind bStocks. Binance has drawn on that reach as it moved into tokenized equities alongside its core trading business. BNB remained about 55% below its October 2025 record high (CoinPaprika, 13 August 2026).

Binance launched bStocks in June for US stock exposure

Binance launched bStocks on June 11 to give investors exposure to US stocks through blockchain-based tokens. The product lets users hold tokenized representations of listed companies without directly owning the underlying shares. Tokenized stocks track the price of shares on public exchanges while settling on blockchain networks. That structure lets holders trade outside standard US market hours, a feature the segment has used to attract crypto-native investors. Binance said bStocks passed $500 million in assets under management (AUM) as investor interest grew. The exchange also said it expanded the lineup from five tokenized stocks at launch to more than 40.

The tokenized stock market grew to about $2.7 billion

The issuer landscape has shifted sharply over the past year. In August 2025, xStocks led with $40.7 million, followed by Robinhood at $37.2 million, while Ondo Finance held about $65,000. The total value tracked by Token Terminal has since grown from roughly $80 million to about $2.7 billion. The expansion points to rising demand for onchain exposure to traditional equities, and Ondo Finance has held the top of the ranking throughout that period.

Zhao linked bStocks growth to Binance's user base

Changpeng Zhao, Binance's co-founder and former chief executive officer (CEO), attributed the rapid growth of bStocks to the exchange's existing user base. The platform reached second place among global tokenized equity issuers within weeks of its June debut. The rise placed Binance ahead of an issuer that had ranked among the largest in tokenized equities before the exchange entered the segment. Binance said the product's share of the tokenized equity market expanded quickly after launch. The exchange put that share at about 27% of the global tokenized equity market. xStocks and bStocks have stayed the closest rivals below Ondo Finance's lead.

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