Binance's bStocks has become the second-largest tokenized stock issuer by value less than two months after its June 11 launch, extending a rapid rise that earlier took its share of the tokenized equity market from 10% in June 2026 to 27% in July. Token Terminal data showed bStocks at about $624 million on Aug. 3 versus roughly $579 million for xStocks and about $927 million for Ondo Finance; by Tuesday, bStocks stood at $610.6 million, still narrowly ahead of xStocks at $601.2 million. Binance introduced bStocks as 1:1-backed, blockchain-based onchain assets tied to U.S. equities, giving eligible users economic exposure without direct ownership, voting rights or conversion fees when moving between supported stock positions and tokens. Early activity was strong, with CoinDesk Research reporting about $143 million in average daily trading volume over the first nine trading days, more than $1 billion in turnover, peak daily active traders of 30,700 and total value locked nearing $400 million. The broader tokenized stock market tracked by Token Terminal has grown from roughly $80 million a year ago to about $2.7 billion, while Binance co-founder and former CEO Changpeng Zhao said bStocks' rapid expansion was driven by the exchange's user base.