Binance’s bStocks Reaches $1B AUM Fastest, $6B in Conversions
Binance announced that its bStocks product reached over $1 billion in assets under management faster than any other tokenised equity offering, marking a significant milestone in the platform’s expansion of blockchain-based equity access. The product, launched in mid-June, has accumulated more than $40 billion in cumulative trading volume since its debut, according to the exchange’s October 15 announcement.
Rapid Expansion of Tokenised Equities
The bStocks platform began offering eligible clients direct access to over 7,000 US stocks and ETFs in early June through a partnership with Nest Trading Limited, a broker-dealer regulated by the Abu Dhabi Global Market (ADGM). Clients hold a beneficial interest in the underlying shares, while the tokenised version, issued by Binance affiliate BTech Holdings, represents a certificate of ownership rather than direct share ownership.
Since launch, the range of available securities has expanded from five to nearly 100 stocks and ETFs. A key feature of the product is its 1:1 convertibility between traditional shares and bStocks tokens, with no conversion fees. Users have converted over $6 billion between the two formats, according to the announcement.
The utility of bStocks extends beyond simple holding. Once converted, tokens can be traded 24/7 and withdrawn to compatible BNB Smart Chain wallets. This enables users to move equity exposure into self-custody or deploy tokens in decentralised finance protocols without liquidating their positions. In September, Binance further expanded use cases by allowing selected bStocks to serve as collateral for Cross Margin and Portfolio Margin accounts.
User Behavior and Market Trends
Trading outside conventional market hours appears to be a major draw. Data from July showed that only 38% of bStocks trading volume occurred during regular US equity trading hours, suggesting users value the ability to trade on-chain at any time. Binance Research noted that 41.5% of early bStocks users had not previously traded the corresponding direct-equity or perpetual products on the exchange, indicating the platform may be attracting new participants to equity markets.
However, the International Monetary Fund cautioned in its October report that while tokenised equity markets enable after-hours access, they remain less liquid and more volatile than traditional markets. This distinction is particularly relevant when users trade bStocks while the underlying shares are not active on US exchanges.
Comparison with Competitors and Market Positioning
Binance claims bStocks is the fastest tokenised equity product to reach $1 billion in AUM, citing Dune data as of October 15. The comparison focuses on the speed to reach the threshold, not current asset levels. On October 14, Ondo Finance reported over $1.3 billion in total value locked in its tokenised stocks and ETFs, part of a broader $4 billion TVL across its platform.
The difference in metrics—Binance’s AUM versus Ondo’s TVL—means the figures are not directly comparable. Ondo’s TVL includes other products such as tokenised Treasuries and private markets, while its stocks and ETFs segment represents a subset. Additionally, Ondo uses request-for-quote (RFQ) liquidity mechanisms to connect with traditional finance exchanges, enabling broader access across Solana, Ethereum, and BNB Chain.
