BNB Chain claims 42.6% of tokenized stock market, beating Ethereum and Solana

BNB Chain has claimed a 42.59% share of the tokenized stock market, with $1.47 billion in assets on its network, surpassing the combined holdings of Ethereum and Solana.

According to data shared by MSB Intel, BNB Chain’s market share climbed from 35.55% over the past 30 days, a gain of 7.04 percentage points. Ethereum accounted for $730.43 million in tokenized equities, while Solana held $489.72 million.

The two networks had a combined $1.22 billion in tokenized stocks, approximately $250 million below BNB Chain’s reported holdings.

BNB Chain shared the figures in an October 19 post on X, citing MSB Intel’s market data. The figures have not been independently confirmed against an equivalent dataset from RWA.xyz or another market tracker.

Based on the reported figures, the total tokenized stock market would be worth approximately $3.45 billion, with BNB Chain accounting for more than two-fifths of the outstanding value.

BNB Chain tokenized stocks gain market share as bStocks expands

Binance’s bStocks platform has emerged as one of the largest tokenized equity products operating on BNB Chain, reaching more than $1 billion in assets under management four months after its launch.

In an October 15 announcement, Binance said bStocks had crossed the milestone after launching on June 11, 2026.

The exchange reported more than $40 billion in cumulative trading volume, nearly 100 listed tokenized securities and $6 billion in conversions between tokenized assets and their underlying securities.

Binance said the figures were based on Dune Research data as of October 15. The company described bStocks as tokenized representations of U.S. securities backed on a one-to-one basis by the underlying assets.

The platform allows eligible customers to convert supported stock positions into tokens, trade them around the clock and transfer them to compatible blockchain wallets.

As crypto.news previously reported, the exchange introduced a conversion service allowing eligible customers to move between supported stock holdings and their corresponding bStocks without conversion fees.

Customers must maintain eligible stock accounts to convert their tokens back into the underlying securities. Binance’s offering is unavailable to U.S. persons and operates under approved prospectuses in Abu Dhabi Global Market.

The exchange has expanded the products’ use beyond spot trading. In October, Binance added tokenized securities representing JPMorgan Chase, Eli Lilly, Securitize and StablecoinX to its eligible margin collateral assets.

Supported tokens can be used across Cross Margin, Portfolio Margin and Portfolio Margin Pro accounts, subject to the exchange’s requirements.

BNB Chain had already reported substantial activity in tokenized equities before the latest market share figures.

In June, the network said more than 709 tokenized stocks and exchange-traded funds were available across its ecosystem, with cumulative trading volume exceeding $5 billion and market capitalization surpassing $1 billion.

Its tokenized equity infrastructure includes decentralized trading platforms and lending protocols such as PancakeSwap, Venus and Lista DAO.

BNB Chain’s latest market share announcement did not provide an issuer-level breakdown showing how much of the reported 30-day gain came from newly issued bStocks, existing tokenized securities or other products.

Tokenized equity market reaches billions in outstanding assets

Recent industry reports have placed the tokenized equity market between approximately $3 billion and $4 billion, although the figures differ depending on the assets and platforms included.

An October 16 industry report from DWF Labs valued the market at $3.8 billion, approximately six times its value at the beginning of January.

The report found that weekly decentralized exchange trading volume reached $2.54 billion during the week of October 5, compared with $45.8 million during the opening week of the year.

Trading activity remained below the $7.26 billion weekly peak recorded in late August, according to the research.

DWF Labs identified Ondo Finance as the largest tokenized equity issuer, while xStocks and Binance’s bStocks each approached $1 billion in outstanding value during the reporting period.

The research estimated that $313 million in tokenized equities had been deployed across decentralized finance protocols by October 15.

Separate data compiled by Castle Labs from CoinGecko placed the tokenized stock market at $2.47 billion across 250 tracked assets on October 18.

Its issuer figures put bStocks at approximately $1.02 billion, xStocks at $837.2 million and Ondo Global Markets at $822.6 million.

The tracker warned that issuer categories can overlap, while its coverage and classifications differ from those used by other market data providers.

Neither dataset directly confirms MSB Intel’s 42.59% estimate for BNB Chain. The figures cover different market classifications, and issuer totals cannot be treated as equivalent to blockchain-level holdings.

Ethereum and Solana remain major tokenized stock networks

Ethereum and Solana continue to host tokenized equity products issued by companies including Ondo Finance, Backed Finance and other financial technology providers.

Backed’s xStocks platform has expanded across multiple blockchain networks, with products linked to publicly traded companies and exchange-traded funds.

In March, Kraken-backed xStocks introduced its xChange platform, an on-chain trading engine designed to support tokenized equity transactions across Ethereum and Solana.

At launch, the platform supported more than 70 tokenized equities and reported $3.5 billion in on-chain trading volume, alongside $25 billion in total trading volume.

Ondo Finance has pursued a separate distribution strategy through integrations with wallets, exchanges and blockchain networks.

In June, Exodus Movement partnered with Ondo Finance to introduce trading for more than 200 tokenized stocks, ETFs and other real-world assets through its wallet application.

The service allows eligible users in supported jurisdictions to access tokenized securities on Solana, including products linked to Exodus shares.

Robinhood has pursued tokenized stock distribution through its European offering, while Ethereum and Solana issuers have continued developing products for blockchain-based equity trading.

Earlier industry figures showed differences between the number of token holders and the value of securities issued.

In July, tokenized equity adoption data shared by DWF Labs showed approximately 752,000 holders across five major platforms, up 92% over 30 days.

Robinhood accounted for around 328,000 holders, representing 44% of the tracked total, but held approximately $44 million in tokenized assets.

Ondo led by asset value at $857 million, followed by xStocks at $487 million and Securitize at $245 million.

Binance expands tokenized stocks into collateral and decentralized finance

Binance has continued developing services around tokenized securities since the June launch of bStocks.

The exchange’s October 15 announcement said eligible retail traders could use supported bStocks as margin and futures collateral, allowing the assets to serve as trading positions and collateral within supported accounts.

The company said traders could borrow quote assets against supported tokenized securities, with leverage of up to five times under applicable conditions.

BNB Chain has pursued development of trading infrastructure through its tokenized stocks hackathon, organized with Binance Web3 Wallet.

The program opened September 16 and accepted submissions until October 11, with a $20,000 prize pool for developers building applications around tokenized equities.

According to the official program schedule, judging runs from October 12 through October 23, with winners scheduled to be announced during the week of October 26.

The program covers applications involving market data, tokenized stock trading, portfolio management and automated blockchain transactions.