Binance bStocks Overtakes xStocks to Become No. 2 Issuer

TL;DR

• Binance bStocks became the second-largest tokenized stock issuer less than two months after launch, reaching $610.6 million and narrowly overtaking xStocks at $601.2 million.
• Token Terminal data shows the tracked tokenized-stock market expanded from roughly $80 million a year ago to about $2.7 billion today.
• Ondo remains the largest issuer, while Binance’s rapid rise highlights how distribution through a large existing user base can quickly reshape market rankings for investors.

Binance’s bStocks has climbed into second place among tokenized stock issuers by value less than two months after launch, narrowly overtaking Kraken’s xStocks as the sector expands. Token Terminal data showed bStocks at about $624 million on Aug. 3, ahead of xStocks at roughly $579 million, though still behind Ondo Finance at about $927 million. The ranking remained intact on Tuesday, when bStocks stood at $610.6 million versus xStocks at $601.2 million. The speed of the shift is striking because Binance entered a market whose leadership looked very different a year ago.

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