Binance bStocks leads tokenized stocks with roughly $1.4 billion in value. Therefore, it sits ahead of rival issuers.
RWA.xyz values the market at $3.69 billion. Its November 3 dashboard lists 104 bStocks products.
Why Binance bStocks leads in value
Ondo follows with $902.8 million. Meanwhile, xStocks holds $596.8 million. Robinhood stands at $146.2 million. Coinbase Global accounts for $39.1 million.
Using rounded figures, bStocks represents about 38% of total value. The category covers listed stocks and ETFs. It includes onchain securities and synthetic exposure.
Bitquery study confirms Binance bStocks leads
Bitquery published a separate study on November 1. It counted $3.2 billion outstanding across six issuers. That figure covered October’s end.
Binance accounted for $1.31 billion. That equals 41% using October 30 closing prices.
Bitquery excluded unsold tokens in issuer inventory wallets. However, it included tokens held by exchanges for customers.
Its research found 88% of bStocks sat in five wallets. Those wallets appear in Binance’s proof of reserves.
Removing exchange wallets changed the ranking. As a result, Ondo led with $848 million. Therefore, the study separates customer-held exchange value from tokens outside custody wallets.
Launch history and growth
Binance launched bStocks in June. By August, bStocks reached $610.6 million. That moved it ahead of xStocks but behind Ondo.
By October 15, Binance announced bStocks passed $1 billion in AUM. The company said customers converted over $6 billion. That covered tokens and corresponding stock positions.
bStocks backing comes with different shareholder rights
Binance’s product guide describes bStocks as BEP-20 securities. They run on BNB Smart Chain. BTECH Holdings issues them. That is an Abu Dhabi Global Market special purpose vehicle.
Each token provides 1:1 price exposure. The underlying share sits in a regulated custody account. Eligible holders can convert tokens into shares through Binance.
Holding the token does not carry voting rights. Binance automatically reinvests dividends through a multiplier mechanism. The guide states this clearly.
Customers can buy bStocks with USDT on Binance Spot. They can also convert supported stock holdings into tokens. Binance Convert is another option. The products trade around the clock. They can be withdrawn to compatible external wallets.
Conversion into shares requires an eligible Stock Account. Customers must accept relevant terms. Binance’s documentation allows temporary conversion interruptions. Maintenance or corporate actions can cause these pauses.
The exchange introduced collateral uses too. Its August DJTB listing allowed qualifying VIP 3 customers. Approved jurisdictions could use the Trump Media-linked bStock as margin collateral. The announcement did not enable borrowing DJTB itself.
Robinhood and Coinbase lead a different trading ranking
October’s decentralized exchange activity produced a different leaderboard. Bitquery recorded $10.3 billion in stock-token and ETF-token swaps. That covered six issuers.
Robinhood accounted for $2.61 billion. Coinbase followed at $2.49 billion.
The figures exclude trades inside issuer apps and centralized exchanges. They measure repeated trading during the month. In contrast, outstanding token value measures securities at a point in time.
Bitquery found much of Robinhood’s lead came from automated round trips. A bot bought and sold the same token within one transaction. Counting each round trip once reduced its monthly advantage to about $11 million.
From October 16 onward, Coinbase’s tokens traded 10% more than Robinhood’s.
US investors face restrictions despite US stock exposure
Binance’s bStocks documentation excludes US persons. Robinhood’s disclosures also prohibit offering Stock Tokens in the United States. They also prohibit delivery to US persons.
Robinhood describes its products as tokenized debt securities. Robinhood Assets (Jersey) Limited issues them. They provide economic exposure to underlying securities. However, they do not grant legal or beneficial rights in the companies.
Key takeaway
Binance bStocks leads tokenized stocks with about $1.4 billion in value. However, exchange wallets hold most of that total. Therefore, the ranking changes when researchers remove custody wallets. Meanwhile, trading volume tells a different story. Robinhood and Coinbase lead monthly swaps. Still, US persons remain excluded from both products.