Binance bStocks and xStocks account for 70% of DEX trading volume in tokenized equities

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. In July 2026 alone, bStocks generated $7.4 billion in DEX trading volume, representing about 85% of all decentralized tokenized stock trading that month. Monthly volume surged from $2.9 billion to $8.8 billion in that same period. Broader data paints an even more dramatic picture: bStocks reportedly drove $19.9 billion of a $22.89 billion monthly total across all tokenized equity trading venues. Weekend trading volumes alone have hit $2 billion, which underscores one of the product’s core selling points. ...