BNB Chain has captured a nearly 50% share of the total tokenized equities market, which stands at nearly $2.9 billion according to BlockWorks data. The shift in market leadership follows a period of gradual expansion that accelerated significantly after the launch of bStocks.
Before the introduction of bStocks, Ethereum held the largest supply of tokenized equities, while BNB Chain remained below $500 million. By the end of August, BNB Chain's tokenized equity supply surpassed $1.3 billion. Meanwhile, Ethereum's supply sat around $800 million, Solana reached approximately $550 million, Avalanche maintained about $170 million, and smaller networks attracted minimal amounts.
The growth has been largely driven by bStocks, which has accumulated over $500 million in Assets Under Management since June and currently supports more than 67 active assets. In addition to traditional shares, bStocks offers 24/7 settlement capabilities and composability. Trading volume for these assets has exceeded $19 billion, indicating active circulation on-chain.
Despite its dominance in tokenized equities, BNB Chain holds a different position in the broader real-world asset (RWA) market. According to RWA.xyz data, BNB Chain accounts for $5.7 billion of the $38.4 billion total RWA distributed market share, representing about 15% of the sector. Ethereum leads the broader RWA market with $17.27 billion, or about 45%, while Solana follows BNB Chain with $4.06 billion.
Analysts note that Ethereum's broader market share is supported by capital from multiple asset classes, reducing its reliance on a single RWA segment. Expanding into categories such as Treasuries and Funds could help BNB Chain diversify demand and capital retention beyond its current strength in equities.
