Tokenized stocks on BNB Chain traded about $25.6 billion between 1 July and 30 September 2026, roughly eleven times the $2.4 billion of the second quarter, according to the BNB Chain Q3 2026 quarterly report published by Blockworks Advisory, the research arm of the crypto media group Blockworks. Of that total, $24.4 billion changed hands on decentralized exchanges, mostly in Binance’s bStocks tokens, and $1.2 billion went through Ondo Global Markets.
The report came out by 23 October, when crypto.news first covered it, and Bitcoin.com News ran it on 24 October under a headline saying BNB Chain “tops Solana, Robinhood”. On 22 October BNB Chain wrote on X, in a post quoted by crypto.news, that it had ranked first among all chains in tokenized equity trading volume, supply and holders.
The headline number holds up against the document. What sits under it is less tidy. The growth multiple compares a full quarter with a product that had been live for three weeks in June, and about 80% of bStocks trading came from a single token tracking the Nasdaq-100. Weekly volume is now well below its July peak. The document does not state who commissioned it.
What the $25.6 billion in tokenized stocks actually counts
Blockworks adds two separate things to reach its figure. The first is trading in pairs that match a tokenized asset with another token, such as a stablecoin or BNB, across the decentralized exchanges it tracks on BNB Smart Chain: $24.4 billion. The second is volume on Ondo Global Markets, the tokenized stock venue run by Ondo Finance: $1.2 billion.
Trades that pair a tokenized stock with a memecoin are kept out. Blockworks put them in their own category, which reached about $3.0 billion in the quarter, of which $2.1 billion ran through PancakeSwap v2 pools. The methodology appendix also says supply and holder figures measure circulating supply and “can differ from issuer-published totals”.
Measured against all spot DEX trading on the chain, the shift is large. Total spot DEX volume rose 28% to $75.7 billion, its first quarterly increase after four declines, and tokenized-asset pairs took 32.3% of it, up from 0.2% in the second quarter. Memecoins fell to 5.8% of volume from 12.6%.
The 11x rests on a launch quarter and a revised baseline
Binance’s bStocks, BEP-20 tokens that track US shares and ETFs, went live on BNB Chain on 11 June. Before that date, according to the report, the DEX category held only xStocks and a few other early listings, which traded $8 million in the second quarter. The other $105 million of second-quarter DEX volume came in the three weeks after the bStocks launch.
That $113 million baseline is itself a revision. The Q2 report had put DEX tokenized-asset volume at $70.2 million; the Q3 appendix says several Q2 figures “reflect upstream data revisions”. Against the revised base, DEX volume grew about 216 times in one quarter, by our calculation.
The combined multiple looks smaller only because Ondo Global Markets was the bigger piece in the second quarter. Its volume fell from $2.3 billion to $1.2 billion, a drop of about 48%. So the eleven-fold rise comes from one line that went from near zero to $24.4 billion and another that roughly halved.
| Measure (BNB Chain) | Q2 2026 | Q3 2026 | Change |
|---|---|---|---|
| Tokenized-equity trading, total | $2.4B | $25.6B | about 11x |
| DEX tokenized-asset pairs | $113M (revised from $70.2M) | $24.4B | about 216x |
| Ondo Global Markets volume | $2.3B | $1.2B | about -48% |
| Share of spot DEX volume | 0.2% | 32.3% | +32.1 points |
| Tokenized-equity supply, quarter end | $560M | $1.13B | about 2x |
| Tokenized equities in lending markets | $6M | $62M | about 10x |
Source: Blockworks Advisory, BNB Chain Q3 2026 quarterly report. Q3 covers 1 July to 30 September 2026.
Ahead of Robinhood Chain and Solana, on a narrower measure
The comparison with other chains that headlines picked up does not use the $25.6 billion. It uses the DEX figure alone. At $24.4 billion, BNB Chain carried more than half of the $45.8 billion in tokenized-asset DEX volume that Blockworks tracked across chains in the quarter, against under 1% in the second quarter. Robinhood Chain followed with $10.2 billion and Solana with $6.4 billion.
The three named chains add up to $41.0 billion. The report does not say which chains share the remaining $4.8 billion, and it gives no Q3 figure for Ethereum or Base. It also gives no number for tokenized stocks traded on centralized exchanges.
Blockworks applied the same rule everywhere: memecoin pairs are excluded on every chain. That matters for Robinhood Chain in particular. The Defiant reported, when the chain’s tokenized stocks were about three weeks old, that memecoin pairs were “supplying the push” behind the chain’s early tokenized stock volume, and ARK found that Robinhood Chain out-earned Ethereum in Q3 as memecoin fees peaked. The $10.2 billion is the narrower, memecoin-free number, so the gap with BNB Chain is not inflated by that choice.
One Nasdaq-100 token carried about 80% of bStocks trading
The quarter was not evenly spread. QQQB, the bStocks token for the Invesco QQQ ETF that follows the Nasdaq-100, made up about 80% of bStocks DEX volume for the quarter, according to the report. SpaceX’s SPCXB, SPYB, NVDAB, BNCB and GMEB accounted for most of the rest. In all, 87 bStocks traded.
QQQB also drove the peak. In late July, tokenized-asset pairs made up 62% to 65% of all spot DEX volume on BNB Chain for two weeks in a row, and daily volume in the category reached $1.2 billion on 26 July. Native, a request-for-quote (RFQ) venue that opened a QQQB smart contract holding reserves of two or more tokens, supplied by users, that a decentralized exchange uses to execute trades automatically at a price set by a formula.">pool on 22 July, carried about 36% of bStocks volume, and its share of all spot DEX trading on the chain rose to 12.7% from under 1%. PancakeSwap’s share fell to 56.7% from 76.9%.
