According to data from Token Terminal on November 10, the total market value of the tokenized stock market reached approximately US$4.8 billion, a record high, an increase of more than 640% from US$645 million at the beginning of the year. Among them, Binance bStocks ranked first with a market share of 31.4%, with a market value of approximately US$1.5 billion; Ondo Finance and xStocks ranked second and third with 29.1% and 22.2% respectively, and the three together accounted for approximately 82.7% of the market share. According to Binance Research, on-chain transfers of tokenized stocks exceeded $100 billion in the third quarter of 2026, more than 16 times the roughly $6 billion in the first quarter. To date, bStocks’ cumulative trading volume has exceeded $45 billion, and the cumulative amount converted between stocks and tokens at a 1:1 ratio has reached $7.5 billion.

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