Binance bStocks has overtaken xStocks to become the second-largest tokenized stock issuer, with $610.6M in value, according to Token Terminal.

Ondo Finance remains the market leader at roughly $927M, while xStocks follows closely behind at $601.2M.

bStocks reached more than $600M in value within two months of launching, highlighting the rapid growth of tokenized equities and Binance’s ability to leverage its large crypto user base.

The tokenized stock market tracked by Token Terminal has expanded from roughly $80M to $2.7B over the past year, more than 30x growth.

Binance’s bStocks allow eligible users to gain exposure to U.S. equities through onchain tokens, with supported positions convertible 1:1 to and from the underlying stocks.