Binance's bStocks climbs to second position among tokenized stock platforms
In under two months since its debut, Binance bStocks has claimed the number two spot among tokenized stock issuers, edging past Kraken's xStocks platform.
Less than two months following its initial rollout, Binance bStocks has climbed past xStocks to secure the position of second-largest tokenized stock issuer measured by total value.
On Aug. 3, bStocks achieved approximately $624 million in value, moving ahead of xStocks which stood at roughly $579 million, though still behind the market leader Ondo Finance at approximately $927 million, based on data from Token Terminal. By Tuesday, bStocks maintained its second-place standing at $610.6 million, holding a slim lead over xStocks at $601.2 million.
The competitive landscape among issuers has experienced dramatic transformation as the tokenized stock sector has expanded. Twelve months prior, xStocks commanded the top position with $40.7 million, with Robinhood following at $37.2 million, whereas Ondo held approximately $65,000. The aggregate value monitored by Token Terminal has subsequently skyrocketed from approximately $80 million to around $2.7 billion.
On June 11, Binance introduced bStocks to provide investors with access to US stock market exposure via blockchain-based tokens while avoiding the need to directly hold the underlying equity shares.
The rapid expansion of bStocks was credited to Binance's extensive user base by Changpeng Zhao, the company's co-founder and former CEO.