BNB Chain has emerged as the leading blockchain for tokenized equities after the launch of bStocks, overtaking Ethereum in total tokenized-equity supply. Before bStocks launched, Ethereum held the largest supply, while BNB Chain remained below $500 million despite months of gradual growth.
Growth accelerated after June. By the end of August, BNB Chain’s tokenized-equity supply had surpassed $1.3 billion, compared with approximately $800 million on Ethereum. Solana also increased its tokenized-equity supply to around $550 million, while Avalanche remained near $170 million and smaller networks attracted only minimal amounts.
According to BlockWorks data, BNB Chain now accounts for nearly 50% of the sector’s total supply, which stands at approximately $2.9 billion. In addition to providing greater liquidity, bStocks offers two advantages that traditional shares do not: 24/7 settlement and composability.
bStocks drives BNB Chain’s tokenized-equity growth
BNB Chain’s broader lead is largely concentrated in bStocks rather than being evenly distributed across the network’s tokenized-equity ecosystem.
bStocks has accumulated more than $500 million in assets under management (AUM) since June and now supports more than 67 active assets, according to data from BNBChain.org.
Trading volume has already exceeded $19 billion, indicating that the assets are actively circulating rather than simply remaining issued on-chain. On a narrower measure of tokenized equities and assets, bStocks typically represents more than half of the available tokenized-equity supply.
Continued use of bStocks for new issuances and trading could further strengthen BNB Chain’s position as the leading decentralized exchange platform. However, a slowdown in bStocks activity would highlight the network’s reliance on the bStocks product family.
BNB Chain’s broader RWA market share still trails Ethereum
BNB Chain’s tokenized-equity lead becomes less dominant when viewed across the wider real-world asset (RWA) market. BNB Chain represents $5.7 billion of the $38.4 billion total distributed RWA market, giving it approximately 15% of the sector.
Ethereum remains the largest RWA network, with $17.27 billion and an estimated 45% market share. Solana follows BNB Chain with $4.06 billion. As a result, BNB Chain’s leadership in tokenized equities has not yet translated into comparable dominance across the broader RWA market, according to RWA.xyz.
BNB Chain continues to expand in tokenized equities, while Ethereum attracts capital across multiple asset classes. That broader diversification increases Ethereum’s overall liquidity and reduces its reliance on a single RWA segment.
Expansion into Treasuries and funds could help BNB Chain diversify demand and retain more capital. Without that growth, a slowdown in tokenized-equity activity could limit BNB Chain’s ability to close Ethereum’s overall RWA lead.
Key takeaway
BNB Chain now leads the tokenized-equity market, largely because of bStocks’ rapid growth. Ethereum, however, continues to dominate the broader RWA market with an approximately 45% share.
