Binance Tokenized Stocks Hit $610M, Surpassing Kraken for No. 2 Spot

A tokenized stock lets the buyer hold a fraction of a share on the blockchain and trade it outside traditional exchange hours. The catch: holding the token does not automatically confer shareholder rights. Dividend entitlements, voting rights, and reimbursement terms vary by issuer and legal structure. That nuance has not slowed demand.

The broader market has grown dramatically. A year ago, xStocks dominated with only $40.7 million. Robinhood had $37.2 million. Ondo represented roughly $65,000. Today the total value tracked by Token Terminal is around $2.7 billion, up from about $80 million. Monthly transfers hit $8.41 billion in July, a 105% increase over the prior month.

Ondo Finance still holds a comfortable lead. Binance has not taken control of the market, and Kraken lost second place by only a few million dollars – a gap that could reverse quickly. The ranking remains fluid.

CZ has pushed the vision further, calling on states to tokenize their own stock exchanges to broaden access for international investors. For Binance, bStocks offers a first glimpse of that ambition. Two months were enough to pass Kraken. The next target is Ondo, with a few hundred million dollars in advance.