The tokenized stocks market reached a record $4.8 billion — bStocks became the largest platform by AUM

The volume of assets under management (AUM) in the tokenized equities sector reached an all-time high of $4.8 billion in early November 2026. According to Binance exchange data, the figure has increased by 164% since June.

One of the key market participants was bStocks, which crossed the $1.5 billion AUM mark 145 days after launch. Thanks to this, the product took first place among tokenized equity issuers by asset volume.

bStocks’ share grew from less than 1% in June to 31.4% in early November. At the same time, the market’s expansion is not limited to a single product. Excluding bStocks, the aggregate AUM of other participants in the segment increased by 81% over the same period.

bStocks Growth and the Development of the Tokenized Equity Market

bStocks was launched in June 2026. According to Binance Research, the product reached $1 billion AUM in just 125 days, and crossed the $1.5 billion mark 145 days after starting operations.

For comparison, another large market participant — Ondo — took 265 days to reach its first billion dollars.

Binance notes that bStocks’ growth was accompanied by increased activity across the entire tokenized equity market. From June to early November, its aggregate volume reached $4.8 billion.

The sector’s development proceeded gradually. The first stages were associated with building infrastructure for tokenizing traditional financial instruments.

In particular, one of the early examples was the Franklin Templeton FOBXX fund, which uses blockchain to record rights to shares. In addition, Singapore’s DBS Bank issued digital bonds worth SGD 15 million.

Subsequently, the development of the real-world assets (RWA) market was accompanied by the emergence of new products, including BlackRock’s tokenized BUIDL fund.

According to Binance’s assessment, in 2025–2026 the industry moved to a stage of broader practical application of such instruments amid the development of regulatory infrastructure.

At the same time, tokenized equities continue to occupy a small share of the global stock market.

Who Uses bStocks

According to Binance Research, a significant portion of trading activity in bStocks occurs outside standard sessions of U.S. stock exchanges.

Such operations account for 56% of the product’s total trading volume.

This indicates users’ interest in instruments that enable working with assets tied to U.S. stocks and exchange-traded funds (ETFs), including during periods when traditional exchanges are closed.

Particular attention in the study is given to the age and geographic structure of users.

At Binance, these indicators are linked to the need for more accessible instruments for working with the U.S. stock market.

In particular, for eligible users outside the U.S., the minimum purchase amount for certain tokenized instruments starts at $5.

At the same time, the availability of around-the-clock trading does not mean constant liquidity or the absence of price risks.

bStocks Collateral and Integration with Traditional Assets

One of bStocks’ features is the mechanism for backing tokens with underlying financial instruments.

According to Binance, each token is backed by corresponding shares or ETFs at a 1:1 ratio. The underlying assets are held with a regulated custodian.

The company also reports daily reconciliation of reserves and publication of collateral confirmations on the Proof of Collateral page.

Users can independently verify the published data by comparing the volume of issued tokens with the corresponding reserves.

At the same time, bStocks are not directly shares of public companies. They are tokenized securities that provide economic exposure to the corresponding assets but do not grant direct ownership of the underlying shares.

In addition to trading, Binance supports conversion between bStocks and the corresponding shares at a 1:1 ratio without a conversion fee under applicable conditions.

According to company data, the aggregate volume of traditional financial assets that users hold through Direct Stocks and bStocks products on Binance exceeded $3 billion.

Binance believes that the figure reflects users’ interest in combining cryptocurrency and traditional financial instruments within a single platform.

At the same time, the company notes that the further development of tokenized equities will depend not only on AUM growth but also on collateral transparency, product accessibility, and opportunities for their practical use.