Key Points Summary
● Tokenized stocks are no longer just a conceptual market. CoinMarketCap statistics show that the global TVL of tokenized stocks is approximately $2.55 billion, with over 1 million holders; bStocks accounts for about 26% of the locked assets but contributes approximately 88% of on-chain transactions. The locking is done elsewhere, but the turnover happens here.
● Token Terminal: In the past 30 days, bStocks traded approximately $3.8 billion on DEX in the BNB Chain. The top trading asset is not a single tech stock, but the Nasdaq ETF token QQQB at about $1.9 billion, followed by SPCXB (SpaceX) at around $617 million, GMEB at about $335 million. During the weekend closing period, QQQB also managed about $181 million over two days.
● Binance VIP activities are still ongoing: Stocks and bStocks spot trades count as 3 times towards the 30-day spot volume until 2026-09-23 23:59 (UTC) (which is September 24, 07:59 in GMT+8). The multiplier only adjusts the VIP formula, not the profit and loss. Ordinary users and VIPs 1–2 are applicable, with a maximum adjustment to VIP 3.
● Rankings should be viewed separately: the trading volume leaderboard shows who is trading, the percentage increase leaderboard shows who is being repriced, and the profit leaderboard shows the realized profits and losses of a few accounts. The first two leaderboards can be verified with public transactions; the profit leaderboard reflects seasonal snapshots, not a deterministic "buy this to earn."
● No account: Go to https://jump.do/zh-Hans/xlink-proxy?id=3 for registration verification and check if you can access stocks/bStocks in your location. Existing accounts: First, check the bStocks transaction and percentage increase leaderboards before deciding whether to place those already considered orders in the window.
Check the board first, then talk about 3 times. Otherwise, the activity is just an announcement.
bStocks launched on June 11 and on September 7, it was officially stated that total transactions exceeded $30 billion. More noteworthy is the structure: it has captured nearly 90% of the tokenized stocks market's on-chain transactions with about a quarter of the locked assets. Ondo has an even higher lock-up rate, with transaction shares dropping as low as around 2%; xStocks has about 30% lock-up, with around 10% trading volume. The implication is clear—this market currently values not who can print the most assets, but who can deepen the order book.
30-day transaction leaderboard: first is index, then narrative, followed by echo
Token Terminal's 30-day snapshot around September 10 is currently the cleanest on-chain transaction leaderboard.
1. QQQB (Invesco QQQ / Nasdaq 100 token): approximately $1.9 billion
2. SPCXB (SpaceX): approximately $617 million
3. GMEB (GameStop): approximately $335 million
These three can explain most of the trading volume. QQQB is not "a stock has risen," it packages the risk preference of U.S. stocks into a 24-hour tradable index receipt. In July, when the entire market's tokenized stock transactions hit a new high, QQQB once accounted for over 80% of the entire market—that was an extreme month with zero Maker fees and VIP multipliers stacked together; in September, it remains the first, but its share is declining, indicating that transactions are beginning to spread to SpaceX, storage, individual stocks, and GameStop-type codes.
The daily leaderboard on the platform's spot side does not completely overlap with the on-chain data. Storage and semiconductors are louder on the Binance order book: SanDisk (SNDKB), Micron (MUB), SK Hynix-related tokens frequently compete with SpaceX for daily transactions. Some statistics have indicated that the storage chain comprises about 30% of clean flow in the entire market. The weekend shows another leaderboard: after the U.S. market closes, QQQB, AMC/GameStop, SpaceX, and Nvidia tokens appear in the top positions for cross-platform weekend transactions; in one sampled weekend, bStocks recorded about $304 million over two days, of which QQQB was approximately $181 million.
When reading the leaderboard, be wary of a misconception. Codes like QQQB can have extremely high turnover, while on-chain floating supply is relatively small, and there is a significant volume of market making and price spreads involved in the transaction amount. It proves that "there are people continuously pricing this market," not "all transactions are long-term purchases of the Nasdaq." To assess holdings, look at Circlb and the lock-up of a few individual stocks; to assess trading, look at QQQB and SPCXB.
The percentage increase leaderboard and the transaction leaderboard are not the same table
Being number one in transactions does not mean the highest percentage increase. In the past month of U.S. stocks, names like Moderna (approximately +126%), Strategy (approximately +38%), Circle (approximately +29%) have appeared in the upper echelon of percentage gains for trades exceeding $1 billion. It was on September 2 when Binance first listed MRNAB (Moderna), CRWDB (CrowdStrike), SQQQB, and STXB (Seagate) for spot trading. The percentage rises happen in the market, while tokenized codes are lagging mirrors—some are pursuing completed segments, while others are making up for around-the-clock pricing.
