Binance's bStocks, a tokenized instrument tracking the price of US-listed shares, has reached $1 billion in assets under management since its June 11 launch. Cumulative trading volume has exceeded $40 billion, and the product now lists nearly 100 stocks.
bStocks reached $1 billion in assets under management in roughly four months, according to Dune Research data. That makes it the fastest tokenized equity product to hit the milestone since launching on June 11.
Cumulative trading volume has exceeded $40 billion, averaging more than $300 million per day, the exchange said Thursday. The number of listed bStocks has grown from five to nearly 100.
Binance reports $6 billion in conversions
Binance also reported $6 billion in conversions between tokenized assets and direct stock positions. The exchange said more than half of its early users also traded perpetual futures or direct equities on Binance.
Adoption has reached decentralized finance as well. bStocks deployment hit 11.2% in early October. The share of deposited bStocks collateral being borrowed against rose to 46.2% by Sept. 10 from 5.5% at the end of June.
Trading outside US market hours
Demand for trading outside traditional market hours has also emerged: 62% of bStocks volume in July occurred outside regular US trading hours.
Across the market, tokenized stock transfers exceeded $100 billion in the third quarter, up more than 16-fold from the first quarter. Tokenized equities' market capitalization climbed above $3 billion by late September.
Source: Crypto Briefing
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