Binance’s bStocks has become the second-largest issuer of tokenized stocks by market capitalization just nine weeks after going live on June 11, according to data cited from Token Terminal. The product now stands at $610.6 million, equal to 22.1% of the tokenized stock market, narrowly ahead of Backed’s xStocks at $601.2 million.
Ondo Finance remains the largest issuer in the category with a market cap of $951.8 million and a 34.4% share. With less than $10 million separating second and third place, however, the rankings remain close and could still change as the sector expands.
A fast climb in a growing market
The broader tokenized stock market is now valued at roughly $2.8 billion, up from $569.76 million at the start of the year, the report said. That implies growth of about 391% over the period, showing how quickly the category has expanded.
Against that backdrop, Binance’s rise has been unusually fast. The article says bStocks overtook a rival product that had a longer head start across multiple chains and platforms, reaching second place in a little over two months after launch.
Why Binance gained ground
The source article links bStocks’ rapid expansion to how the product is distributed. On Binance, the tokenized shares trade as standard USDT spot pairs inside the main exchange interface, allowing users to buy them in much the same way they would buy other crypto assets.
It also points to a conversion feature through Nest Trading. According to the report, anyone holding the underlying share through Nest Trading can convert it into a bStock on a 1:1 basis with no fee, and convert back under the same terms. The article argues that this lowers friction by avoiding separate onboarding or additional steps outside the exchange.
What happened to xStocks
Backed’s xStocks has not stopped growing. The article says xStocks expanded by about 228% over the same period, even as its market share declined. In that reading, Binance’s gains came mainly from attracting new demand as the overall market grew, rather than simply pulling users away from xStocks.
That interpretation is based on the sector’s rapid enlargement and on Binance capturing much of the newly added market value. Even so, the gap between the two products is narrow enough that leadership below Ondo could still shift again.
Issuance is not the same as trading
The figures cited here measure market capitalization by issuer, which reflects how much has been minted or created, not how actively those tokens trade. A tokenized stock held passively in a wallet counts the same in market cap terms as one that changes hands frequently.
The article notes that Binance benefited from already having a large account base before launching bStocks, giving the product immediate access to existing users. It also contrasts Binance and Kraken, which combine issuance with exchange distribution, with Ondo’s model of minting through other companies’ front ends, including Binance’s.
For now, the confirmed picture is that Binance has moved into second place by issued market cap. What the current data does not show, the article adds, is whether trading activity will follow the same pattern as issuance as tokenized equities continue to develop.
Source: Cryptopolitan