The level did not last. From mid-August, weekly volume mostly ran between $0.6 billion and $1.1 billion, with one $2.1 billion week in early September. In its outlook, Blockworks writes that weekly DEX volume in the category has “settled near $0.9B”. Thirteen weeks at that pace would add up to about $11.7 billion, under half the third-quarter DEX total. That is our multiplication, not a forecast: the report gives no fourth-quarter estimate.
Incentives ran alongside the trading. The report documents two. The Flap launchpad began accepting tokenized stocks and gold as quote assets on 29 July, and from 4 September BNB Chain ran a $4 million “Stonks Szn” campaign that rewarded holders of memecoins paired with bStocks. Trades in those memecoin pairs sit in the separate $3.0 billion bucket, not in the $24.4 billion. Nobody we found has measured how much volume either programme produced.
Supply doubled to $1.13 billion, and quarterly trading was nearly 23 times that
Supply is a slower but steadier gauge than volume. BNB Chain ended the quarter with $1.13 billion in tokenized-equity supply, double the $560 million at the end of June and the most of any chain, Blockworks says. That is about 39% of the $2.89 billion in tokenized public equities it tracks across chains. bStocks accounted for $810 million of it.
Set against that supply, the $25.6 billion of quarterly trading is nearly 23 times the value of the tokens outstanding at quarter end, by our calculation. For a venue, that turnover means fees. For a reader, it means the volume figure says more about how often the same tokens change hands than about how much money has moved into tokenized shares.
Listings kept coming during the quarter. Ten new bStocks went live on 9 July, and tokenized SK Hynix launched on 14 July through three issuers at once: bStocks, Ondo and xStocks. Lending followed, with Sixpence letting holders borrow against supported tokenized equities, K3 Capital opening a USDT credit market on Euler with bStocks as collateral, and APRO publishing price feeds for 12 bStocks. Tokenized equities in lending markets still came to only $62 million at quarter end, under 2% of the $3.57 billion of deposits on the chain.
Blockworks also counts about 1.8 million tokenized-equity holders on BNB Chain at the end of September, 38% of the cross-chain total. Those are addresses, not people, and one person can hold several. A separate count gives a sense of their size. On 8 October Cryptobriefing, citing a tracker it did not name, reported around 1.8 million BNB Chain holder addresses (a 45% share on that dataset) and 187,112 addresses holding at least $10. On those figures, roughly nine in ten holder addresses carried less than $10. Blockworks does not publish a size filter, and its data differs from that tracker, so the ratio is an indication, not a measure of its count.
Other trackers size the tokenized stock market differently
Blockworks’ $2.89 billion cross-chain total is one estimate among several. As crypto.news reported on 19 October, data from MSB Intel, posted by BNB Chain, put BNB Chain at $1.47 billion and 42.59% of tokenized stocks on 18 October, ahead of Ethereum at $730.43 million and Solana at $489.72 million. Castle Labs, using CoinGecko data for the same day, counted $2.47 billion across 250 assets, with bStocks at about $1.02 billion, xStocks at $837.2 million and Ondo Global Markets at $822.6 million. DWF Labs put the whole market at $3.8 billion on 16 October and named Ondo the largest issuer.
Binance said bStocks passed $1 billion in assets as of 15 October, citing Dune data. The spread between $2.47 billion and $3.8 billion comes from which tokens and chains each dataset includes. On every one of them BNB Chain is among the leaders on supply, but no tracker we found confirms the Blockworks volume figures independently.
A longer view exists for Ondo. A BNB Chain blog post of 1 June, citing DefiLlama data as of 12 May, put cumulative DEX volume for Ondo Global Markets tokens at $5.609 billion, $4.257 billion of it on BNB Chain and $1.351 billion on Ethereum. Our profile of Ondo Finance explains what the company sells and who controls it.
What the report leaves out
The document does not say how much of the volume came from the same accounts trading back and forth, and it gives no wash-trading estimate. That is a live question on DEXs: this week one Solana bot booked $1.4 billion of Raydium volume with about $12,000. Nothing in the report or in our other sources points to similar activity in bStocks; the point is only that volume alone cannot rule it out.
The report gives no third-quarter volume for xStocks on BNB Chain and no figure for bStocks traded on Binance’s centralized exchange, so the DEX numbers cannot be set against the order book.
It is also silent on who can buy these tokens. bStocks, xStocks and Ondo Global Markets tokens track US equities, yet the report does not show whether they are open to users in the US or the European Union. We found no statement from the SEC, the French AMF or Italy’s Consob on bStocks specifically.
How tokenized stocks work, in short
A tokenized stock is a token on a blockchain whose value follows a listed share or ETF. Binance issues bStocks and Ondo issues its Global Markets tokens; xStocks come from another issuer. Once on-chain, the token can trade around the clock on DEXs, serve as loan collateral on lending markets such as Euler, or be paired with other tokens in pools. Prices on-chain can drift from the stock when the US market is closed, as the chip stock perpetuals that lost $51.6 million in ten minutes while Wall Street was shut showed on 18 October.
Weekly volume near $0.9 billion is the number to watch in Q4
Blockworks names tokenized-equity depth after the July peak as the first of four things that will show whether the third quarter’s gains carry into the fourth, and asks whether trading broadens beyond QQQB. The fourth quarter closes on 31 December; until then, the weekly figure is the one to follow.
The 37th quarterly BNB burn, calculated on third-quarter activity, took place on 19 October. BNB traded near $719.6 at 16:24 UTC on 24 October, down 3.6% over 24 hours. The next date sits a week away: BNB Chain’s zero-fee programme for USDC, USD1 and U transfers ends on 31 October, and the report lists stablecoin supply after that date among its four things to watch.