Binance: tokenised shares grow to $4 billion market value

The market for tokenized stocks is shifting from a race to issue towards a battle for distribution and usage. That is the conclusion of Binance Research in a new report. The market value of active tokenized stocks rose by 314% this year to $4 billion, while monthly trading volume climbed from $237 million in January to $7.9 billion in August. According to Binance Research, issuance alone no longer determines where liquidity flows.

In brief:

• Market value of tokenized stocks rose 314% this year to $4 billion
• bStocks and Robinhood account for almost 88% of tracked issuer volume
• Active DeFi TVL in tokenized stocks grew from $21.6 million to $289.1 million

Distribution becomes the decisive factor

Where the market for tokenized stocks previously revolved around who issues the most, attention is now shifting to which platforms manage to reach and retain users. bStocks and Robinhood have advanced strongly in this regard: their combined share of tracked issuer volume rose from 0.8% in June to 82.3% in August and 87.8% so far in September.

It is also striking that 58.5% of early bStocks users on Binance were already active with perpetuals or direct stocks. This indicates that existing product distribution can strongly accelerate the adoption of tokenized stocks. Robinhood already combines tokenized stocks on its own chain with other products such as memecoins.

DeFi usage of tokenized stocks grows rapidly

Besides distribution, the practical use of tokenized stocks within DeFi is also increasing. The active DeFi TVL for tokenized stocks rose this year from $21.6 million to $289.1 million, an increase from 2.2% to 7.2% of active market value. This suggests that tokenized stocks are no longer held only passively.

Applications such as lending, smart contracts and stock-linked markets show that the segment is developing further. Binance Research states that the strongest platforms will ultimately be those that convert users, retain liquidity after issuance, and give tokenized stocks additional use cases on the blockchain. The question of how regulation will shape this landscape is also relevant here: the US Senate is revising the Clarity Act with a new registration requirement for DeFi.