Binance bStocks的管理资产规模于2026年10月突破10亿美元，累计交易量超过400亿美元，并支持1:1股票转换。
Binance bStocks crossed $1 billion in AUM by October 2026, with over $40 billion in cumulative trading volume and 1:1 stock conversions.
独立研究追踪了Binance代币化股票自2026年6月推出以来的扩张情况，交易时间远超美股收盘，持仓可按1:1比例转换为直接股票头寸。
Independent research traces how Binance’s tokenized stocks scaled after their June 2026 launch, with trading that runs well past the closing bell and holdings that convert 1:1 into direct stock positions.
2026年7月16日纽约时间中午，纳斯达克正常交易时，Delphi Digital的分析师在Binance的代币化股票订单簿中逐档走访了一笔10万美元的英伟达买单，记录了沿途的每一个价格。该订单在53个不同价格的53笔挂单中成交，最大的一笔约为47股，滑点为0.33%。纽约时间18:30，即收盘后两个半小时，他们再次进行了同样的走访。在此期间，英伟达股价波动了0.7%，该订单的成交成本为0.47%。
At noon in New York on July 16, 2026, with the Nasdaq open, analysts at Delphi Digital walked a $100,000 buy order for Nvidia through Binance’s tokenized stock book, level by level, saving every price along the way. The order cleared across 53 separate resting orders at 53 different prices, the largest of them about 47 shares, for a slippage of 0.33%. At 18:30 New York time, two and a half hours after the closing bell, they ran the same walk again. Nvidia had moved 0.7% in the interval, and the cost of filling the order came in at 0.47%.
这项测试是Delphi Digital于2026年8月25日发布的《代币化股票现状》报告的核心内容，它揭示了发行初期图表很少展示的情况。一个由数十名卖家填充、且没有单一订单支撑价格的订单簿，表明市场深度。Delphi发现，无论美国市场是否开市，Binance的订单簿深度均保持在0.3%至0.5%的区间内。
The test sat at the center of The State of Tokenized Stocks, a report Delphi Digital released on August 25, 2026, and it captured something launch-week charts rarely show. A book filled by dozens of sellers, with no single order holding the price up, signals depth. Delphi found Binance’s held within a 0.3% to 0.5% range whether or not US markets were in session.
接受检验的产品是bStocks，即Binance推出的选定美国股票和ETF的1:1代币化敞口产品，于2026年6月11日上线。它在链上发行方推出该类别后才推出，但增长迅速。Binance记录显示，bStocks在首24天（截至7月5日）的交易量达到18亿美元。7月，交易量达到147亿美元，其中39亿美元在Binance现货市场，108亿美元在BNB Chain上。Delphi发现，bStocks在首月的扩张速度快于其追踪的其他代币化股票产品，且在两个月内，其累计交易量已超过一款可比产品用五个月达到的总量。
The product under examination was bStocks, Binance’s tokenized 1:1 exposure to selected US stocks and ETFs, which launched on June 11, 2026. It arrived well after onchain issuers had introduced the category, and it moved quickly. Binance recorded $1.8 billion in bStocks volume in its first 24 days, through July 5. In July, volume reached $14.7 billion, split between $3.9 billion on Binance spot and $10.8 billion on BNB Chain. Delphi found that bStocks expanded faster in its first month than the other tokenized stock products it tracked, and that within two months its cumulative volume had passed a total a comparable product took five months to reach.
全球买家大多来自币安的现有用户群。截至7月31日，全球符合条件的司法管辖区中，有299,208人在币安交易过bStocks，较7月5日的181,504人有所增加；在上一次群体细分中，88%的人在购买首只代币化股票前已持有数字资产。他们在自己已经使用的同一款应用中开设了首个股票头寸，无需经过经纪商。到7月底，德尔菲将币安在大型发行人代币化股票流通价值中的份额定为28%，而6月份时这一份额还为零。
The global buyers came largely from Binance’s existing user base. By July 31, 299,208 people globally in eligible jurisdictions had traded bStocks on Binance, up from 181,504 on July 5, and at the last cohort breakdown, 88% of them already held digital assets before buying their first tokenized stock. They opened that first equity position inside the same app they were already using, without going through a broker. By the end of July, Delphi put Binance’s share of the circulating value of tokenized stocks from large issuers at 28%, up from a standing start in June.
