Binance bStocks climbed to $610.6 million in total value locked, making it the second-largest tokenized stock issuer and pushing it narrowly ahead of Kraken's xStocks, which held $601.2 million as of Tuesday.
Ondo Finance still leads the sector at approximately $927 million. bStocks reached this ranking in less than two months after launching June 11.
Twelve months ago, the competitive picture looked nothing like this. xStocks led with $40.7 million, Robinhood sat at $37.2 million, and Ondo held just $65,000. The total market has since grown from roughly $80 million to about $2.7 billion.
Binance designed bStocks to give investors exposure to U.S. equities without directly owning the underlying shares. Users can buy fractionalized tokens tied to major companies—Tesla and Apple among them—directly from a crypto wallet, bypassing traditional brokerage accounts and gaining 24/7 trading access.
Changpeng Zhao, Binance's co-founder, said bStocks' rapid growth reflects the exchange's extensive global user base and its integration with existing liquidity and user networks.
Dune Analytics puts bStocks at approximately $599 million in assets under management versus xStocks at roughly $589 million, corroborating the Token Terminal figures and confirming the ranking shift across both data sources.
xStocks originated as a platform under FTX before that exchange's collapse and has since operated independently. The roughly $10 million gap between the two platforms reflects a material shift in where users are allocating capital on-chain.
Tokenized stock platforms operate in a regulatory gray area across many jurisdictions, with legal status varying globally. Binance recently added 10 new bStock pairs, including Apple and Amazon, to its lineup.
