Binance listed two new bStocks tokenized securities on September 9, adding Salesforce (CRMB) and Hims & Hers Health (HIMSB) to Spot trading at 12:00 UTC, with withdrawals opening an hour later and the tokens also becoming eligible as collateral on Cross Margin and Portfolio Margin accounts. Maker fees on the two USDT pairs are set at zero through September 30, and Convert transactions carry no fee during the promotional window.
The listing continues a fast expansion for Binance’s tokenized-equities program, which CoinDesk Research recently ranked as the second-largest tokenized ETF issuer by market cap at roughly $118.5 million, overtaking xStocks at $94.5 million within about two months of the product’s June 10 launch. Ondo still leads the category at $350.5 million. Binance’s bStocks now account for about 90% of tokenized-equities volume on decentralized exchanges.
How bStocks are structured
bStocks are certificates rather than company shares. Each token is issued 1:1 against an underlying share held in segregated custody by BTECH Holdings Limited, a Binance-group affiliate incorporated in the Abu Dhabi Global Market. The ADGM financial regulator approved the admission of bStock certificates to its Official List on June 11, the first tokenized-securities admission there. Holders can convert tokens back into the underlying stock 1:1 with no conversion fee through the affiliated broker-dealer Nest Trading Limited, and dividends are delivered through an on-chain rebasing mechanism.
Binance’s own announcement is explicit that bStocks do not give holders direct ownership of a share in the listed company and carry no affiliation with the underlying issuer. The securities are offered under an approved prospectus in the ADGM only, are not available to US persons, and are limited to eligible users in permitted jurisdictions on a secondary-market basis. The collateral feature is restricted to VIP tier 3 and above, and borrowing against the tokens is not yet supported.
The broader tokenized-equities race
The listing lands amid strong momentum for tokenized real-world assets. Total active RWA market cap has surpassed $30 billion, roughly six times its 2024 level, according to CoinDesk Research. Tokenized equities led 30-day RWA inflows at $480.6 million, narrowly ahead of bonds and money-market funds at $471.7 million and gold and commodities at $470.1 million. Those three categories account for about 75% of net inflows.
Usage data suggests the tokens are traded, not just held. In July, 58.5% of bStocks holders also traded perpetuals or direct equities, and roughly 31% of assets under management were posted as margin collateral. Off-hours trading is a meaningful share of volume, which issuers present as evidence of genuine price discovery outside traditional market sessions. Cross-market arbitrage between bStocks and the underlying shares reached $216 million in the product’s first month, per Binance Research, with a small group of 206 systematic traders driving most of the matched volume.
Binance runs a two-sided strategy. On June 1 it opened more than 7,000 US stocks and ETFs to eligible non-US users through a regulated broker-dealer partnership, turning over roughly $143 million a day in the first nine days. The bStocks layer adds on-chain composability on top: tokens live on BNB Chain, trade directly against USDT in-app, and can be used in DeFi while still earning dividend exposure.
What to watch
Spot algorithmic trading bots activated with the CRMB and HIMSB listings, and rebalancing bots were expected within 24 hours. Smart contract addresses for both tokens are published on BNB Smart Chain. The fee waiver runs through the end of the month, after which standard spot fees apply.
Regulatory reach remains the open question for the category. Binance distributes bStocks only in jurisdictions where the ADGM structure is recognized, and the company has kept US users entirely outside the product. Competitors including Backed’s xStocks and Ondo’s tokenized funds face the same constraint, which keeps the market fragmented by region even as on-chain volumes climb. For now the flow data points the same way as the listings pipeline: capital is rotating into tokenized equities faster than any other RWA class this quarter.
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