Tokenized assets will not achieve meaningful adoption until they are integrated into the wallets people already use, according to BNB Chain Chief Business Officer Thomas Chen. Speaking at TOKEN2049 Singapore, Chen said creating a token is only half the job; getting it into users’ hands is the other half.
Issuance is easy, distribution is hard
Chen described the current state of tokenized asset adoption as the “bottom of the first inning.” His core argument centered on distribution: the industry still lacks robust channels and user access that would let people actually do something useful with tokenized assets.
Without seamless integration into user-friendly wallets, Chen suggested, the sector risks staying stuck in speculation instead of delivering real utility.
The bStocks numbers behind the pitch
Chen pointed to Binance’s bStocks platform as evidence that demand is already there. The product launched on June 11, 2026. According to Chen, bStocks amassed nearly $1 billion in assets under management within its first three to four months.
The catalog grew just as fast. bStocks started with five tokenized assets and expanded to nearly 100 by mid-October, covering tokenized versions of traditional equities and ETFs.
Trading activity tells a similar story. Cumulative trading volume on the platform exceeded $40 billion by mid-October 2026. Over $6 billion in conversions were also completed over the same stretch. The platform has shown potential to attract trading activity outside traditional market hours, when conventional exchanges are closed.
Still, Chen’s framing is notable. Even while touting those figures, he argued the industry is at the very beginning. Strong early numbers, in his telling, are a sign of interest, not proof that the plumbing is finished.
A new executive with a custody background
Chen is fresh in the role. He was appointed Chief Business Officer of BNB Chain on September 28, 2026, meaning his TOKEN2049 appearance came roughly ten days into the job.
His résumé leans heavily on institutional crypto infrastructure. He previously served as CEO of Function and also worked at BitGo, where custody assets grew above $100 billion during his time there. His leadership at BNB Chain is expected to focus on building deeper institutional partnerships and strengthening the ecosystem’s value.
What this means for tokenization
Tokenization is advancing, but the infrastructure needed to sustain user engagement and trust in these assets still has a long way to go.
The bStocks figures—nearly $1 billion in assets under management and more than $40 billion in cumulative volume—show traders are willing to show up. The open question is whether that activity reflects durable use or a burst of curiosity.
By emphasizing practical utility over issuance volume, Chen is pointing toward a version of tokenized equities that functions as part of a financial system, not just another speculative trading venue.
