DeFi

Token

Alpaca

when

<h2 id="certificates-not-shares">Certificates, Not Shares</h2><p><a href="https://x.com/binance" rel="noopener noreferrer nofollow">@binance</a>'s bStocks are not ordinary shares. <a href="https://www.prnewswire.com/news-releases/binance-exchange-launches-bstocks-tokenized-securities-11-backing-and-247-trading-302798876.html" rel="noopener noreferrer nofollow">They are fully-backed tokenized securities representing select U.S. stocks</a>, issued by BTech Holdings Limited, a Binance group affiliate and Special Purpose Vehicle (SPV) registered in the Abu Dhabi Global Market (ADGM). The launch followed regulatory approval of the issuer's prospectuses by the ADGM's Financial Services Regulatory Authority, and each bStock is structured as a certificate over select U.S. stocks and ETFs rather than a direct equity holding.</p><p>The infrastructure behind the product spans several regulated entities. Nest Trading, an ADGM-licensed broker, provides the regulated brokerage layer, while Alpaca Securities manages U.S. clearing services, handling order execution, clearing, custody, dividend distribution, and corporate action processing. Each bStock is backed 1:1 by a corresponding underlying share held with a regulated custodian.</p><h2 id="the-token-layer-and-what-it-unlocks">The Token Layer and What It Unlocks</h2><p>Users can convert between supported underlying equities and bStocks at a 1:1 ratio with zero conversion fees. As standard BEP-20 tokens on <a href="https://x.com/BNBCHAIN" rel="noopener noreferrer nofollow">@BNBCHAIN</a>, bStocks are compatible with wallets and on-chain applications across the ecosystem. Dividends are processed automatically through an on-chain multiplier mechanism, adjusting token balances without requiring manual action or a conversion fee.</p><p>Eligible users can trade bStocks 24/7, hold them on Binance, self-custody them through BNB Chain-compatible wallets, and deploy them across supported DeFi applications, including Venus, Lista DAO, and PancakeSwap, where they can lend or provide liquidity using their tokenized positions.</p><p>The legal distinction is the core of the product. What a buyer holds is a claim on a stock, not the stock itself. That gap in legal structure is precisely what allows bStocks to trade around the clock outside the constraints of U.S. securities markets. According to Binance Research, 44.5% of bStocks trading volume already occurs outside conventional U.S. market hours, underlining real demand for always-on equity exposure. The product hit $100 million in assets under management by June 26, and by early July cumulative trading volume had surged to $3 billion with AUM surpassing $1 billion.</p><p><strong>Sources:</strong><br><a href="https://www.prnewswire.com/news-releases/binance-exchange-launches-bstocks-tokenized-securities-11-backing-and-247-trading-302798876.html" rel="noopener noreferrer nofollow">Binance Exchange Launches bStocks Tokenized Securities: 1:1 Backing and 24/7 Trading (PR Newswire)</a><br><a href="https://cryptobriefing.com/binance-bstocks-tokenized-securities-100m/" rel="noopener noreferrer nofollow">Binance expands into traditional finance with bStocks, hits $100M in assets in just 15 days (Crypto Briefing)</a><br><a href="https://cryptobriefing.com/bstocks-new-users-binance-tokenized-stocks/" rel="noopener noreferrer nofollow">bStocks attracts 41% of users new to Binance's trading platform (Crypto Briefing)</a></p>

What you're actually holding when you buy a Binance bStock

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