Binance bStocks passes xStocks as second-largest tokenized stock issuer
Binance bStocks became the second-largest tokenized stock issuer less than two months after launch, narrowly ahead of Kraken’s xStocks.
Binance's bStocks has surpassed xStocks to become the second-largest tokenized stock issuer, according to Token Terminal data. The move occurred less than two months after bStocks launched, narrowly ahead of xStocks. As of Aug. 3, bStocks had reached $624 million in value, surpassing xStocks at roughly $579 million. However, Ondo Finance still leads with about $927 million in tokenized stock value.
The tokenized stock market has seen a significant shift since its inception. A year ago, xStocks led with $40.7 million in value, followed by Robinhood at $37.2 million, with Ondo holding about $65,000. The overall value tracked by Token Terminal has surged from around $80 million to approximately $2.7 billion as of Aug. 3, 2025.
Binance introduced bStocks on June 11, aiming to provide investors with exposure to US stocks through blockchain-based tokens without the need for direct ownership of the underlying shares. Binance's co-founder and former CEO, Changpeng Zhao, attributed bStocks' rapid growth to the platform's large user base.
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