TL;DR:
Binance’s bStocks products reached nearly $1.4 billion in tokenized value, representing approximately 38% of the global market tracked by RWA.xyz as of November 3, 2026.
A technical analysis by Bitquery revealed that 88% of circulating bStocks are held across five Binance proof-of-reserves wallets.
Monthly decentralized swap volume in October 2026 surpassed $10.3 billion across six issuers, led by Robinhood with $2.61 billion and Coinbase with $2.49 billion.
The tokenized stocks sector registered significant concentration after placing Binance’s bStocks offering at an approximate total value of $1.4 billion as of November 3, according to records from the RWA.xyz analytics dashboard.
This figure positions the platform at the forefront of the on-chain publicly traded securities issuance sector, surpassing the metrics of direct competitors in issued volume.
According to the breakdown presented by RWA.xyz, Binance currently maintains 104 active products within bStocks. Compared to other entities in the sector, Ondo stood at $902.8 million, while xStocks reported $596.8 million. Further down the backed-assets board were Robinhood with $146.2 million and Coinbase Global with $39.1 million at the close of the referenced measurements.
The consolidated market tracked by RWA.xyz reached $3.69 billion at the beginning of November. Within this framework, bStocks accounts for roughly 38% of the total distributed global market share.
An independent report published by Bitquery on November 1, 2026, calculated $3.2 billion in circulating tokens across six leading issuers, assigning Binance $1.31 billion based on closing prices from October 30, equivalent to 41%.
However, custody data alters the hierarchical perspective once internal reserves are discounted. Bitquery found that 88% of existing bStocks are custodied across five addresses belonging to Binance’s proof of reserves. Excluding these corporate wallets holding assets on behalf of users, Ondo held the top spot in external holdings with $848 million.
Technical Structure of bStocks and Custody Dynamics
The bStocks product line was operationally launched in June 2026. By August, Token Terminal data indicated the product had reached $610.6 million, ranking ahead of xStocks but behind Ondo.
Subsequently, on October 15, 2026, Binance formally announced that assets under management for bStocks crossed the $1 billion milestone, while recording cumulative conversions between traditional shares and tokens exceeding $6 billion.
On the technical side, Binance’s documentation specifies that bStocks operate as BEP-20 contracts deployed on the BNB Smart Chain network. The designated legal issuer is BTECH Holdings , a special purpose vehicle established under the jurisdiction of the Abu Dhabi Global Market.
These instruments provide direct 1:1 economic exposure to the underlying equities held in regulated custodial institutions. However, token holders do not acquire voting or corporate governance rights in the respective companies.
The operational framework incorporates automatic dividend reinvestment rather than periodic cash distributions. For eligible users with an approved brokerage account who agree to the contractual terms, there is an option to convert tokens into traditional shares through the platform’s services.
Trading occurs continuously against USDT on Binance Spot and via the Binance Convert service . Furthermore, the infrastructure allows these digital assets to be withdrawn to compatible external wallets.
In additional financial applications, Binance rolled out collateral functionality in August 2026 with the addition of DJTB . This authorized VIP 3 level users in supported jurisdictions to deposit the asset as collateral for margin trading, without enabling direct borrowing of the underlying token.
Decentralized Market Activity and Jurisdictional Restrictions
Despite maintaining a lower issued volume, Robinhood and Coinbase accounted for the majority of activity on decentralized platforms during October 2026.
The Bitquery study noted that the six analyzed issuers accounted for a total of $10.3 billion in decentralized swap volume for equity tokens and ETFs. Of this total, Robinhood accounted for $2.61 billion and Coinbase contributed $2.49 billion, excluding transactions executed on centralized interfaces.
The report also detailed that a substantial portion of Robinhood’s initial volume originated from automated round-trip bot trades executed within single blocks. When counting these transactions as single trades, Robinhood’s lead over Coinbase narrowed to $11 million during October.
Starting October 16, 2026, data showed that the volume generated by tokens linked to Coinbase exceeded that of Robinhood by 10%.
From a regulatory standpoint, compliance policies enforce strict geographical restrictions. Binance’s official terms prohibit access to bStocks for U.S . persons or residents.
Similarly, Robinhood excludes the offering and distribution of its stock tokens to U.S. persons. These instruments are issued as tokenized debt securities by Robinhood Assets (Jersey) Limited, providing indexed economic returns without conferring legal ownership of the issuing companies.
Metrics from the RWA.xyz dashboard and the November 2026 settlement reports are scheduled for their next periodic inventory and reserve updates at the close of the weekly operational cycle.
