Binance bStocks Overtakes xStocks to Become the Second Largest Tokenized Stock Issuer

Binance bStocks growth story since launching in June has been nothing short of remarkable. In terms of market share, it is now the second largest issuer of tokenized stocks by market cap. Token Terminal data shows that the product is now at a $610.6 million market cap, or 22.1% of the entire sector. Backed’s xStocks, which was the second largest tokenized token issuer for a close to a year, sits just behind at $601.2 million while Ondo Finance is still the leader of the category with $951.8 million and a 34.4% share.

Source: Token Terminal

The tokenized stocks category is changing rapidly and with under $10 million separating second from third, these rankings could very likely flip. That said, the speed of bStocks’ growth is undeniable. The product went live on June 11 and nine weeks later it has gone past a product that had a much longer head start across multiple chains and platforms.

The New Supply Went to Binance Rather Than Away From xStocks

Latest data shows that the tokenized stock market is now roughly worth $2.8 billion. At the start of the year, this number was at $569.76 million. That is around a growth of 391%. Over the same period, xStocks actually grew around 228% as well. Its share of the pie shrank because the pie got bigger and Binance took most of the new slice. In this sense, Binance did not win customers away from its competition but rather was able to reach new buyers who were not exposed to this market a few months ago and Binance’s own data points the same way.

… Continue reading the full article at the original source below.