Binance bStocks Overtakes xStocks in Tokenized Equities Race

The shift in rankings highlights the aggressive expansion of real-world asset tokenization. Token Terminal data shows that while Binance currently trails market leader Ondo Finance—which holds roughly $927 million in asset value—the gap between bStocks and xStocks has tightened significantly. By early August, bStocks reached $610.6 million against xStocks’ $601.2 million, marking a dramatic change from a year ago when the entire market tracked by the firm was valued at only $80 million.

Changpeng Zhao, co-founder of Binance, credited the product's velocity to the exchange’s massive, pre-existing user base, which provided an immediate liquidity pool upon launch in June. The platform’s entry strategy focuses on fractional ownership of U.S. equities, allowing investors to gain exposure to companies like Nvidia and Tesla through blockchain-based tokens rather than holding traditional shares directly. These assets are issued by BTech Holdings Limited and backed 1:1 by underlying securities, though they do not confer standard shareholder voting rights.

Competition remains fierce as other major players pivot to onchain infrastructure. Ondo Finance has expanded its regulatory footprint in the Abu Dhabi Global Market and recently deployed tokenized U.S. securities on Ethereum, while Robinhood launched a Layer 2 mainnet to facilitate tokenized trading across 120 countries. According to Binance Research, the sector’s growth is fueled by massive interest from emerging markets, with projections suggesting that tokenized equity platforms could route up to $2 trillion in new capital into global markets by 2031.