Tokenized Equities Hit $4.8B AUM as bStocks Leads with $1.5B

The tokenized equities market has reached a record $4.8 billion in assets under management (AUM) as of November 2026, marking a 164% increase since June, according to Binance Research. Within this rapidly expanding sector, Binance’s bStocks has emerged as the largest issuer, surpassing $1.5 billion in AUM just 145 days after its June launch and capturing 31.4% of the market share.

bStocks' Rapid Growth and Market Leadership

bStocks achieved $1 billion in AUM in just 125 days, making it the fastest tokenized equity product to reach this milestone. By November, its AUM had grown to $1.5 billion, solidifying its position as the sector leader. The product’s unique features, including 1:1 convertibility with the underlying stocks on Binance without conversion fees, have driven significant adoption. Users have converted over $7.5 billion between bStocks and direct stock positions, a figure that exceeds the product’s AUM by five times.

Trading activity for bStocks is heavily concentrated outside regular U.S. market hours, with only 42% of its volume occurring during traditional sessions as of August 2026. This flexibility allows users to adjust their positions in response to events like earnings announcements and policy updates, which often occur after markets close.

On-Chain Utility and Broader Market Trends

bStocks is designed for on-chain use, enabling holders to deploy their tokens across decentralized finance (DeFi) applications. On-chain utilization of bStocks reached 11.2% by October 2026, exceeding the 7.4% average for tokenized equities overall. Borrowing activity against bStocks collateral also surged, with $3.1 million borrowed against $6.8 million in collateral by September 2026.

The broader tokenized equities market has seen explosive growth in 2026, with AUM rising over 640% from $645 million at the start of the year. On-chain transfer volumes for tokenized stocks exceeded $100 billion in Q3 2026, a 16-fold increase from Q1. bStocks accounted for over 90% of weekly transfer volume at its peak in early August.

Demographics and Market Penetration

The adoption of bStocks spans diverse demographics and regions. Gen Z users represent 46% of its user base, while Millennials account for 78% of trading value. Emerging and frontier markets generate approximately 70% of bStocks’ trading volume, highlighting its global appeal. Since its launch, the number of available tickers has expanded from five to nearly 100, covering sectors such as AI infrastructure, semiconductors, and ETFs.

Despite its rapid growth, tokenized equities still represent only 0.0025% of the global stock market. Binance Research estimates that even sub-1% penetration by 2030 could translate into a $349 billion market, underscoring the sector’s long-term potential.