Tokenized Equities Reach $4.8 Billion as Binance Leads

By Marcus Bennett

Tokenized equities reached a record $4.8 billion in assets under management, according to Token Terminal data cited on November 10, 2026. Binance said its bStocks held $1.5 billion, or more than 31% of the market.

Assets rose from $645 million at the start of 2026, expanding by more than 640%. Token Terminal’s figures placed tokenized equities as the year’s fastest-growing real-world asset category.

Shunyet Jan, Binance’s Head of Exchange and Trading, said: “Tokenized equities reaching an all-time high is a market-level signal, and bStocks becoming the largest product in the category shows where that demand is concentrating.”

Jan said Binance designed bStocks to give users 1:1 access to stocks and ETFs without opening a separate brokerage account. He also said Binance was continuing to expand its listings and traditional-finance offerings.

Activity moved faster than assets

According to Binance Research, third-quarter on-chain transfers of tokenized stocks exceeded $100 billion, compared with $6 billion in the first quarter, making the later period more than 16 times as large.

Transfer activity measures a different operation from assets under management. One tracks movement through tokenized stock rails, while the other tracks assets held in the category. The contrast matters as the market grows beyond a simple buy-and-hold use case.

bStocks links conventional shares to on-chain markets

Binance launched bStocks on June 11, 2026. The product crossed $1 billion in assets under management on October 15, roughly four months later. Binance described it as the fastest tokenized equity product to reach that threshold.

Cumulative trading volume exceeded $45 billion. Binance also reported $7.5 billion in conversions between direct stock holdings and bStocks at equal value.

Each token offers 1:1 redemption into the underlying security, according to Binance. That structure differs from a payout representing only the holding’s cash value. It also allows investors to move between conventional holdings and tokenized exposure without changing the stated value.

Off-hours activity and collateral reshape the product

About 56% of bStocks trading volume since launch occurred outside regular U.S. market hours, Binance said. That makes non-U.S.-hours trading a material part of the product’s operating model, rather than a minor extension of conventional exchange hours.

Holders have also deployed the tokens in decentralized finance. In early October 2026, DeFi utilization, measured by total value locked deployment, reached 11.2%. That was approximately 3.8 percentage points above the rate for comparable tokenized equities.

Binance’s borrowing measure for deposited bStocks collateral rose from 5.5% at the end of June to 46.2% by September 10, 2026. The exchange reported an 8.4-fold increase over that period.

What does this change for traders?

The practical change is that tokenized equities now support several uses beyond conventional exchange-traded exposure. Investors can trade outside regular U.S. hours, convert between direct holdings and tokens, deploy tokens in DeFi and use them as collateral.

Binance’s figures show bStocks has become the category’s largest product, with $1.5 billion in assets, more than $45 billion in cumulative trading volume and $7.5 billion in equal-value conversions. Together, those numbers demonstrate sustained trading, conversion and collateral activity around tokenized stocks.

Binance says it will keep expanding listings and traditional-finance offerings; the next market-structure test is whether deeper off-hours liquidity and collateral use can broaden adoption without weakening the 1:1 link to the underlying securities.