Tokenized stocks market grows to $3.15B in 2024, with Binance's bStocks capturing ~25% market share.
RWA & Tokenization ·
Tokenized stocks surged to $3.15 billion in onchain value by September 2026, more than quadrupling from $678 million at the start of the year, marking rapid expansion within the broader real-world asset tokenization sector. The growth reflects shifting participation patterns, with the number of tokenized stock holders reaching 3.77 million by that point—a distribution breadth that outpaces the asset class's share of total onchain RWA value and suggests deepening retail adoption.
Binance's bStocks platform, launched in June 2026, captured approximately $772 million in onchain value by September, representing roughly a quarter of the total tokenized stocks market. The offering—which represents tokenized securities backed 1:1 by US shares held with a regulated custodian—ranked second behind Ondo's $881 million but ahead of Kraken's xStocks at $574 million. Trading volumes on bStocks exceeded outstanding value significantly, with $35.8 billion in cumulative volume generated since launch.
The rapid scaling reflects how crypto platforms have leveraged existing user bases toward equities products, aided by regulatory clarity from the SEC's temporary Innovation Exemption introduced in September, which permits qualified venues to trade tokenized US-listed stocks without exchange registration. Whether this distribution pattern sustains and how traditional finance institutions may enter the market remain unresolved.