Tokenized equities captured 2.3% of SPY's July volume, up from 0.4% in June, as Binance's bStocks hit $500M market cap and drew $300M in fresh capital.
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Tokenized equities captured 2.3% of SPY's trading volume in July, up from 0.4% in June. SPY is the world's most-traded ETF, tracking the S&P 500.
Binance co-CEO Richard Teng spotlighted the data. The jump reflects a broader shift toward on-chain exposure to US stocks, which trade 24/7 and settle in seconds.
Volume hit $18.2 billion in July alone, according to Binance Research. That is a 4.4x increase from June. The year-to-date total through July stood at $34.3 billion, meaning more than half of all tokenized equities volume this year occurred in a single month.
A large piece of that growth traces to Binance's own product. The exchange launched bStocks on June 11, offering 1:1 backed tokenized versions of US stocks and ETFs. By July 29, bStocks had crossed $500 million in market capitalization. That gave Binance 27% of the global tokenized equity market cap, just seven weeks after entering the space.
Cumulative trading volume for bStocks reached $8.7 billion, with 72% of that activity executed on-chain. Binance's tokenized stocks also attracted over $300 million in fresh capital within the 30 days leading up to mid-July.
The broader ecosystem now includes products from Ondo Finance and others, with significant activity on Solana. Millions of people globally face barriers to buying US equities: restrictive local rules, limited brokerage access, high fees, or the inconvenience of New York market hours. Tokenized stocks let traders buy fractional shares at any hour, settle in seconds, and hold assets in self-custodial wallets.
The 72% on-chain execution rate for bStocks suggests these products could eventually plug into DeFi protocols for lending and yield strategies. The $300 million capital raise in a single month points to participants with meaningful allocations. Regulatory risk remains significant, as tokenized securities sit at the intersection of securities law and crypto regulation. The custody question also looms: "1:1 backed" means everything hinges on the custodian holding the underlying shares and honoring redemptions under stress.
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