Binance Research said the tokenized stock market is moving from an issuance race toward distribution and usage, with active market capitalization rising 314% in 2026 to $4 billion by September 9. On-chain market capitalization reached $4.7 billion. Monthly issuer trading volume climbed from $237 million in January to $7.9 billion in August, while turnover rose from 0.23 times active market capitalization to 2.14 times, indicating more active trading. bStocks and Robinhood accounted for 87.8% of tracked issuer volume in September month-to-date, up from 0.8% in June. BNB Chain and Robinhood Chain represented 88.2% of tracked chain volume by early September. DeFi total value locked tied to tokenized stocks increased to $289.1 million, or 7.2% of active market capitalization, while stock-paired meme markets generated about $5.4 billion across the two networks.