Binance's bStocks has become the second-largest tokenized stock issuer less than two months after launch, surpassing Kraken's xStocks by the value of tokenized equities outstanding. bStocks stood at about $624 million on Aug. 3 versus roughly $579 million for xStocks and about $927 million for Ondo Finance. By Tuesday, bStocks had eased to $610.6 million but still ranked second, slightly ahead of xStocks at $601.2 million. Binance launched bStocks on June 11, offering investors exposure to U.S. stocks through blockchain-based tokens rather than direct ownership of the underlying shares. The broader tokenized stock market, measured by issuer value, has expanded from about $80 million to around $2.7 billion over the past year. Changpeng Zhao, Binance co-founder and former CEO, said bStocks' rapid growth reflects Binance's user base.