Binance’s bStocks has reached roughly $1.4 billion in tokenized stock value, placing it ahead of rival issuers in a market that RWA.xyz has valued at $3.69 billion.
Summary
- Binance’s bStocks leads issuer rankings, ahead of Ondo and xStocks.
- Most bStocks remained in Binance wallets, holding assets for customers at October’s end.
- Robinhood and Coinbase led October’s decentralized trading despite their smaller outstanding token values.
- Token holders receive stock price exposure, while ownership rights and access depend on product terms.
RWA.xyz’s dashboard, dated Nov. 3, lists 104 bStocks products, followed by Ondo at $902.8 million and xStocks at $596.8 million. Robinhood stands at $146.2 million, while Coinbase Global accounts for $39.1 million.
Using the dashboard’s rounded figures, bStocks represents approximately 38% of total distributed value. The category covers listed stocks and exchange-traded funds, including securities issued directly onchain and products providing synthetic exposure.
Binance bStocks leads in value, with most tokens held on exchange
In a separate study published Nov. 1, Bitquery counted $3.2 billion outstanding across six major issuers at October’s end. Binance accounted for $1.31 billion, or 41%, using Oct. 30 closing prices.
Bitquery excluded unsold tokens sitting in issuers’ inventory wallets but included tokens held by exchanges for customers. Its research found that 88% of bStocks sat in five wallets listed in Binance’s proof of reserves.
Removing the exchange wallets identified by the researchers changed the ranking: Ondo led with $848 million. The study therefore separates the value customers hold through exchanges from tokens circulating outside those identified custody wallets.
Binance’s rise follows its June launch. As crypto.news previously reported, bStocks had reached $610.6 million by August, moving ahead of xStocks while remaining behind Ondo in Token Terminal’s ranking.
By Oct. 15, Binance announced that bStocks had passed $1 billion in assets under management. The company said customers had converted more than $6 billion between the tokens and corresponding stock positions.
bStocks backing comes with different shareholder rights
Binance’s product guide describes bStocks as BEP-20 securities on BNB Smart Chain, issued by BTECH Holdings, an Abu Dhabi Global Market special purpose vehicle.
According to the exchange, each token provides 1:1 price exposure to an underlying share held in a regulated custody account. Eligible holders can convert their tokens into the corresponding shares through Binance.
Holding the token does not carry voting rights. Dividends are automatically reinvested through a multiplier mechanism instead of being paid out as cash, the guide states.
Customers can buy bStocks with USDT on Binance Spot, convert supported stock holdings into tokens, or use Binance Convert. The products trade around the clock and can be withdrawn to compatible external wallets.
Conversion into shares requires an eligible Stock Account and acceptance of the relevant terms, as detailed in October coverage of the conversion service. Binance’s documentation allows temporary conversion interruptions during maintenance or corporate actions.
The exchange has introduced collateral uses, too. Its August DJTB listing allowed qualifying VIP 3 customers in approved jurisdictions to use the Trump Media-linked bStock as margin collateral. The announcement did not enable borrowing DJTB itself.
Robinhood and Coinbase lead a different trading ranking
October’s decentralized exchange activity produced a different leaderboard.
Bitquery’s monthly report recorded $10.3 billion in stock-token and ETF-token swaps across six issuers. Robinhood accounted for $2.61 billion, followed by Coinbase at $2.49 billion.
The figures exclude trades inside issuers’ applications and centralized exchanges. They measure repeated trading during the month, whereas outstanding token value measures the securities represented by tokens at a particular time.
Bitquery found that much of Robinhood’s lead came from automated round trips, where a bot bought and sold the same token within one transaction. Counting each round trip once reduced its monthly advantage to approximately $11 million.
From Oct. 16 onward, Coinbase’s tokens traded 10% more than Robinhood’s, according to the report.
US investors face restrictions despite US stock exposure
Binance’s bStocks documentation excludes US persons, while Robinhood’s disclosures prohibit offering or delivering its Stock Tokens in the United States or to US persons.
Robinhood describes its products as tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to underlying securities without granting legal or beneficial rights in the companies whose shares they track.
