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Binance bStocks becomes second-largest tokenized stock issuer

Token Terminal data show bStocks rose to about $624 million on Aug. 3, edging out Kraken’s xStocks at roughly $579 million.

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Binance bStocks has overtaken Kraken’s xStocks to become the second-largest tokenized stock issuer by value, less than two months after launch, according to Cointelegraph citing Token Terminal data.

bStocks reached about $624 million on Aug. 3, then stood at $610.6 million as of Tuesday, narrowly ahead of xStocks at $601.2 million. Ondo Finance remained the largest issuer in the dataset, at about $927 million on Aug. 3.

Cointelegraph reports Binance launched bStocks on June 11 to let investors gain exposure to US stocks through blockchain-based tokens without directly owning the underlying shares.

Changpeng Zhao, Binance’s co-founder and former CEO, attributed bStocks’ rapid growth to Binance’s user base as the tokenized stock market has expanded, with Token Terminal tracking total value rising from roughly $80 million to about $2.7 billion.

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