Binance bStocks and xStocks account for 70% of DEX trading volume in tokenized equities

Tokenized stocks went from crypto’s quirky side project to a $13.7 billion market seemingly overnight. And one player owns most of the board.

Binance’s bStocks and Kraken’s xStocks together accounted for 70.1% of all DEX trading volume in tokenized equities, combining for $9.6 billion out of $13.7 billion in total activity. The split between the two, though, is anything but even.

bStocks came in hot and stayed hotter

Binance launched bStocks on June 11, 2026. Within 15 days, the product hit $100 million in assets under management.

By early August, bStocks’ AUM had ballooned to roughly $624 million, leapfrogging Kraken’s xStocks, which sat in the $579 million to $601 million range.

In July 2026 alone, bStocks generated $7.4 billion in DEX trading volume, representing about 85% of all decentralized tokenized stock trading that month. Monthly volume surged from $2.9 billion to $8.8 billion in that same period.

Broader data paints an even more dramatic picture: bStocks reportedly drove $19.9 billion of a $22.89 billion monthly total across all tokenized equity trading venues.

Weekend trading volumes alone have hit $2 billion, which underscores one of the product’s core selling points. Traditional stock markets close on Friday afternoon and don’t reopen until Monday morning. Tokenized stocks don’t take weekends off.

What tokenized stocks actually are

bStocks are blockchain-based tokens backed 1:1 by actual US shares held at regulated custodians. If you buy a tokenized share of Apple through bStocks, a real Apple share sits in a custodial account somewhere. You can freely convert between the token and the underlying share on Binance.

Kraken’s xStocks operates on a similar model, with tokens backed 1:1 and available on the Solana blockchain alongside other chains. Both products let users trade equities around the clock, access fractional shares, and interact with DeFi protocols using stock exposure as collateral.

Binance operates bStocks under a regulated framework based in Abu Dhabi.

Why Binance is winning this particular race

Distribution is the unsexy answer, but it’s the correct one. Binance remains the largest crypto exchange by trading volume globally, and bStocks benefits from that existing user base.

Reaching $100 million in 15 days and $624 million within two months doesn’t happen through organic discovery alone. It happens when millions of existing users get a new button in their interface.

The 85% volume share in July is particularly telling. When one product captures that much activity in a two-sided market, it creates a liquidity flywheel: more volume attracts more traders, which creates more volume.

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