The cryptocurrency exchange said the milestone was reached on October 15, citing blockchain data compiled by Dune Research. Binance described bStocks as the fastest tokenised equity product to achieve that threshold, although the comparative ranking is based on the company’s assessment of available market data.
Trading activity has grown alongside holdings. Binance disclosed more than $40 billion in cumulative bStocks trading volume since the product launched on June 11, equivalent to an average exceeding $300 million daily. Its catalogue has expanded from five securities at launch to nearly 100 tokenised stocks and exchange-traded funds.
The exchange also recorded approximately $6 billion in conversions between bStocks and conventional stock positions. That figure represents cumulative conversion activity, rather than additional assets under management, and should not be added to the $1 billion holdings figure.
The tokens are designed to track specific US-listed securities and are backed on a one-for-one basis by underlying holdings, according to Binance. Eligible customers can trade them around the clock, transfer them between supported wallets and exchange accounts, and convert them into corresponding conventional securities under applicable conditions.
However, bStocks are certificates representing financial instruments, not ordinary company shares. Holders do not directly own equity in the underlying businesses or automatically receive the shareholder rights associated with registered share ownership. Their legal structure and redemption arrangements therefore differ from buying shares through a conventional brokerage account.
Shunyet Jan, Binance’s head of exchange and trading, said the important measure was whether tokenised securities continued functioning as an active market beyond their introduction. He pointed to trading, collateral use, transfers between independently controlled wallets and conversion into direct stock holdings as evidence of participation.
Demand outside established exchange hours has been particularly prominent. Binance said only 38% of bStocks trading volume in July occurred during regular US market hours, compared with 89.2% for conventional US equities. The comparison suggests that extended access is a substantial feature of activity, although it does not establish how much trading represents new investment rather than activity shifting between venues.
Use of the securities within decentralised finance applications has also increased. Binance put the proportion of bStocks deployed in such applications at 11.2% in early October, approximately 3.8 percentage points above the comparable rate for other tokenised equities.
Borrowing against deposited bStocks collateral rose as well. The exchange said outstanding borrowing represented 46.2% of deposited collateral by September 10, against 5.5% at the end of June. The increase indicates more extensive use of tokenised holdings for financing, while introducing the familiar risks associated with leveraged positions and collateral liquidation.
Binance extended collateral eligibility to more qualifying customers in September, allowing supported tokens to be used in margin and futures arrangements. Certain facilities permit leverage of up to five times, subject to the exchange’s requirements and risk controls. Such arrangements can magnify losses as well as gains when underlying prices move sharply.
The milestone comes as the broader market for tokenised equities expands. Binance Research estimated that the category’s market capitalisation exceeded $3 billion by late September, more than quadrupling during 2026. The figures cover an emerging market that remains small relative to conventional listed equity holdings.
Industry data cited by Binance also indicated that on-chain transfers of tokenised shares exceeded $100 billion during the third quarter, compared with about $6 billion in the first quarter. Transfer volume measures movements of tokens, however, and is not equivalent to fresh investment, underlying asset value or exchange trading turnover.
Regulatory restrictions remain important. Binance says the instruments are offered under an approved prospectus in Abu Dhabi Global Market, with secondary-market access limited to eligible customers in permitted jurisdictions. The company does not make bStocks available to US persons and says the securities are not registered for public offering in the United States.
The original five bStocks listings covered securities linked to Circle Internet Group, Micron Technology, Nvidia, Sandisk and Tesla. Binance has subsequently added other instruments, widening the selection available to customers who meet the product’s jurisdictional and eligibility conditions. Access to conversions can also depend on market infrastructure, custody arrangements and product terms, even when token trading itself remains available continuously.
Arabian Post – Crypto News Network
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