Tokenized Stocks Quadruple in Value, Shift From Issuance to Distribution Competition
The tokenized stock market is undergoing a significant shift from an issuance focus to one of distribution and utility competition, according to Binance Research's analysis report. As of September 9, the market capitalization of actively traded tokenized stocks reached approximately $4 billion (¥610 billion), quadrupling from $965 million (¥150 billion) at the start of 2026.
Market turnover rates have also increased, with the ratio of monthly trading volume to active market capitalization rising from 0.23x in January to 2.14x in August, and reaching a high of 3.32x in July. This suggests that investors are increasingly inclined to 'trade' tokenized stocks rather than 'hold' them.
The growth driver has shifted from issuance to distribution infrastructure. Binance's tokenized stock platform, bStocks, and the investment app Robinhood have seen their combined market share expand rapidly, growing from 0.8% in June to 87.8% in September (cumulative through the report's data cutoff). Both platforms possess large-scale distribution infrastructure, and trading through these existing customer bases is driving the overall expansion of the market.
The token composition within bStocks has also become more diversified, with the combined share of the top five tokens by trading volume declining from 98.7% to 84.6%, while QQQ's individual share contracted from 95.2% to 66.0%. Concentration in specific tickers is easing, with a more diverse range of assets now being traded.