Binance’s new tokenized U.S. equities product, bStocks, exploded out of the gate — averaging about $143 million in daily trading volume during its first nine days, CoinDesk Research found. That initial pace was more than three times the prior peak weekday volume for the tokenized equities market, which sat around $35–$40 million.
Launched June 1 for eligible users outside the U.S., Binance’s stock offerings give crypto-native access to more than 7,000 U.S. stocks and ETFs with fractional trading, zero commissions and funding via supported crypto assets. CoinDesk tallied over $1 billion in turnover in those first nine days, with daily active traders peaking at roughly 30,700 and total value locked (TVL) hovering near $400 million — early signs that Binance arrived in the equity access market at scale. Binance also flagged that its Stocks arm has surpassed $400 million in assets under management.
Broader market data show the tokenized-stock ecosystem is growing fast: CoinGecko put the category’s market cap at about $1.16 billion and 24-hour volume near $1.47 billion. That tokenized-stock category includes blockchain versions of equities issued by firms like Ondo and Backed.
But the first generation of tokenized equities had limits. CoinDesk notes there are more than 200 issued tokens, yet only about 40 see meaningful trading activity and much of the volume has concentrated on smaller venues. The distinction matters because Binance now operates both sides of the equation: a regulated broker-dealer model offering real shares, and bStocks — a tokenized, on-chain layer that users can trade around the clock.
Binance’s bStocks roll-out included 24/7 trading for tokenized versions of high-profile names such as Nvidia, Tesla, Circle, Micron and SanDisk — each token reportedly backed 1:1 by the underlying securities. Eligible users can convert supported equity holdings into bStocks, trade those tokens on Binance’s spot market, move them to supported self-custody wallets and deploy them in approved DeFi apps.
Demand for equity exposure on crypto rails isn’t confined to spot tokenization. Equity-linked perpetuals have surged, rising from about 10% of traditional-finance–linked perpetual volume at the start of May to roughly 40% by month-end — evidence traders are mixing tools (spot tokens, perpetuals, real shares and bStocks) to access U.S. equities in different ways.
Looking ahead, Binance Research projects crypto exchanges could onboard as many as 300 million new equity investors by 2031, citing growth in emerging markets, stablecoin settlement rails and lower access costs. For Binance, the near-term question is whether this blistering early volume will translate into steady, long-term usage. The company has distribution, broker-dealer access and a tokenized layer in place — but regulatory access, market depth and user trust will determine whether traders prefer direct stock exposure, tokenized equities, or both inside a single crypto account.
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