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Binance said on 15 October 2026 that its bStocks tokenised equity product had passed $1 billion in assets faster than any competing offer. The company cited Dune data dated October 15 for its speed-to-threshold claim. The figure describes how quickly bStocks reached that level, not which platform currently holds the most assets.
The product adds a token format to Binance's direct-equity service. Clients can exchange an eligible share position for a corresponding bStock at 1:1, with no conversion fee, and later reverse the exchange. Binance said the two-way conversions amounted to more than $6 billion.
Nest Trading Limited, an ADGM-regulated broker-dealer, provides eligible clients access to more than 7,000 US stocks and ETFs. A bStock is issued by Binance affiliate BTech Holdings and backed by the corresponding security held with a custodian. Its terms describe the token as a certificate for an interest in that security, rather than ownership of the share itself.
The figures behind the milestone
| Measure | Reported figure |
|---|---|
| Launch | June 11 |
| Cumulative trading volume | More than $40 billion |
| Product range | Five securities to almost 100 stocks and ETFs |
| Assets milestone | $1 billion |
| Conversions between tokens and shares | More than $6 billion, at 1:1 and with no fee |
| Trading during regular US equity hours | 38% of July volume |
| Early users without related Binance product activity | 41.5% |
| Ondo tokenised stocks and ETFs TVL, October 14 | More than $1.3 billion |
| Ondo total TVL | $4 billion |
How Binance and Ondo frame scale
Binance's comparison is about the pace at which a product reached $1 billion in assets. Ondo Finance reported more than $1.3 billion in TVL for its tokenised stocks and ETFs on October 14, within a broader $4 billion TVL across its products. AUM and TVL are different measures, so those figures do not establish a direct ranking. The milestone and product figures were first reported by Finance Magnates.
Binance says clients can trade bStocks around the clock, transfer them to compatible BNB Smart Chain wallets and, for selected tokens, use them as collateral in Cross Margin and Portfolio Margin accounts. The collateral support was extended to eligible users in September. Binance Research found that 41.5% of early users had not traded related direct-equity or perpetual products on Binance; that finding does not establish whether they held shares through another provider.
Trading data also points to activity beyond regular US market hours: 38% of July volume happened during those hours. The IMF's October report found tokenised equity markets less liquid and more volatile than traditional counterparts, a distinction relevant when the backing shares are not trading.
What this changes for operators
For infrastructure teams, the product combines a share position, a token issued by BTech Holdings and custody of the underlying security. Operators should establish how their records represent those linked interests, and how conversion requests, custody records and client balances are reconciled in both directions. The source does not describe the reconciliation process or its timing.
Collateral use adds another operational question: how are eligible bStocks valued and monitored in Cross Margin and Portfolio Margin accounts when US equity markets are closed? Teams assessing the service should also confirm which tokens are supported, how withdrawals to BNB Smart Chain wallets are handled, and what controls govern the distinction between a certificate representing an interest and direct share ownership.
