First Tokenized Stock Product Reaches $1B AUM as Fund Liquidity Layer Heats Up
Today’s Focus
Binance’s tokenized US stock product bStocks has crossed $1 billion in AUM, becoming the first tokenized stock product to reach that scale, with cumulative trading volume topping $40 billion in four months. On the same day, Fission and Multiliquid raised a combined $18 million targeting the secondary-liquidity gap in tokenized funds. Ondo’s tokenized Treasuries topped $3 billion with USDY overtaking BUIDL, BNY and Citadel completed a tokenized Treasury repo settling in minutes, and distributed RWA value rose to $39.18 billion.
Industry Flash
10 items
Binance bStocks Crosses $1B AUM, First Billion-Dollar Tokenized Stock — Cumulative trading volume topped $40 billion in four months, a volume-to-AUM ratio near 40:1, showing users trade actively rather than hold passively.
Fund Liquidity Layer Heats Up: Fission $10M + Multiliquid $8M — Pantera-led Fission compresses redemptions from about 200 days to 90 seconds; Polychain-led Multiliquid enables single atomic swaps between tokenized funds and stablecoins.
BitFuFu and Finloop Launch BTC-Denominated Hashrate Token HASH — A new RWA product in Hong Kong distributing mining-hashrate yields on-chain, priced in BTC and aimed at qualified investors.
RWA Snapshot: Distributed Assets at $39.18B, Holders Top 5.26M — Yet only about $200 million of the roughly $10.1 billion in tokenized Treasuries sits in countable DeFi lockup, a utilization rate of only about 2%.
Ondo Tokenized Treasuries Top $3B as USDY Overtakes BUIDL — On a combined three-product basis it tops the RWA.xyz Treasury leaderboard, though part of OUSG still flows into BUIDL, so read the ranking with care.
BNY and Citadel Complete Tokenized Two-Year Treasury Repo in Minutes — The first tokenized collateral workflow on a major tri-party platform moves from proof of concept into institutional settlement, custody and repo-control design.
Standard Chartered Launches RLUSD Institutional Custody in Dubai DIFC — Working with Ripple and LMAX on a collateral-mirroring model, with RLUSD surging $765 million in a quarter, stablecoins enter the institutional treasury conversation.
OKX UAE Lists 80+ Tokenized US Stocks Trading 24/7 — Under VARA regulation with fractional positions and automatic dividends, zero-fee AED deposits close the loop from salary to tokenized stocks in a single app.
Stellar Posts $17.1M Daily Fund Inflows, Topping Ethereum — RWA on the network grew nearly fourfold this year to about $3.5-4B, concentrating regulated funds and government bonds, with on-chain AUM now third globally.
RWA Leaders Summit Opens in Dubai Today on the Gulf’s $500B Tokenization Push — Regulators, banks and asset owners gather as the UAE moves from building infrastructure to convincing asset owners to actually use it.
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