Binance Dominates Tokenized Stock Trading on Major Exchanges
RWA Signal Insight
StocksBinance has established itself as the dominant venue for tokenized stock trading, capturing approximately 64% of the total volume across 16 major exchanges between February and October 2026. During this period, the exchange recorded a cumulative volume of roughly $676 billion, maintaining an average daily market share of nearly 60%. Binance's market dominance experienced significant volatility, starting at 23% in March before peaking at 78% in July and stabilizing near 58% by October. This fluctuation highlights the competitive pressure from other platforms like OKX, Bitget, and Bybit, which vie for liquidity during shifting market waves. Despite these competitive entries, Binance saw a slight increase in market concentration during the second half of the observation period. The data underscores the growing institutional and retail appetite for trading tokenized equities on centralized crypto platforms. Understanding these volume trends is critical for assessing the liquidity depth and systemic importance of tokenized securities within the broader digital asset ecosystem.
Key points
- Binance captured 64% of total tokenized stock volume across 16 exchanges since February 2026.
- Market share for Binance fluctuated between a 23% low in March and a 78% peak in July.
- OKX ranked second in market share at 16.6% on the final day of the study period.
- Binance's market concentration increased by 1.0 percentage point in the second half of the period.
Background
Tokenized stocks are digital representations of traditional equity shares, allowing investors to trade fractional ownership of companies on blockchain-based platforms. These assets typically mirror the price performance of the underlying security while enabling 24/7 trading and faster settlement cycles compared to legacy stock exchanges.