Binance bStocks Tops $1 Billion as Conversions Hit $6 Billion

Binance said its bStocks tokenised-equity product has passed $1 billion in assets, a level it reached faster than any competing tokenised equity offering, according to Financemagnates. The exchange cited Dune data as of October 15 for the asset figure and pointed to a second number underpinning the milestone: more than $6 billion has moved in two-way conversions between bStocks tokens and the underlying US shares.

Binance launched bStocks on June 11, 2026. Since then the token range has expanded from five securities to almost 100 stocks and ETFs, and cumulative trading volume on the product has exceeded $40 billion. Conversions between a conventional stock position and the corresponding token run at a 1:1 ratio with no conversion fee, and can be reversed back into a direct stock position.

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Once converted, a bStock is a BEP-20 asset on BNB Chain issued by BTech Holdings, a Binance affiliate, and backed 1:1 by the relevant security held with a regulated custodian, according to Cryptobriefing. Under the product terms the token is a certificate representing an interest in the security, not direct ownership of the share. Tokens carry no voting or dividend rights; holders get price exposure, free transferability and the ability to post the token as collateral. Binance charges no conversion fees.

Key facts

• Binance reported bStocks AUM of more than $1 billion, based on Dune data as of October 15.
• Users have converted over $6 billion between bStocks and their underlying US shares since the product launched on June 11, 2026.
• More than $40 billion in cumulative trading volume has accrued, and the line-up has grown from five securities to almost 100 stocks and ETFs.
• Cryptobriefing reported that bStocks hit $100 million in AUM within 15 days of launch, with roughly $888 million recorded before it crossed $1 billion.
• Ondo Finance said on October 14 that its tokenised stocks and ETFs accounted for more than $1.3 billion in total value locked.

How the tokens reach clients

Binance began giving eligible clients access to more than 7,000 US stocks and ETFs in early June through ADGM-regulated broker-dealer Nest Trading Limited, with clients holding a beneficial interest in the shares they buy. bStocks were added as a second format for selected securities, with BTech Holdings issuing the tokens against shares held in custody.

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Cryptobriefing reported that fractional shares start at $5, that the line-up leans toward technology names, and that the tokens have been especially popular with non-US users, including investors in emerging markets. Binance widened access across user tiers after suitability checks. Cryptobriefing also reported that Binance has projected bStocks could reach $10 billion in AUM by the end of the year, pointing to interest in tokenised real-world assets.

The platform extended collateral support for selected bStocks to eligible users of its Cross Margin and Portfolio Margin accounts in September, letting clients keep equity-linked exposure while using the tokens to back other trading positions. Tokens can also be withdrawn to a compatible BNB Smart Chain wallet or used in decentralised finance without first selling the position.

Binance’s usage figures suggest trading outside conventional market hours is part of the draw. Only 38% of bStocks volume in July occurred during regular US equity trading hours, and Binance Research found that 41.5% of early bStocks users had not traded its related direct-equity or perpetual products — a figure that describes activity on Binance and does not establish whether those users held shares elsewhere.

How the milestone compares

Binance frames the claim around speed: the time taken to cross $1 billion, not leadership by assets held today. Ondo Finance said on October 14 that its tokenised stocks and ETFs accounted for more than $1.3 billion, inside a broader $4 billion in total value locked across products. The two companies measure different things — Binance reports assets under management, Ondo reports TVL — so the figures are not a precise like-for-like ranking.

The IMF’s October report found that tokenised equity markets offer access outside conventional hours but remain less liquid and more volatile than traditional counterparts. That distinction matters most when bStocks trade while the shares backing them are not trading on the US market. Rapid growth in tokenised equities does not make token trading equivalent to trading the underlying shares.

Why it matters

Tokenised equities give investors a way to move conventional share exposure onto a blockchain, where it can trade around the clock, sit in self-custody or be reused as margin collateral. For brokers and exchanges, bStocks and rival products such as Ondo’s are a test of whether equity holders will convert existing positions rather than open new ones. The $6 billion in conversions suggests a meaningful share of activity is coming from clients shifting positions they already had, though Binance has not disclosed how much of that flow is new money.

What to watch

Binance’s own projection of $10 billion in bStocks AUM by the end of the year gives the next clear yardstick, and the coming monthly usage data will show whether off-hours trading stays above the July level. How Ondo’s TVL develops on the same timeline will indicate whether the market is widening or whether clients are simply moving between two competing venues.

Written by

Emily Torres

Emily Torres covers cryptocurrency and decentralized finance for StockPil, tracking blockchain markets and regulatory developments.

Sources: Finance Magnates, Cryptobriefing