Binance bStocks Rank First by Value as Ondo’s Market Share Falls

Binance’s bStocks ranked first by value in an Oct. 16 tokenized-stock snapshot as Ondo Finance’s share of a separate weekly market measure fell, showing how quickly the field has broadened.

Tokenized public equities were valued at $3.8 billion for the week of Oct. 5, compared with $654 million in the week of Jan. 5. Weekly spot volume on decentralized exchanges climbed over the same comparison, from $45.8 million to $2.54 billion. A separate activity measure recorded $17.5 billion in token transfers during the Oct. 5 week. That total counts movements between addresses as well as transfers tied to trading, so it is not the same measure as spot volume.

An Oct. 16 platform snapshot listed Binance’s bStocks at $1.2 billion, ahead of Ondo at $893.7 million and xStocks at $600.4 million. Securitize was valued at $360.9 million, while Robinhood’s tokenized equities stood at $145.9 million. The snapshot gives a single-date ranking by platform value; the $3.8 billion figure and Ondo’s market-share percentage describe a different, weekly measure.

Ondo Finance accounted for 56% of tokenized public equities in the week of Jan. 5 and 26% in the week of Oct. 5. The share figures track Ondo’s portion of the weekly market, while the total values show that the broader category expanded over the same periods.

The products in the platform ranking do not all represent direct ownership of company shares. Binance’s bStocks are certificates linked to underlying securities, but holders do not directly own the shares. Robinhood’s Stock Tokens are tokenized debt securities that provide economic exposure without legal or beneficial rights in the underlying securities. Both products are unavailable to U.S. persons, so the rankings do not represent a new stock offering for U.S. retail investors.

Shunyet Jan, Binance’s head of exchange and trading, said, “It’s being used, not just held.”

Tokenized stock products can sit in separate liquidity pools across platforms, leaving users with different liquidity and access conditions by venue. The issue has also surfaced in coverage of fragmented liquidity in tokenized stocks. Headline market values and trading totals do not show how much liquidity is reachable for a large trade.