Binance bStocks has become the second-largest tokenized stock issuer by market value, reaching $610.6 million and capturing 22.1% of the sector.
The product has moved ahead of Backed’s xStocks, which now holds $601.2 million after nearly a year in second place. Token Terminal data shows Ondo Finance remains the market leader with $951.8 million and a 34.4% share. The tokenized stock market is now valued at roughly $2.8 billion.
Source: Token Terminal
Binance bStocks Expands Rapidly Through Exchange Distribution
Binance launched bStocks on June 11, and the product moved into second place within nine weeks. Its growth has outpaced a rival that had established distribution across several chains and platforms.
The gap between bStocks and xStocks shows how quickly rankings have changed. Less than $10 million currently separates the two products by market capitalization.
Distribution has played a role in bStocks’ expansion. The tokens trade inside the Binance application as standard USDT spot pairs, giving existing exchange users access.
A customer with funds held on Binance can buy tokenized Nvidia shares through the same process used to purchase SOL. This removes the need for bridging assets or completing a separate onboarding process.
Conversion Structure Supports Easier Access and Reversibility
The conversion process adds another layer of accessibility. Investors holding the underlying share through Nest Trading can convert that position into a bStock at a one-to-one ratio without paying a fee.
The same process also works in reverse. Holders can convert bStocks back into the underlying shares without locking assets in either direction.
The broader tokenized stock market has also expanded sharply. Its value stood at $569.76 million at the start of the year and has since risen to about $2.8 billion, representing growth of roughly 391%.
During the same period, xStocks grew by around 228%. Its market share declined because the total market expanded faster, while Binance captured a large portion of new issuance.
Issuance Rankings Reflect Minted Value Rather Than Trading
Ondo Finance follows a different operating model. It mints tokenized assets through external company interfaces, including Binance, rather than owning the venue where users access them.
Kraken offers a closer structural comparison because it owns Backed while also operating an exchange. That arrangement combines issuance and distribution under one organization, although Kraken’s user base is smaller.
Market capitalization by issuer measures how much tokenized stock has been minted, not how frequently those tokens trade. A token held in a wallet counts the same as one traded daily.
Binance entered the market with an existing account base and placed tokenized stocks directly inside that distribution network. Current data therefore shows rapid issuance growth, while trading activity remains a separate measure.
