BNB Chain Tokenized-Equity Trading Jumps Nearly 11-Fold to $25.6B

BNB Chain recorded roughly $25.6 billion in tokenized-equity trading in the third quarter of 2026, nearly 11 times the previous quarter’s $2.4 billion, according to Blockworks’ quarterly token-holder report. Outstanding tokenized-equity supply reached $1.13 billion, putting the network at the top of the report’s tracked chains by that measure.

The trading total combined $24.4 billion across decentralized exchanges with $1.2 billion through Ondo Global Markets. For the cross-chain decentralized-exchange comparison, which excludes pairs involving memecoins, BNB Chain surpassed Robinhood Chain’s $10.2 billion and Solana’s $6.4 billion. That distinction matters: the ranking concerns a defined tokenized-asset market, not those platforms’ overall equity businesses.

Much of the acceleration followed the June launch of bStocks, making July through September its first full reporting quarter. BNB Chain accounted for more than half of the tokenized-asset decentralized-exchange volume tracked by Blockworks. The expansion marked a substantial change from the much smaller trading base recorded in the preceding quarter.

Trading was nevertheless heavily concentrated. QQQB, the bStocks product linked to the Invesco QQQ exchange-traded fund, generated approximately 80% of bStocks’ decentralized-exchange volume during the quarter. Native, a request-for-quote trading venue, handled about 36% of bStocks volume, illustrating how a limited number of products and venues shaped the headline growth.

Activity also varied considerably within the quarter. Tokenized-asset decentralized-exchange volume reached approximately $1.2 billion on July 26, before weekly trading generally moderated later in the period. The quarterly total therefore captures both a pronounced summer peak and the lower activity that followed, rather than a uniform pace of expansion.

The equity surge accompanied stronger network financial results. Network revenue equivalent value, which combines transaction fees and payments associated with maximal extractable value, rose 54% to $54.2 million. Transaction fees contributed $49.1 million, while token-holder net income increased 57% to $45.1 million, according to the report.

Broader usage indicators presented a more mixed picture. Quarterly transactions increased 7.5% to 1.51 billion, but average daily active addresses fell 14% to 2.10 million. Transactions per active address rose from 6.3 to 7.8, indicating heavier activity among participating addresses rather than an across-the-board expansion in that user metric.

Tokenized equities were also beginning to appear in lending markets, although their role remained small. Deposits of those assets increased from $6 million to $62 million, accounting for less than 2% of total lending deposits. That leaves a distinction between their growing importance as traded instruments and their more limited use elsewhere in decentralized finance.

For the fourth quarter, Blockworks identified sustained market depth and broader trading beyond QQQB as key tests. Its outlook also highlighted planned network-capacity improvements. Together, those measures will help show whether the quarter’s surge develops into a more diversified market or remains dependent on a concentrated trading cycle.