Key Highlights
- Third-quarter tokenized equity trading on BNB Chain reached $25.6 billion, representing an 11-fold surge from Q2’s $2.4 billion.
- Blockworks research positioned BNB Chain as the dominant platform for tokenized stock volume, circulating supply, and user count.
- Supply of tokenized equities expanded to $1.13 billion—double the previous quarter—with holder numbers approaching 1.8 million.
- Protocol revenue jumped 54% to $54.2 million despite a 14% contraction in daily active addresses.
- The network’s 37th token burn eliminated approximately 1.646 million BNB, representing around $1.2 billion in value.
BNB Chain emerged as the undisputed leader among monitored blockchains for tokenized equity trading throughout the third quarter of 2026. Data from a Blockworks holder analysis revealed the network facilitated approximately $25.6 billion in tokenized stock transactions.
This volume marked a dramatic escalation—roughly 11 times the $2.4 billion processed during the preceding quarter. The platform simultaneously secured top rankings for both tokenized equity supply and total holder participation.
Decentralized trading platforms accounted for $24.4 billion of this activity. Ondo Global Markets contributed an additional $1.2 billion to the total.
When examining the broader $45.8 billion tokenized-asset DEX market across monitored networks, BNB Chain commanded more than half the volume. Robinhood Chain secured second position with $10.2 billion, while Solana claimed third with $6.4 billion.
bStocks Platform Catalyzes Explosive Expansion
The dramatic increase followed bStocks’ June 11 debut, with Q3 representing the platform’s inaugural complete quarter. Peak activity occurred on July 26, when tokenized-asset DEX volume touched $1.2 billion within a single 24-hour period.
QQQB, representing a tokenized form of the Invesco QQQ ETF, constituted approximately 80% of bStocks’ decentralized exchange activity. Additional offerings included SPCXB, SPYB, and NVDAB.
Trading intensity moderated following July’s peak. Beginning in mid-August, weekly transaction volumes typically fluctuated between $600 million and $1.1 billion, though one September week recorded $2.1 billion.
By the close of September 30, tokenized equity supply on BNB Chain stood at $1.13 billion, climbing from $560 million at Q2’s conclusion. This represented 39% of the $2.89 billion aggregate tracked across all blockchain platforms.
The network registered approximately 1.8 million holders of tokenized equities. The bStocks platform specifically accounted for $810 million of circulating supply.
Protocol Revenue Climbs Amid User Activity Contraction
Protocol revenue expanded 54% to reach $54.2 million during Q3, advancing from $35.2 million in the previous quarter. Transaction fees generated $49.1 million, while maximal extractable value payments contributed $5.1 million.
BNB Smart Chain executed 1.51 billion transactions, reflecting a 7.5% quarterly increase. Average transaction costs elevated to $0.032.
Daily active addresses contracted 14% to 2.10 million. The Pasteur hard fork implementation on August 25 introduced modifications to the network’s block construction mechanism.
Lending protocol deposits expanded 42% to $3.57 billion, while borrowing volumes climbed 33% to $940 million. Tokenized equities constituted less than 2% of total deposits.
Stablecoin supply decreased 4.6% to $13.22 billion, primarily attributable to reduced USD1 balances. Supply of other real-world assets increased 24% to $4.96 billion, encompassing $3.77 billion in tokenized Treasury instruments.
On October 19, BNB Chain executed its 37th quarterly token burn, permanently removing approximately 1.646 million BNB valued at roughly $1.2 billion. This calculation places individual token value at approximately $729 at the moment of the burn.
In an October 21 announcement, BNB Chain disclosed that remaining circulating supply stood near 131.51 million BNB. The protocol’s long-term objective targets reducing total supply to 100 million BNB through continued quarterly burns.
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