Monthly transfer volume surged to $23.13B as tokenized stock holders more than doubled. Binance's bStocks, launched in June, already rivals Kraken's xStocks.
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The number of tokenized stock holders more than doubled over the past month to 1.31 million, according to RWA.xyz data. Monthly transfer volume surged 179% to $23.13 billion over the same period. Active addresses rose 34.6% to nearly 572,000.
Total distributed value of tokenized stocks reached $2.38 billion, up 5.9%. Ondo leads the market with about $872 million in distributed value. Kraken's xStocks follows at $557.8 million. Binance's bStocks, launched in June, sits at $521.8 million – within roughly $36 million of xStocks.
Among individual assets tracked by RWA.xyz, the largest include Securitize at $145.2 million, Strategy PP Variable xStock at $135.6 million and Ondo's tokenized Circle shares at $99.7 million.
The growth follows a wave of crypto platforms pushing into tokenized pre-IPO products earlier this year, particularly around SpaceX ahead of its June 12 public-market debut. Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com rolled out products tied to SpaceX: tokenized pre-IPO exposure, perpetual futures and proxy tokens. A Binance campaign drew $557 million.
The push did not go entirely to plan. Binance, Bybit and Bitget Wallet canceled their tokenized SpaceX IPO campaigns after xStocks failed to secure enough underlying shares to meet demand, triggering refunds.
Despite those failures, tokenized SpaceX exposure through bStocks has grown to $67.9 million in distributed value since the listing. That ranks seventh among individual tokenized assets.
The expansion in tokenized equities comes as real-world asset tokenization gains traction. Standard Chartered forecasts that market could reach $4 trillion by the end of 2028.
bStocks, launched just weeks ago, has already accumulated $67.9 million from one company alone. The race between exchanges to capture tokenized equity volume is intensifying, with Binance's new product threatening Kraken's early lead.
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