The 20-day-old token line already carries about 61% of tokenized-stock volume on the exchanges we track. Where the flow sits, who approved the certificates, and what a bStock holder actually owns.
Binance's 14 bStocks cleared $108 million in a single trading day on June 30, 20 days after launch. The tokenized stock certificates carry approval from the Abu Dhabi regulator that Binance's chief executive used to run, and they arrived 13 months after the company made the final payment on its $4.3 billion US settlement. Binance now sells stocks two ways, real shares through the brokerage and stock tokens on the order book, with a free 1:1 conversion between the two.
There are 14 bStocks tokens on Binance Spot, live since June 12:
SPCXB, NVDAB, TSLAB,
CRCLB, MUB, SNDKB,
AMDB, EWYB, INTCB,
MSTRB, PLTRB, MSFTB,
METAB, and LITEB. Over the seven days to
July 1 they averaged about $47 million a day and peaked at $108 million on
June 30. Across the exchanges we track that trade tokenized stocks, bStocks
alone carries about 61% of the volume, with zero maker fees running through
August 31. The prints are exchange-reported: no outside party audits a spot
book, and nothing in a volume figure separates organic demand from fee-free
market-making.
The orders are small and the clock never matters. Binance reported the line
crossed $1 billion in assets under management
in its first weeks, with about $42 million in average daily inflows. About 47% of the
flow landed outside US market hours. Binance Research put
more than 80% of early trades as fractional,
with a median ticket of $18.81. The clearest picture of the round-the-clock
trade is SPCXB against the SpaceX share itself: the token kept printing every
weekend and through the June 19 holiday, while the stock behind it sat still
until the US market reopened.
SPCXB carried $83.8 million of the $108 million peak, 78% of the line on its
biggest day, and it still accounts for about 87% of SpaceX tokenized-stock
volume on the exchanges we track. The rest of the week tells a different story.
SPCXB's share of the line fell from 78% on June 30 to 37% in the latest 24
hours, and the 13 other names grew from $20.4 million on June 25 to
$28.5 million on July 1. SanDisk's SNDKB cleared about $19 million in the
latest 24 hours, and on SanDisk and Micron the bStock is where retail trading
interest in the stock now lands.
The catalog widened with the demand. bStocks opened on June 12 with six names;
eight more joined the Spot book by July 2, bringing the line to 14. A
BNB Chain post on June 26
previewed the wider catalog; from that list, GQQB is still not listed. The
cancelled Binance Wallet pre-IPO campaign and its
$557 million refund
were a separate product; we covered that in
our SpaceX letter. The appetite outlived
the cancellation: SpaceX keeps trading through every session, and the interest
is spreading across the line, the semiconductor names fastest.
On the exchanges we track, bStocks is now the largest tokenized-stock spot venue: about $782 million over the window, against $424 million on Bybit, $67 million on Kraken, and $34 million on Bitget. The growth took the lead from Bybit, its biggest competitor in tokenized-stock spot trading: bStocks passed it inside the first week and kept pulling away, clearing about 4.5 times Bybit's volume over the seven days to July 1. The zero-fee promotion and a book that trades on no other venue keep the flow concentrated where it landed.
In November 2023, Binance pleaded guilty to US anti-money-laundering and sanctions violations and agreed to $4.3 billion in penalties. Founder Changpeng Zhao pleaded guilty personally, stepped down, and later served four months in prison. The same week, the board handed the company to Richard Teng, a former Abu Dhabi financial regulator. Teng was the first chief executive of the Financial Services Regulatory Authority at Abu Dhabi Global Market, from 2015 to 2021. The authority that approved the bStocks prospectuses is the one he ran for six years.
The capital moved in the same direction as the management. In March 2025, MGX, an Abu Dhabi state-backed investor, put $2 billion into Binance, the company's first institutional stake; Binance said about 1,000 of its roughly 5,000 staff were already in the UAE. In May 2025 the Justice Department confirmed Binance had satisfied every criminal payment obligation. In October 2025, President Trump pardoned Zhao, who says he will stay a shareholder and adviser rather than return as CEO.
The hiring shows what came next. A Head of Market Supervision role in Abu Dhabi, posted in February 2026, asks for stock-exchange surveillance experience, and it sits alongside open Middle East regulatory counsel and ADGM compliance-audit positions. Postings evidence the build-out, not the headcount. The product landed on June 12: bStocks are the first tokenized digital securities admitted to ADGM's Official List, issued by BTech Holdings, a Binance-group affiliate, under an FSRA-approved prospectus, and traded on Nest Exchange, the group's own ADGM-regulated venue. The MGX investment and that admission are 15 months apart.
Binance also opened Direct Stocks: brokerage access to more than 7,000 US stocks and ETFs, with Alpaca holding the shares. Alpaca is the US broker that keeps appearing behind crypto-exchange stock products, and it custodies the shares behind both products from the same pool. CoinDesk Research put Direct Stocks near $143 million a day over its first nine days.
| Direct Stocks | bStocks | |
|---|---|---|
| Live since | June 1 | June 12 |
| What you hold | A real share, held at Alpaca | An ADGM certificate over shares on trust |
| Coverage | 7,000+ US stocks and ETFs | 14 names |
| Hours | US regular and extended sessions | 24/7, on Binance Spot and on-chain |
| The bridge | 1:1 conversion on matched names, zero fee, either direction | |
The bridge is the distinctive part: conversion back to the real share settles during US market hours, and the other direction runs around the clock. A buyer can hold the Nasdaq share on Monday and the self-custodied token on Sunday without leaving the same custody pool.
The full tokenized-stock design lives on the bStocks asset page. The facts that matter most:
Get Real Stocks tracks this line from here. We measure the volume daily and we read the ADGM prospectus, so you can see the claim behind each certificate before you trade. The live page carries every bStock, with volume and the trust chain behind it: bStocks on Get Real Stocks.