“bStocks 正在展示代币化股票如何为全球市场开辟一条更加互联、更易进入的路径，”币安交易与交易所负责人 Shunyet Jan 表示。“用户希望在已持有的数字资产之外获取传统资产，突破传统市场交易时段进行交易，并在产品间以更低的运营摩擦进行转换。截至 7 月底，链上 bStocks 交易者已超过 40 万，不包括场外中心化交易所交易，这表明产品上线后最初几周内兴趣增长迅速。这些是早期信号，但它们表明，现有市场基础设施和全球用户基础可以帮助代币化股票发展出更深层的参与度和更持续的流动性。”
“bStocks is showing how tokenized equities can open a more connected and accessible path to global markets,” said Shunyet Jan, Head of Exchange and Trading at Binance. “Users want to access traditional assets alongside the digital assets they already hold, trade beyond conventional market hours and move between products with less operational friction. By the end of July, there were more than 400,000 on-chain bStocks traders, excluding off-chain centralised exchange trading, showing how quickly interest developed in the first weeks following launch. These are early signals, but they show how existing market infrastructure and a global user base can help tokenized equities develop deeper participation and more continuous liquidity.”
10 月 15 日，币安宣布 bStocks 管理资产规模已突破 10 亿美元，距离上线大约四个月，成为最快达到该规模的代币化股票产品。该数字背后的活动包括累计交易量超过 400 亿美元、近 100 个上市代币，以及在币安上 bStocks 与相应股票之间按 1:1 转换的金额超过 60 亿美元。转换不收取费用，迄今转换金额已超过管理资产规模本身的六倍多。
On October 15, 2026, Binance announced that bStocks had crossed $1 billion in assets under management, roughly four months after launch, making it the fastest tokenized equity product to reach the mark. The activity beneath that figure includes more than $40 billion in cumulative trading volume, nearly 100 listed tokens, and more than $6 billion converted 1:1 between bStocks and the corresponding stocks on Binance. Conversion carries no fee, and the amount converted so far is more than six times the AUM itself.
根据币安研究院的数据，代币化股票是 2026 年增长最快的现实世界资产类别，年内市值上涨 390.4%，截至 2026 年 10 月，bStocks 约占该领域四分之一。
According to Binance Research, tokenized equities are the fastest-growing real-world asset class of 2026, up 390.4% in market capitalisation year to date, with bStocks accounting for roughly a quarter of the sector as of October 2026.
大部分活动发生在常规交易时段之外。据 Binance Research，2026 年 8 月，只有 42% 的 bStocks 交易量发生在美国常规市场交易时段，而传统美国股票的比例为 89.2%。其余 58% 分散在盘前、盘后、隔夜和周末交易时段，财报通常在这些时段发布。每个 bStock 均由相应基础证券全额支持，可提取至自托管钱包，且截至 2026 年 9 月，可作为零售用户的抵押品，这与传统金融不同，传统金融通常只接受现金作为抵押品。
Much of that activity happens outside regular trading hours. In August 2026, only 42% of bStocks volume occurred during regular US market hours, according to Binance Research, compared with 89.2% for conventional US equities. The remaining 58% was spread across pre-market, post-market, overnight, and weekend sessions, the windows in which earnings reports often land. Each bStock is fully backed by the underlying security, can be withdrawn to a self-custody wallet and, as of September 2026, works as collateral for retail users, a departure from traditional finance, where collateral is typically accepted only in cash.
