Binance, the world’s largest crypto exchange, said a significant share of traders using its newest tokenized stock product had never previously traded equities on the platform.

Over the past several months, the exchange has expanded its route into traditional market exposure with three separate products: pre-IPO exposure through perpetual futures, direct access to US-listed stocks, and bStocks, its tokenized on-chain securities.

One of Binance’s most notable figures is that four in 10 bStocks users accessed equities for the first time through the product, highlighting how tokenized versions can serve as an entry point for users who are already active in crypto but are newer to stock-linked trading.

Why are new Binance users choosing the tokenized version first?

Binance said 41.5% of bStocks traders had not previously used perpetual futures or direct stock trading on the platform, meaning bStocks was their first exposure to equities on Binance.

According to the exchange, bStock listings increased from 5 to 36 within a month, while the combined market capitalization of those tokens reportedly exceeded $300 million over the same period.

Binance also said the product’s simplicity makes it easier for users to complete actions that may require more steps on traditional platforms. As a case study, it cited SPCX, a recent pre-IPO listing of SpaceX stock on the platform, and said 8.6% of users who traded its pre-IPO perpetual contract later bought the bStock version, compared with 0.6% who moved into the direct stock.

What happens once conventional markets close?

Traditional US equities trade on a 24/5 schedule. bStocks trades around the clock every day, and Binance said the difference is visible in its volume data.

During regular US market hours, bStocks and direct stocks split equity-linked volume on Binance almost evenly, with bStocks accounting for 48%. After the market closes, that share rises to 58%.

The exchange said the appeal of bStocks goes beyond extended trading hours. Each bStock is intended to be backed one-to-one by a share held with a regulated custodian, a claim Binance says can be verified through its Proof of Collateral page, and dividends are paid automatically through a rebasing mechanism it calls the Multiplier.

Holders can also use bStocks in decentralized finance, including by supplying them to liquidity pools or using them as collateral. Binance pointed to PancakeSwap liquidity pairs, which show yields ranging from roughly 32% to 228%, and native credit pools offering returns of 5% to 10%.

Instant, fee-free conversion between a bStock and its underlying share is designed to keep the two prices closely aligned. However, gaps can still emerge when traditional markets are closed and on-chain trading continues.

Binance said a sample of users generated $216 million in trades by exploiting those gaps between June 11 and July 8. The exchange said a small group of systematic traders accounted for most of that volume, even though most individual participants traded only once.

Does Binance’s data reflect a wider industry pattern?

Binance said its figures suggest the products are not being used in isolation. The exchange noted that 58.5% of bStock users also traded perpetual futures or direct stocks during the same period, including combinations of perps and bStocks, all three products together, or direct stocks and bStocks.

Independent data also indicates that tokenized stocks have become the largest real-world-asset (RWA) category by wallet count, with new users often entering the RWA market through tokenized equities rather than treating them as a secondary addition. According to rwa.xyz data, the current distributed value of the tokenized stocks market is $1.88 billion, with monthly transfer volume above $7.6 billion.

Several exchanges have expanded tokenized equity offerings into new markets this year, while clearing infrastructure providers such as the DTCC have begun testing tokenized securities settlement. Major exchanges including Nasdaq and the NYSE have also launched tokenization initiatives.

Against that backdrop, Binance’s figures appear less like a standalone marketing claim and more like a snapshot of a broader shift already underway across the industry.