More than half of the value traded in Binance’s bStocks came outside regular U.S. stock-market hours, reflecting the tokenized stock offering’s international use as its assets climbed past $1 billion.
Binance Research measured emerging and frontier market users’ share of bStocks trading value at about 70% from the June 11 launch through Oct. 11. Trading on weekdays outside regular U.S. hours accounted for 49% of the total, while weekends accounted for 7%. The figures measure value traded, not the number of transactions.
Binance announced the $1 billion asset milestone Oct. 15. Binance Research put the time from launch to that level at 125 days, using asset data through Oct. 14. It said Ondo took 265 days to reach the same level.
The research put bStocks’ share of tokenized-stock assets under management at 34.2% as of Oct. 20. Binance Research also estimated that the product accounted for more than 60% of the sector’s asset growth since its launch.
Net inflows explained roughly 68% of the rise in bStocks’ on-chain assets, the researchers estimated. Price changes and other movements made up the rest. By Oct. 11, the five largest assets represented less than half of bStocks’ total, down from about 97% in the offering’s first weeks.
Binance Research said the trading pattern points to interest in U.S. equity exposure among users in emerging and frontier markets. Binance says BTech Holdings Limited issues bStocks, which are backed one-for-one by underlying securities. The tokens do not give holders direct ownership of the shares, and the offering is unavailable to U.S. persons.
The research also measured use of bStocks in decentralized finance, including lending and liquidity pools. Its utilization rate reached about 17% on Oct. 19, compared with a roughly 5% to 9.5% range for tokenized equities overall.
