Tokenized stocks went from crypto’s quirky side project to a $13.7 billion market seemingly overnight. And one player owns most of the board.
Binance’s bStocks and Kraken’s xStocks together accounted for 70.1% of all DEX trading volume in tokenized equities, combining for $9.6 billion out of $13.7 billion in total activity. The split between the two, though, is anything but even.
bStocks came in hot and stayed hotter
Binance launched bStocks on June 11, 2026. Within 15 days, the product hit $100 million in assets under management.
By early August, bStocks’ AUM had ballooned to roughly $624 million, leapfrogging Kraken’s xStocks, which sat in the $579 million to $601 million range.
