Binance’s tokenized equities platform, bStocks, has overtaken Kraken’s xStocks to become the second-largest tokenized stock issuer by market value less than two months after its launch. According to Token Terminal data, bStocks reached approximately $624 million in tokenized asset value on August 3, surpassing xStocks at $579 million while trailing market leader Ondo Finance at $927 million. As of August 11, bStocks retained its second-place ranking with $610.6 million, maintaining a slim lead over xStocks at $601.2 million.
The achievement reflects a broader transformation within the real-world asset tokenization sector over the past year. In August 2025, xStocks led the nascent market with $40.7 million, followed closely by Robinhood at $37.2 million, while total tokenized stock value across tracked issuers stood at roughly $80 million. Driven by accelerating institutional and retail adoption, the overall market capitalization for tokenized equities has since expanded rapidly to approximately $2.7 billion.
Launched on June 11, bStocks allows users to gain fractional economic exposure to US-listed public equities through blockchain-native tokens without directly holding the underlying physical shares. Binance co-founder and former chief executive Changpeng Zhao attributed the product’s rapid market share capture to the exchange’s expansive global user base and liquidity ecosystem. The platform’s swift ascent highlights growing demand for tokenized financial assets as major exchanges compete for market share in non-crypto native investment products.
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