Binance is the largest exchange where BNB Chain continues to achieve significant milestones. The chain follows in the footsteps of the original issuers of tokenized shares and threatens their position in terms of aggregate cap.
Tokenized stocks issued by Binance are getting bigger and are now major players in the daily volume traded on Binance. That’s why it poses a threat to Securitize, which has the largest market capitalization among tokenized stocks.
Growth of tokenized shares issued by Binance outpaces initial issuers
According to data from Token Terminal, tokenized shares issued by Binance added the most capital in the last 30 days, ahead of all early issuers.
In fact, Binance added more than $300 million, followed by Securitize, xStocks, and Robinhood with $179 million, $33 million, and $13 million. Shares of Ondo Finance (ONDO) saw the biggest outflow of $78 million.
There were 7 key stock drivers for this capital growth at Binance; SanDisk (SNDKb) came first with $59.4 million.
SNDKb was followed by Micron (MUb), SpaceX (SPCXb) and Circle (CRCLb) with $58.7 million, $46.3 million and $42.7 million, respectively. Ondo Finance shares traded on Binance were losing their market value.
Additionally, the Binance exchange is expected to see more tokenized share volume. This is after tokenized Hong Kong stocks went live On BNB Chain via Stove Protocol.
This means that trading volume on the Binance exchange will continue to increase.
How will BNB’s volume and price react?
However, when looking at on-chain data, this is not the case.
Daily futures trading volume involving these stocks is $41.08 billion across 742 pairs. That’s half of this year’s peak volume of $89.82 billion. This suggests that tokenized stocks have not yet made a major impact on daily trading volume.
But these stocks are already among the most traded assets on Binance Futures. SNDK, SOXL, MU, SKHY and SPCX are ranked in the volume rankings with $4.31 billion, $2.51 billion, $1.82 billion, $1.34 billion and $718 million, respectively.
This high volume from tokenized stocks has lagged behind Bitcoin (BTC) and Ethereum (ETH) at $8.83 billion and $6.16 billion respectively. This shows that stocks contribute significant volume to crypto exchanges.
Since the trading volume on Binance has the potential to grow, the price of the native token on the chain may continue to stabilize or increase further. BNB is trading at $570, up 1.21%, and has been moving between $560 and $580 for most of July.
Final Summary
- Shares issued by Binance have grown by more than $300 million in the last 30 days, while SanDisk shares lead with $59.4 million.
- The volume of tokenized stocks is among the highest of all assets on Binance Futures; Bitcoin and Ethereum.
