Binance’s bStocks has moved ahead of Kraken’s xStocks to become the second-largest tokenized stock issuer by value less than two months after its June 11 launch. The product reached about $624 million before easing to $610.6 million as of Tuesday, still slightly above xStocks at about $601.2 million. Ondo Finance remained the largest issuer at about $927 million. The tokenized stock market has grown rapidly over the past year, with total value by issuer rising from about $80 million to about $2.7 billion. Binance launched bStocks to give investors exposure to U.S. stocks through blockchain tokens without directly holding the underlying shares. Binance co-founder and former CEO Changpeng Zhao said the product’s fast growth was driven by Binance’s user base.