Crypto: BNB Chain Takes the Lead Over Ethereum and Solana

BNB Chain has just crossed a milestone in the tokenized stock crypto market. The network now hosts approximately $1.1 billion in tokenized stocks and ETFs, accounting for nearly 30% of a market valued at around $3.7 billion. Ethereum follows with $828 million, ahead of Solana at $738 million. In January, BNB Chain represented only 13% of the sector.

In Brief

• BNB Chain surpasses $1 billion in tokenized stocks and ETFs.
• The network holds about 30% of the market and 45% of the addresses.
• The sector has grown from $719 million in January to approximately $3.7 billion.

BNB Chain Surpasses $1 Billion in Tokenized Stocks

The ranking change has occurred rapidly in the crypto universe. In January, Ethereum controlled about 48% of the tokenized stock and ETF market. Solana followed with 31%, while BNB Chain accounted for only 13%. Nine months later, BNB Chain has overtaken both networks with approximately $1.1 billion.

The progress was already visible this summer. In August, Binance bStocks surpassed Kraken's xStocks with about $610.6 million in value.

Since then, the ecosystem has continued to grow. BNB Chain notably hosts the securities of Binance bStocks and Ondo Global Markets. Binance Research estimates that bStocks alone represents around $800 million after less than four months of existence. The product was launched at the end of June.

The number of users is growing even faster. Approximately 1.8 million addresses now hold tokenized stocks on BNB Chain. This represents 45% of the total market. Therefore, BNB Chain's share among holders far exceeds its share in value. The network attracts many small wallets.

The Crypto Market Has More Than Quintupled Since January

BNB Chain is progressing in a crypto market that is itself expanding. In January, tokenized stocks and ETFs represented about $719 million. The sector now reaches nearly $3.7 billion. Thus, the value has more than quintupled in nine months.

September further accelerated the movement. The market capitalization tracked by Token Terminal rose from $2.87 billion in August to $3.35 billion in September, an increase of about 17%. Volumes are also increasing. By early September, tokenized stocks had already approached $3 billion in spot volume in a single week.

Binance Research provides another measure of this acceleration. On-chain transfers of tokenized stocks exceeded $100 billion in the third quarter, compared to about $6 billion in the first quarter.

These assets are also beginning to move beyond simple buy-and-hold. The share of tokenized stocks used in DeFi remains limited, but it is growing. According to Binance Research, the ratio of value engaged in decentralized finance has risen from about 1.8% to 6.3% in sixty days. The crypto market is thus starting to use these securities more as true on-chain assets.

Ethereum and Solana Remain in the Race

BNB Chain takes the top spot without truly distancing itself from its competitors. Ethereum retains about $828 million in tokenized stocks and ETFs, or 22% of the market. Solana follows with $738 million and about 20%. Together, the three networks account for over 70% of the sector's value.

The competition is also set to widen. Coinbase is already deploying its own tokenized stocks on Base. Robinhood is developing its own infrastructure, while Ondo's products are present on several blockchains.

U.S. regulation could further accelerate the movement. In September, the SEC opened a five-year experimental framework for certain tokenized U.S. stocks. Tokenized stocks remain tiny compared to traditional stock markets. However, their growth on blockchain is hard to ignore. $719 million in January. About $3.7 billion today. And BNB Chain has just taken over more than a billion on its own.