Binance's tokenized stock product bStocks reached $100 million in assets under management within 15 days of its June 11 launch, surging from an initial $5.6 million. The 18-fold increase signals strong demand for the hybrid model that blends crypto trading with traditional equities.
What bStocks offers
bStocks are BEP-20 tokens on BNB Chain, each backed 1:1 by actual US shares held at regulated custodians. They can be traded 24/7, withdrawn to self-custody wallets, and used in DeFi applications. The initial lineup included tokenized versions of Nvidia (NVDAB) and Tesla (TSLAB), later expanding to 25 assets. Fractional trading starts at $5, with transactions denominated in stablecoins like USDT. The product is classified as certificates under ADGM/FSRA regulations in Abu Dhabi and is not available to US users.
Infrastructure and growth
Binance partnered with BTech Holdings for issuance, Nest Trading for regulated brokerage, and Alpaca Securities for US clearing. Anchorage Digital integrated around June 30 for institutional support. By early July, cumulative trading volume hit $3 billion, and AUM surpassed $1 billion. The on-chain market cap of bStocks assets ranged from $195 million to $300 million. Binance launched US equities trading on June 1, and monthly trading volumes have exceeded $80 billion since March, indicating a user base ready for traditional finance products.
Implications and risks
The $5 minimum investment opens US equity exposure to underserved demographics in emerging markets. By operating under ADGM/FSRA rules and excluding US users, Binance avoids direct SEC confrontation while capturing global demand. However, tokenized securities introduce counterparty risks: the 1:1 backing depends on custodial integrity across multiple jurisdictions. Any disruption could cause the token price to diverge from the underlying asset.