SpaceX is another line: first came the Pre-IPO perpetual contracts, followed by the SPCX spot and SPCXB. In studies, it has been mentioned that the proportion of people who traded Pre-IPO perpetuals and then turned to bStocks is higher than those who directly moved to stocks. Hence, SPCXB remains in the top three of the transaction leaderboard for a long time, relying on "sustaining the first narrative as tradable spot within the same account," not on a random lottery on a particular day.
It is recommended to open the Binance App / web's bStocks market and compare these three tabs, do not just look at one:
● Transaction Volume: Who is trading (usually QQQB, SPCXB, storage, GMEB)
● Percentage Change / Surge: Who is being repriced (recently check MRNAB, MSTRB, CRCLB, semiconductors)
● New Tokens: Check if the batch from September 2 is still at zero Maker fee windows
When the three tabs do not match, prioritize the transaction volume. There cannot be weight without volume for significant percentage rises, no matter how much 3 times VIP suggests.
Profit leaderboard: can be observed, but should not be treated as a manual
The platform currently displays two types of "profit-related" leaderboards simultaneously, which can easily become screenshots.
One type is the Traders League Season 4 personal competition for bStocks: from September 9, 10:00, to September 23, 09:59 (UTC) for the first round, ranked by effective net holdings and early bird multipliers, with a prize pool of 708 BNB, where the first place can earn up to 52 BNB. This is a holding competition, not a day-trading profit and loss competition. Climbing the leaderboard represents how much you have bought and held in the window, not how much profit you have already realized.
The other type is the wallet season, on-chain realized profits and losses. Public research has shown early samples: about 206 accounts were making rapid matches between stocks and bStocks, contributing about $198 million in transactions, with an unadjusted price spread of approximately $636,000—this is the spread, not directional windfall profit. Another on-chain snapshot showed a steep gradient as well: the larger the trading address, the higher the proportion of having net gains over $100 at closing; the overall smaller trading addresses left funds behind. This can only indicate that the order book is unfriendly to small orders, and it cannot be translated to mean "following the first-ranked can replicate profits."
Therefore: going to see the leaderboard is to understand where liquidity is gathered, how season rules are scored. Do not turn the BNB rewards of the first-place or the realized profits of an address into your expected value. The 3 times VIP weights your spot volume, not others' profits.
The 3 times window and leaderboard overlap
The activity has not changed. From 2026-07-23 08:00 to 2026-09-23 23:59 (UTC), stock and bStocks spot trades of $1 count as $3 towards the 30-day spot volume. Recording $500,000 counts as $1.5 million, sufficient to cross VIP 1 (1 million) and advance towards VIP 2 (5 million). Registration is not required. It only applies to ordinary users and VIPs 1–2; capped at VIP 3; those who are already VIP 3 and above do not receive the multiplier. There is also a BNB holding threshold.
There are about 10 days left in the window, which coincidentally aligns with the first round deadline of the league. For those who are already holding views on QQQ, Nvidia, storage, SpaceX, and Moderna, the same spot trade now serves three purposes: expressing a view, advancing VIP, and entering league holding statistics. For those without a perspective, the three activities will turn into the same slippage.
Who should check the leaderboard, who should not make trades based on leaderboard transactions
If your location has opened up and you were planning on trading indices or the above-mentioned individual stocks: first check the transaction leaderboard to confirm that the market is still active, then place your planned orders. Use bStocks during market closure, and you can exchange them for stocks at zero cost during market opening.
If you do not have an account and your location allows: first complete the https://jump.do/zh-Hans/xlink-proxy?id=3 registration and verification, then go to the bStocks market page to capture and compare the transaction and percentage change leaderboards before deciding whether to make your first trade. Do not use unofficial links.
If you just want to "follow because the first place is very profitable": stop. The 88% of market transactions and the $1.9 billion of QQQB prove that it's about turnover, not direction.
bStocks do not confer shareholder status; prices can deviate from the market. There may be pricing on weekends, and it could jump back on Monday. U.S. users usually cannot buy. Mainland and restricted jurisdictions should not assume that an account equals U.S. stock permissions.
To sum up:
QQQB has nearly $1.9 billion in 30-day transactions, while bStocks captures about 88% of on-chain transactions for tokenized stocks—this is concentrated turnover, not guaranteed returns.
Before September 23, 23:59 (UTC), this leaderboard's $1 counts as $3 towards the VIP formula. Check the surge and transaction leaderboards on the market page. If you have a view, place an order; without a view, no matter how red the leaderboard is, it's just someone else's volume.
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