Binance said its bStocks tokenized equities product has surpassed $1 billion in assets under management, four months after its June 11 launch, marking a rapid expansion for a service that lets eligible users trade blockchain-based representations of U.S.-listed stocks and ETFs around the clock.
The milestone was based on Dune on-chain data dated Oct. 15, according to Binance’s announcement. bStocks are designed as 1:1 backed tokens representing underlying securities, with holders able to redeem them for the corresponding stock or ETF rather than receiving only a cash-equivalent settlement.
The product’s early growth has been driven by its integration with Binance’s broader trading and wallet infrastructure. Users can move bStocks between the exchange and external wallets, settle transactions on-chain, and convert the tokens into direct stock holdings within the same account. Binance said it has processed more than $6 billion in conversions between direct equities and bStocks since launch.
That conversion mechanism distinguishes the product from some earlier tokenized-stock offerings, which often provided synthetic price exposure or cash-settled claims rather than an entitlement linked to the underlying security. Direct conversion could make tokenized equities more useful for traders who want to move between conventional brokerage-style holdings and blockchain-based collateral without waiting for U.S. market hours or arranging a broker transfer.
Trading volume rises as the product range expands
Binance said cumulative bStocks trading volume has exceeded $40 billion since June, averaging more than $300 million a day over the launch period. The platform expanded the available list from five assets at launch to nearly 100 tokenized U.S. stocks and ETFs.
The figures suggest that activity has been concentrated beyond the regular U.S. equity session. Binance said 38% of bStocks volume in July occurred during normal U.S. market hours. By comparison, it cited data showing that 89.2% of conventional U.S. equity activity occurred during those hours.
Around-the-clock trading has long been one of the main promises of tokenized securities, though it also changes how traders must manage risk. A tokenized share can continue changing hands while its underlying U.S.-listed stock is closed, creating periods when token liquidity and price discovery depend on the token market rather than the primary exchange. If volatility accelerates outside market hours, collateralized positions may face margin pressure before the underlying cash market reopens.
Jan, Binance’s head of Exchange and Trading, said bStocks are being used for trading, collateral, wallet transfers and conversions into stock holdings. Binance expanded collateral support to eligible users last month, allowing supported bStocks to be posted as margin and futures collateral with leverage of up to five times.
Collateral use points to a more leveraged role
The company said borrowing against deposited bStocks collateral rose to 46.2% by Sept. 10, from 5.5% at the end of June. That represents an 8.4-fold increase in the share of deposited bStocks being borrowed against, based on Binance’s figures.
Binance also reported that bStocks utilization in decentralized-finance applications reached 11.2% in early October, about 3.8 percentage points above comparable tokenized-equity products measured by the company. Utilization generally refers to the portion of deposited assets that has been borrowed or put to work in a lending market.
The increase in collateral activity places tokenized stocks closer to the risk-management systems already familiar in crypto markets. A trader holding tokenized equities can potentially borrow against them or use them to support futures positions, but a decline in the underlying stock price can reduce collateral value quickly. The combination of continuous token trading and leveraged derivatives gives platforms less time to manage deteriorating positions than traditional brokerage systems that largely operate around market sessions.
End-of-July data cited by Binance showed that 58.5% of early bStocks users also traded perpetual futures, direct equities, or both on the same platform. That overlap indicates bStocks are being used within multi-product trading accounts rather than solely as long-term holdings.
Tokenized-equity market grows beyond one platform
The bStocks growth arrives during a year of sharp expansion for tokenized real-world assets. Binance said tokenized equities were the fastest-growing RWA category in 2026, with total market capitalization more than quadrupling to above $3 billion by late September.
Separate data from RedStone placed the value of tokenized stocks on-chain at $3.17 billion in September 2026, compared with $639 million a year earlier. Token Terminal data cited in the supplied research put the market capitalization of on-chain index-fund tokens at $686.5 million after a 213% increase this year.
On-chain transfers of tokenized stocks exceeded $100 billion during the third quarter, compared with $6 billion in the first quarter, according to research cited by Binance. The company said bStocks accounted for more than 90% of weekly transfer volume at an early-August peak. Transfer volume is not the same as net demand or long-term ownership, since tokens can move repeatedly between wallets or platforms, but the data shows tokenized securities are increasingly being used as transferable assets rather than remaining inside closed brokerage accounts.
The product remains subject to jurisdictional restrictions. Binance said bStocks are offered through an approved prospectus in Abu Dhabi Global Market and are not publicly offered outside that jurisdiction. The company said it does not onboard or serve U.S. persons for the product, and that the tokenized securities are neither offered nor accessible in the United States.
For eligible users, bStocks extends the link between tokenized securities and crypto-market infrastructure: a stock position can now be traded, transferred, converted and, in some cases, pledged as collateral through one account. The growth in volumes and conversions shows demand for that flexibility, while the rising use of leverage makes liquidity, collateral rules and overnight price movements central to how the model performs under market stress.
Want to understand how tokenized shares work under the hood? Dive into our guide on tokenized equities next.
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