Tokenized stocks passed $3 billion in on-chain value by September 2026, and Binance CEO Richard Teng says demand is not the constraint on the category's growth — information flow is. Speaking at TOKEN2049 in Singapore on October 7-8, 2026, Teng argued that appetite for tokenized stocks and private market products is high, but poor disclosure is limiting growth in some private markets.

"Investors can only price what they can evaluate," is the principle behind Teng's framing: the information shortfall, not a lack of buyers, is the binding constraint on certain private market products.

What did Teng actually say?

Teng split the tokenization story into two lanes. Public equities, which come with regular disclosures and price discovery, have a relatively smooth path onto the blockchain. Private markets are different: wrapping a private company stake in a token does not produce a quarterly earnings report. The token can trade around the clock, but underlying information may arrive slowly — or not at all.

He also positioned programmable, always-on assets as central to where finance is heading, pitching better access and tighter connections across the global marketplace.

What is Binance's position in the market?

Binance launched bStocks in June 2026, offering tokenized versions of US stocks and ETFs. Each bStock is backed 1:1 by the underlying equity or fund, supports 24/7 trading, and integrates with decentralized finance (DeFi) applications.

The market context behind the pitch:

• Tokenized stocks reached over $3 billion in on-chain value by September 2026.
• BNB Chain, the blockchain network associated with Binance, held approximately $1 billion of that total.
• BNB Chain counted 1.8 million holders of these assets.
• In certain Binance stock-referenced products, 47% of trading volume happens outside traditional market hours.

Binance Research, the exchange's research arm, forecasts tokenized equities could grow to roughly $349 billion by 2030, from a base of around $4.43 billion, with approximately 390% growth within 2026 alone.

Why does the information gap matter operationally?

Tokenization represents a real-world asset as a token on a blockchain. Composability means a tokenized stock can, in principle, be used inside other on-chain applications — lending protocols or trading venues — rather than sitting idle in a brokerage account.

The disclosure problem creates a specific risk: a token that trades 24/7 on an asset that reports infrequently allows prices to drift from fundamentals. Public equities largely have that problem handled through mandatory reporting, which explains why tokenized US stocks and ETFs moved first. Private market products do not yet have an equivalent disclosure mechanism.

What happens next?

If information flow is the bottleneck, the next phase of tokenization will be won by whoever solves disclosure, not whoever mints the most tokens. BNB Chain's roughly $1 billion share and 1.8 million holders give Binance an early lead, but concentration cuts both ways: a market dominated by one ecosystem is exposed to that ecosystem's regulatory and operational risks.

The 47% off-hours trading figure is the indicator to watch. If that share holds or rises, it strengthens the case that continuous trading is a durable feature of tokenized equities rather than a launch-period curiosity.