Binance bStocks Surpasses $30 Billion in Trading Volume in Three Months
According to official news, Binance's tokenized stock trading product bStocks has exceeded $30 billion in cumulative trading volume since its launch on June 11, over the past three months.
Currently, bStocks supports 24/7 trading, covering over 7,000 popular assets including U.S. stocks, options, and cryptocurrencies, and offers trading methods such as long and short positions, providing global users with more flexible channels to participate in trading of stocks and other traditional financial assets.
Public information shows that within the first two weeks of bStocks' launch, the assets under management reached $100 million, and about 30 days after launch, it surpassed $1 billion. Custodian Anchorage subsequently joined its tokenized stock network; approximately seven weeks after launch, the product's trading volume exceeded $500 million.
Relevant data indicates that in one week, net inflows into Binance's tokenized stock products were about $193.3 million, a decrease of 15% from the previous week, with the technology sector attracting 83% of the new funds that week; however, among the approximately 7,000 tradable securities offered, only about 700 had actual transaction records, reflecting that the overall liquidity of this category is still concentrated on a few popular targets.
In early September, Binance further expanded its product line to include U.S. stock options trading, covering physical settlement options for over 1,000 U.S. stocks and ETFs (including call and put contracts); in August of this year, the monthly trading volume of perpetual contracts related to traditional financial assets on the Binance platform reached $433.4 billion, with the monthly trading volume of perpetual contracts linked to stocks at $342.9 billion, a significant increase from about $4.109 billion in January of this year. Shunyet Jan, head of Binance's trading business, stated that this series of products allows users to "participate in the stock market, manage risk exposure, and access trading strategies that were historically only available through traditional brokers."
From the perspective of capital flow, products like bStocks have redirected the demand for U.S. stock trading, which was previously limited to traditional brokers and trading hours, into a 24/7 on-chain trading environment, particularly attracting concentrated inflows of funds related to technology stocks; with the introduction of long, short, and perpetual contract functions, exchanges are not only providing additional leverage and sources of derivative income but are also competing for market share with similar tokenized stock platforms like xStocks, reflecting that on-chain trading is gradually taking over some of the capital and trading activity that traditionally belonged to the financial markets.
ABAB AI Insight
Binance's layout in the tokenization of traditional financial assets has not been achieved overnight—the company had previously gradually tested stock-linked derivatives through perpetual contracts. In January of this year, the monthly trading volume of related perpetual contracts was only about $4.109 billion. Following the official launch of bStocks in June and the expansion to options trading in August, the product matrix has gradually expanded from a single derivative to a complete on-chain trading system for traditional assets, including spot tokenized stocks, perpetual contracts, and options. This path of "first testing demand with derivatives, then launching spot products to capture funds" is highly consistent with the product iteration logic in the cryptocurrency industry, where contracts lead and spot follows.
From the structure of capital inflows, 83% of the $193.3 million inflow in a single week was concentrated in the technology sector, indicating that the funds willing to trade U.S. stocks through tokenized channels are primarily speculative funds that are already active in the crypto market and chasing the high volatility of tech stocks, rather than incremental allocations from traditional institutional investors. Binance's introduction of custodians like Anchorage into its tokenized stock network aims to build a middle layer that combines on-chain efficiency with traditional financial compliance custody for this portion of funds that were previously outside the traditional custody system.
This is similar to the path attempted by platforms like FTX and Mirror Protocol in 2021 to launch "synthetic stock" products—most of which ultimately failed due to regulatory and liquidity issues. Currently, new tokenized stock products like bStocks and xStocks are attempting the same track with more mature custody and derivative infrastructure. The current stage is closer to "using derivatives and perpetual contracts to cultivate demand, while spot tokenized products are still in a very early stage with extremely high liquidity concentration"—of the 7,000 tradable targets, only about 700 have actual transactions, resembling the liquidity distribution structure where top stocks in the traditional U.S. stock market account for the majority of transaction volume, but with a more extreme concentration.
Essentially, this represents a "reconstruction of the industrial chain"—mechanistically, traditional U.S. stock trading has long been limited by trading hours, broker licenses, and custody systems, while tokenized stocks encapsulate the price exposure of underlying assets into tokens that can be traded on-chain 24/7, redirecting funds that could only flow during the New York Stock Exchange's opening hours into a crypto market infrastructure without time zone and opening hour restrictions. As long as the regulatory environment allows for the continued expansion of such products, exchange platforms may be able to capture a portion of the trading fees and derivative income that traditionally belonged to offline brokerage businesses from traditional brokers and exchanges.