Richard Teng: Poor Information Flow Continues to Hinder Development of Some Private Markets
Binance CEO Richard Teng stated at the Token2049 event in Singapore that there is huge demand for tokenized stocks and private market products, but poor information flow continues to hinder the development of some private markets.
He differentiated between two paths. Public stocks have regular disclosures and price discovery, making the transition to blockchain easier. However, tokenized private equity does not automatically generate quarterly reports. Tokens can be traded around the clock, but the underlying information may still be delayed or even missing.
Teng did not provide specific product lists or timelines. His assessment is that investors can only price assets that can be evaluated, and the constraint on certain private products is information, not a lack of buyers. He also views programmable, round-the-clock assets as the next layer of connection in financial markets.
Binance plans to launch bStocks in June 2026, offering tokenized versions of U.S. stocks and ETFs, with each token corresponding 1:1 to the underlying stock or fund, supporting all-day trading and integration with decentralized finance applications. Teng has previously disclosed pre-IPO price exposure and access to over 7,000 U.S. stocks on the platform.
By September 2026, the scale of on-chain tokenized stocks is expected to exceed $3 billion. Binance Research's model starts from a base of approximately $4.43 billion, predicting a single-year growth of about 390% in 2026, with the scale of tokenized stocks potentially reaching around $349 billion by 2030. This is a research forecast, not realized transactions.
Buyers are global investors looking to bypass opening hours, while sellers are early holders of pre-IPO equity, employee options, and shares in unlisted companies. Tokenization of public stocks already has 1:1 custody and continuous trading. On the private side, there is no synchronized information flow, forcing market makers to accept wider spreads. The beneficiaries are already disclosed U.S. stock tokens, while issuers attempting to directly tokenize shares in unlisted companies face pressure.
Source: Public Information
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Richard Teng previously served as the CEO of the Abu Dhabi FSRA and took over as Binance CEO at the end of 2023, aiming to bring licensed market structures onto trading platforms. Binance will first launch bStocks in June 2026, using 1:1 custody for U.S. stocks and ETFs, and he pointed out the gap in private market information at Token2049. The narrative of demand already has products in place.
Funds have not entered new private equity vaults. bStocks correspond to listed stocks and funds, with trading occurring on the platform and on-chain, while the underlying securities remain in custody accounts. Private products lack synchronized quarterly reports, valuations, and transfer restrictions. Employee options and early shares require exit pricing, while the platform provides pre-IPO exposure. Without information updates, continuous trading will only drive the prices of opaque assets more frequently, without turning them into assessable assets.
In similar attempts, Securitize provides transfer records for private fund shares, Robinhood has previously launched U.S. stock tokens in Europe, and Backed and Ondo focus on already disclosed government bonds or stocks. The current stage is that public stocks are tokenized first, while private equity remains stalled at transfer rights. The projected $349 billion by 2030 is based on a research model starting from about $44.3 billion, needing disclosures to keep pace with trading times.
This indicates that the transfer of pricing power has not been completed. The blockchain changes trading times from opening hours to all-day, but pricing power still lies with companies, auditors, and transfer agents that control financial reports and shareholder registries. Information flows quarterly, while tokens trade by the second, leaving spreads with market makers rather than disappearing on-chain.
ABAB News · Cognitive Laws
- Tokens can trade all day, but information does not follow all day.
- A lack of buyers is not the bottleneck; assessability is.
- Trading times can change, but pricing power remains with the disclosers.