Tokenized Stock Trading Surges: Binance bStocks Hits $500M AUM

Tokenized stock trading volume is rising as major exchanges compete for market share. Binance (币安) saw its bStocks product reach $500 million in assets under management within seven weeks of launch, while Hyperliquid's perpetual futures volume for tokenized assets exceeded 40%. A Coin Metrics report highlights the diverse compliance strategies employed by Kraken (Payward), Binance, Coinbase (Coinbase), and Robinhood (Robinhood) as they integrate tokenized stocks, derivatives, and blockchain infrastructure. While these platforms pursue different models—ranging from certificate-based products to direct ownership structures—the sector faces regulatory uncertainty regarding SEC innovation exemptions.