Binance ’s tokenized stocks have reached about $1.4 billion in value, putting its bStocks ahead of Ondo and xStocks in RWA.xyz’s November 3 dashboard. But the issuer ranking differs from the trading leaderboard: Robinhood and Coinbase led October’s decentralized stock-token activity, while most bStocks remained in Binance wallets that hold assets for customers.
Key takeaways
bStocks account for roughly 38% of RWA.xyz’s $3.69 billion market.
Bitquery located 88% of bStocks in Binance proof-of-reserves wallets.
bStocks offer share-price exposure without shareholder voting rights.
Binance’s tokenized stocks lead by value, with custody shaping the ranking
RWA.xyz lists 104 bStocks products , with Binance leading a category that includes listed stocks and exchange-traded funds. According to its November 3 data, Ondo reached $902.8 million while xStocks stood at $596.8 million, with Robinhood trailing at $146.2 million and Coinbase Global at $39.1 million.
The dashboard’s rounded figures give bStocks approximately 38% of the $3.69 billion total. That category includes both securities issued directly onchain and products offering synthetic exposure.
Published on November 1, a separate study from Bitquery found $3.2 billion in outstanding tokens spread across six major issuers by the close of October. Using October 30 closing prices, it assigned Binance $1.31 billion, or 41%. The study excluded unsold issuer inventory but counted tokens that exchanges held for customers.
That custody distinction changes the comparison. Bitquery found 88% of bStocks in five wallets included in Binance’s proof of reserves. After removing the exchange wallets it identified, Ondo ranked first with $848 million.
Binance’s tokenized stocks launched in June. By August, bStocks had reached $610.6 million, ahead of xStocks but behind Ondo in Token Terminal’s ranking. On October 15, Binance said assets under management had exceeded $1 billion and customers had converted more than $6 billion between tokens and corresponding stock positions.
Price exposure, share conversion and collateral access
bStocks provide 1:1 price exposure to underlying shares held in regulated custody, but the tokens do not grant voting rights. Binance’s product guide identifies their issuer as BTECH Holdings, an Abu Dhabi Global Market special purpose vehicle, and describes them as BEP-20 securities on BNB Smart Chain.
Dividends are automatically reinvested rather than distributed as cash. Eligible holders can convert tokens into corresponding shares through Binance, provided they maintain an eligible Stock Account and accept the relevant terms.
Customers can purchase bStocks using USDT on Binance Spot, turn supported stock holdings into tokens, or access them through Binance Convert. Trading runs around the clock, and holders can withdraw tokens to compatible external wallets.
Collateral access carries additional conditions. When Binance listed DJTB in August, it enabled qualifying VIP 3 customers located in approved jurisdictions to pledge the Trump Media-linked bStock as collateral for margin trading. It did not enable customers to borrow DJTB itself.
Robinhood and Coinbase lead decentralized trading
Robinhood and Coinbase topped October’s decentralized trading figures, despite their smaller outstanding token values. According to Bitquery, six issuers collectively saw $10.3 billion in stock-token and ETF-token swap volume, with Robinhood accounting for $2.61 billion and Coinbase contributing $2.49 billion.
Those figures exclude activity within issuers’ applications and centralized exchanges. Unlike outstanding value, which measures the securities represented by tokens at a given time, trading volume counts repeated transactions during the month.
According to Bitquery, much of Robinhood’s apparent lead stemmed from automated round-trip trades, where a bot would buy and sell the same token within a single transaction. When each round trip was counted just once, Robinhood’s monthly edge shrank to roughly $11 million, and the report noted that starting October 16, Coinbase’s tokens actually generated 10% more trading volume than Robinhood’s.
Eligibility for US investors also differs from mere exposure to stock prices. Binance’s documentation for bStocks specifically excludes US persons from access. Similarly, Robinhood bars both the offering and delivery of its Stock Tokens within the United States or to any US persons.
According to Robinhood, its Stock Tokens function as tokenized debt securities that Robinhood Assets (Jersey) Limited issues. These tokens give holders economic exposure tied to underlying securities, but confer no legal or beneficial ownership in the companies whose share performance they mirror.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
