Binance is the largest exchange, with BNB Chain continuing to make major milestones. The chain is following in the footsteps of early issuers of tokenized stocks and is threatening their positions in terms of total cap.
Tokenized stocks issued by Binance are growing bigger and are now key players in the daily volume traded on Binance. Here is why it’s a threat to Securitize, which has the largest market cap of tokenized stocks.
Binance-issued tokenized stocks’ growth outpaces early issuers
According to data from Token Terminal, Binance-issued tokenized stocks added the largest capital in the past 30 days, ahead of all early issuers.
In fact, Binance added over $300 million, followed by Securitize, xStocks, and Robinhood at $179 million, $33 million, and $13 million. Those stocks on Ondo Finance [ONDO] saw the largest outflows of $78 million.
There were 7 key stock drivers of this capital growth on Binance, led by SanDisk [SNDKb] at $59.4 million.
SNDKb was followed by Micron [MUb], SpaceX [SPCXb], and Circle [CRCLb] at $58.7 million, $46.3 million, and $42.7 million, respectively. Stocks on Ondo Finance that were trading on Binance were losing their market capitalization.
Additionally, more tokenized stock volume is set to hit the Binance exchange. This is after tokenized Hong Kong equities went live on BNB Chain through Stove Protocol.
That means trading volume on the Binance exchange will continue growing.
How will the volume and price of BNB react?
However, that is not the case when looking at the on-chain data.
The daily futures volume that includes these stocks is $41.08 billion from 742 pairs. It is half the highest volume of this year, which was at $89.82 billion. This suggests the tokenized stocks have yet to make a major impact on daily trading volume.
But already these stocks are among the most traded assets on Binance Futures. SNDK, SOXL, MU, SKHY, and SPCX appear on the volume leaderboard with $4.31 billion, $2.51 billion, $1.82 billion, $1.34 billion, and $718 million, respectively.
This high volume from tokenized stocks was only behind that of Bitcoin [BTC] and Ethereum [ETH], which had $8.83 billion and $6.16 billion, respectively. It indicates stocks are becoming a key volume contributor to crypto exchanges.
With the trading volume on Binance having the potential to grow, the price of the native token for the chain could continue to stabilize or grow higher. BNB is up 1.21%, trading at $570 as it moves between $560 and $580 for the better part of July.
Final Summary
- Binance-issued stocks grow by more than $300 million in the past 30 days as SanDisk stock leads with $59.4 million.
- The volume of tokenized stocks is among the highest for all assets on Binance Futures, only behind Bitcoin and Ethereum.
Be the first to comment