Binance bStocks Passes xStocks in Tokenized Stocks Race

• Binance’s bStocks became the second largest tokenized stock issuer by value on August 3, moving ahead of Kraken’s xStocks less than two months after launch.
• bStocks held $610.6 million as of Tuesday, narrowly ahead of xStocks at $601.2 million, while Ondo Finance remained the largest issuer at roughly $927 million.
• The total tokenized stock market has grown from about $80 million a year ago to roughly $2.7 billion today, according to Token Terminal.

Binance’s tokenized stock product, bStocks, has become the second largest issuer in its category by value, overtaking Kraken’s xStocks less than two months after launching. BNB, Binance’s native token, trades near $609.08 as of this writing, according to Coinscipher’s live pricing, up close to 3% over the past week.

A Fast Climb Into Second Place

Analytics platform Token Terminal, which tracks tokenized equity issuers, placed bStocks behind only Ondo Finance as of early August. bStocks reached approximately $624 million on August 3, moving past xStocks at roughly $579 million while trailing Ondo Finance’s $927 million. By Tuesday, bStocks held $610.6 million against xStocks’ $601.2 million, a gap of roughly $9 million that has stayed thin since the two swapped positions.

Binance launched bStocks on June 11, giving users exposure to tokenized shares of US listed companies without requiring direct ownership of the underlying stock. The product started with five tokenized stocks and has since expanded to more than 40. Binance said bStocks passed $500 million in assets under management as investor interest built, and has pointed to its existing user base as the main driver behind the pace of that growth.

This isn’t a story about which platform has the flashiest new product. It’s about whether an established exchange’s existing user base can out-compete a purpose built tokenized equity platform simply by offering the same access to a captive audience.

A Market That Barely Existed a Year Ago

The scale of the shift stands out against where this market was twelve months ago. In August 2025, xStocks led the category with just $40.7 million, followed by Robinhood at $37.2 million, while Ondo Finance held a mere $65,000. 

Token Terminal’s tracked total across all issuers has since grown from roughly $80 million to about $2.7 billion, a more than 30 fold increase in a single year. Ondo Finance has held the top spot throughout that stretch, but the ranking below it has changed hands twice in recent months as Binance and Kraken have jockeyed for second place.

Binance has said bStocks now represents about 27% of the global tokenized equity market by its own estimate. Whether that share holds as more exchanges and platforms enter the category remains to be seen, particularly if competitors respond with fee cuts or an expanded stock lineup of their own. Coinscipher will follow up if the ranking between bStocks and xStocks shifts again in the weeks ahead.

Source: Token Terminal, Tokenized Assets: Stocks