Binance bStocks pass xStocks as second-largest tokenized stock issuer

Binance bStocks have overtaken xStocks to become the second-largest tokenized stock issuer by value less than two months after launch.

BStocks reached about $624 million on Aug. 3, surpassing xStocks at roughly $579 million but trailing Ondo Finance at about $927 million, according to Token Terminal data. As of Tuesday, bStocks remained in second place at $610.6 million, narrowly ahead of xStocks at $601.2 million.

The issuer landscape has shifted sharply as the tokenized stock market has grown. A year earlier, xStocks led with $40.7 million, followed by Robinhood at $37.2 million, while Ondo held about $65,000. The total value tracked by Token Terminal has since surged from roughly $80 million to about $2.7 billion.

Tokenized stock value by issuer on Aug. 3, 2025, Aug. 2, 2026 and Aug. 3, 2026. Source: Token Terminal

Binance launched bStocks on June 11 to give investors exposure to US stocks through blockchain-based tokens without directly owning the underlying shares.

Changpeng Zhao, Binance’s co-founder and former CEO, attributed bStocks’ rapid growth to Binance’s user base.

Related: Ondo shifts from layer-1 blockchain plan to offchain execution network