The changes in tokenized stocks are no longer just about turning stocks into on-chain tokens. More noteworthy is that users are beginning to trade them during the traditional stock market's off-hours and attempting to integrate these assets into the trading and lending systems of the crypto market.

On October 15, Binance announced that its tokenized stock product, bStocks, has surpassed an asset management scale of $1 billion. This product was launched on June 11 of this year, and it took only about four months to reach this scale from its launch.

This growth provides a noteworthy signal for the tokenized stock market: crypto platforms are attempting to bring traditional financial assets on-chain, and the focus of competition is gradually shifting from "whether it can be issued" to "whether there is sustained trading demand."

Trading hours are becoming a new competitive point

According to data disclosed by Binance, bStocks initially offered only 5 underlying assets, but has now expanded to nearly 100, covering stocks and industry ETFs in fields such as artificial intelligence and semiconductors.

Unlike traditional stock trading, bStocks supports 24/7 trading and allows users to transfer related assets between platform accounts and external wallets. Binance stated that as of October, the conversion scale between tokenized stocks and corresponding direct holdings has exceeded $6 billion.

One notable piece of data is that in August 2026, approximately 58% of bStocks' trading volume occurred outside of regular trading hours in the U.S. stock market. The traditional stock market has fixed opening hours, but earnings reports, policies, and breaking news do not wait for the market to open. For users looking to adjust their positions in a timely manner, extended trading hours provide extra operational flexibility.

However, longer trading hours do not necessarily mean that liquidity is always abundant, nor do they guarantee that prices can remain fully in sync with traditional markets at all times. Actual trading still needs to consider factors such as spreads, liquidity, and the suitability of the product for different regions.

From holding assets to integrating into on-chain finance

The next step for tokenized stocks is not only to increase the tradable underlying assets but also to enable assets to enter on-chain financial applications.

Once the related tokens can circulate in external wallets, there are opportunities to further participate in scenarios like collateralized lending and asset portfolio management. Data disclosed by Binance also shows that the on-chain usage of bStocks is increasing, as users begin to explore uses beyond holding and trading.

However, there remains a threshold: whether tokenized assets can be widely used as collateral depends on asset structure, platform support, liquidity, and risk control, rather than just completing the token issuance.

At the same time, Solana's RWA market is also expanding. Recent data shows that its scale of on-chain real-world assets has grown from approximately $700 million a year ago to around $4.3 billion. There may be differences in asset scope under different statistical measures, but the overall trend indicates that RWA is becoming a new focus in the competition for public chain ecosystems.

Institutions are also bringing traditional markets on-chain

Another clue worth noting comes from institutional trading. On October 15, Ripple Prime announced support for RWA perpetual swaps, covering over 100 reference markets including stocks, stock indices, ETFs, metals, energy, and forex, and supports 24/7 trading and settlement. Institutional clients can use RLUSD as collateral for related transactions.

This is not the same type of product as tokenized stocks: bStocks focuses on the holding, trading, and conversion of tokenized securities, while Ripple Prime's new product is a derivative that references the prices of traditional assets. However, both point in a similar direction—traditional financial assets are entering the digital asset trading infrastructure through different structures.

What is truly worth observing is not which platform is the first to reach $1 billion, but whether these assets can form stable trading volumes, reliable price mechanisms, and sustainable on-chain usage scenarios.

Currently, tokenized stocks still represent only a small portion of the global stock market, and there are limitations concerning the availability of products, regulatory requirements, and arrangements for underlying assets. Yet, from trading hours and asset conversion to institutional derivatives, the boundaries between traditional finance and the crypto market are being redefined bit by bit.

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