一旦进入外部钱包，bStocks 就可以在链上应用中使用，越来越多的持有者正在将其部署到这些应用中。据 Binance Research，bStocks 的利用率已达到 11.2%，比代币化股票整体利用率高出约 3.8 个百分点。针对 bStocks 的未偿借款从 6 月底存入抵押品的 5.5% 上升至 2026 年 9 月 10 日的 46.2%。在更广泛的市场中，代币化股票（包括交易量）的链上转账在 2026 年第三季度超过 1000 亿美元，是第一季度记录的 60 亿美元的 16 多倍。bStocks 推动了这一增长的大部分，在 8 月初达到高峰时，其周转账量占比超过 90%。
Once in an external wallet, bStocks can be deployed across on-chain applications, and a growing share of holders are putting them to work there. According to Binance Research, bStocks utilisation has reached 11.2%, about 3.8 percentage points above the rate for tokenized equities overall. Outstanding borrowing against bStocks rose from 5.5% of deposited collateral at the end of June to 46.2% by September 10, 2026. Across the wider market, on-chain transfers of tokenized stocks, including trading volume, exceeded $100 billion in Q3 2026, more than 16 times the $6 billion recorded in Q1. bStocks drove much of that rise, accounting for over 90% of weekly transfer volume at its peak in early August.
CoinDesk Research 在去中心化交易中发现了同样的模式，bStocks 约占代币化股票 DEX 交易量的 90%，日活跃交易者在 8 月初达到近 74,000 人的高峰。其中许多用户在加密货币之外也有交易经验。据 Binance Research，截至 2026 年 8 月，58.5% 的早期 bStocks 用户在购买第一个 bStock 之前，已经交易过永续期货、直接股票或两者兼有。对他们来说，bStocks 是在一个 Binance 账户中持有的更广泛产品组合的一部分，与加密货币、永续合约、期权和直接股票并列。
CoinDesk Research found the same pattern in decentralised trading, where bStocks made up roughly 90% of tokenized-equities DEX volume, with daily active traders peaking near 74,000 in early August. Many of those users arrived with experience beyond crypto. As of August 2026, 58.5% of early bStocks users had already traded perpetual futures, direct equities or both before buying their first bStock, according to Binance Research. For them, bStocks sits within a wider set of products held in one Binance account, alongside crypto, perpetuals, options and direct stocks.
对 Jan 而言，衡量标准在于代币化股票能否在币安作为一个市场长久存在。“代币化股票的考验不在于首日上市的走势图；而在于它上市后是否仍表现得像一个市场，”Jan 表示。“bStocks 全天候交易、可作抵押品、可在自托管钱包间转移，并能 1:1 转换为直接股票持仓。如今，超过 10 亿美元的此类资产存放在币安，且正在被使用，而非仅被持有。”
For Jan, the measure that matters is whether tokenized equities endure as a market on Binance. “The test of a tokenized stock isn’t the launch-day chart; it’s whether it still behaves like a market after the launch,” Jan said. “bStocks trade around the clock, get used as collateral, move between self-custodial wallets, and convert 1:1 into direct stock holdings. Today, more than a billion dollars of that is held on Binance, and it’s being used, not just held.”
更广泛的市场也在朝同一方向发展。CoinDesk Research 于 2026 年 8 月 27 日报告称，代币化股票引领实物资产（RWA）30 天净流入，达 4.806 亿美元，占总额的 25.4%，而活跃的 RWA 市场规模已突破 300 亿美元，约为 2024 年水平的六倍。
The wider market is moving in the same direction. CoinDesk Research reported on August 27, 2026, that tokenized equities led 30-day inflows into real-world assets at $480.6 million, or 25.4% of the total, as the active RWA market surpassed $30 billion, roughly six times its 2024 level.
覆盖范围随需求扩大。bStocks 于 6 月以五只标的上线，现已上架近 100 只，涵盖 AI 基础设施、半导体、行业 ETF 等。币安研究院估计，目前全球股市仅有 0.0025% 上链，其 2030 年基准情景下，渗透率仍低于 1%，该市场规模将达 3490 亿美元。
Coverage has widened alongside demand. bStocks launched with five tickers in June and now lists nearly 100, across AI infrastructure, semiconductors, sector ETFs and more. Binance Research estimates that only 0.0025% of the global stock market sits on-chain today, and its base case for 2030, with penetration still below 1%, places that market at $349 billion.
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