Binance's tokenized equity platform now holds $149.5 million of the $373.3 million in on-chain Circle exposure, ahead of xStocks and Ondo
Binance’s bStocks platform is now the biggest issuer of tokenized Circle Internet Group stock. It has edged out two rivals that got to this market first.
As of October 20, 2026, bStocks held $149.5 million of the $373.3 million in tokenized Circle stock issued across platforms. For a product that has existed for roughly four months, that is a fast climb up the leaderboard.
The tokenized Circle market has three main players. bStocks leads with its $149.5 million. xStocks sits in second with $102.7 million. Ondo is close behind at $97.3 million.
In the 30 days leading into early October, bStocks added $45.4 million in market capitalization from its tokenized Circle exposure alone.
bStocks launched on June 11, 2026. Its opening lineup included CRCLB, the Circle token, alongside tokenized versions of Micron, Nvidia , SanDisk, and Tesla .
Each token is a BEP-20 asset on BNB Smart Chain, and each is backed 1:1 by an underlying share. These tokens trade 24/7, so holders are not stuck waiting for the New York Stock Exchange opening bell.
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The platform operates under the regulatory framework of Abu Dhabi Global Market. That setup is designed to let non-US users access these stocks outside traditional market hours.
By October 15, 2026, the platform reported crossing $1 billion in assets under management. bStocks reported that figure makes it the fastest tokenized equity product to hit that threshold. Reaching the milestone took about four months from launch.
The catalog has also grown well beyond the original five names. bStocks now lists nearly 100 tokens. Stock-to-token conversions on the platform have reached $6 billion at 1:1 backing. Cumulative trading volume has passed $40 billion.
Circle Internet Group trades on the NYSE under the ticker CRCL. Its tokenized version has become one of the more closely tracked on-chain equity markets, with $373.3 million in total issuance across platforms.
When three competing issuers all offer the same underlying asset, market share becomes a fairly clean measure of who users trust and prefer. xStocks and Ondo built early footholds in tokenized equities. bStocks arrived later and still overtook both on Circle within months of its June debut.