Binance bStocks flips xStocks to No. 2 tokenized stock issuer in under two months
Token Terminal data put bStocks at about $624M on Aug. 3 as BitMart’s Chinese-language X account aired withdrawal allegations that the founder denied.
Binance’s bStocks overtook xStocks to become the second-largest tokenized stock issuer by value less than two months after launch, reaching about $624 million on Aug. 3, per Token Terminal data. Separately, BitMart’s official Chinese-language X account accused founder Sheldon Xia of withdrawal and funds issues, which Xia rejected as “fabricated rumors.”
Binance bStocks Surges to No. 2 as Tokenized Stocks Hit ~$2.7B
Tokenized equities are consolidating fast around a small issuer set, and the scoreboard moved again. Token Terminal data show Binance bStocks at about $624 million in tokenized stock value on Aug. 3, overtaking xStocks at roughly $579 million and ranking behind Ondo Finance at about $927 million.
The timing is the point. The bStocks move to No. 2 happened less than two months after launch, an unusually quick climb for a new issuer in a market where distribution and liquidity typically take time to build.
The sector’s growth rate explains why the rankings matter. Token Terminal’s tracked tokenized stock market value surged from roughly $80 million to about $2.7 billion over the past year, turning what used to be a niche product line into a category large enough for traders to start treating issuer share as a proxy for venue depth and survivability.
The leadership table also flipped in that same window. A year earlier, Token Terminal’s snapshot had xStocks leading with $40.7 million, Robinhood at $37.2 million, and Ondo at about $65,000. As of Aug. 3, Ondo sits first at about $927 million, Binance bStocks second at about $624 million, and xStocks third at roughly $579 million.
BitMart Dispute Spills Onto X With Withdrawal Allegations. Founder Threatens Legal Action
A separate venue-risk headline hit BitMart, but the packet does not support treating it as a confirmed solvency event. BitMart’s official Chinese-language X account publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan, alleging some users were unable to withdraw funds and some employees had not received their final salary or compensation.
The account also threatened escalation if Xia did not provide a verifiable asset disclosure and repayment plan by a deadline, but the excerpt does not specify the deadline date or what standard of verification it would accept.
Xia denied the allegations and framed the posts as an attack. “We have collected full evidence of the content on X, all of which is fabricated rumors. During daytime US time, we will file a police report and send a lawyer’s letter to X, demanding technical and data forensics,” Xia said.
What is not in the packet matters as much as what is. There is no independent evidence here of missing funds, withdrawal failures, or unpaid compensation, and no operational status update from BitMart confirming or denying withdrawal functionality. The excerpt also references the dispute erupting “ahead of its closure,” but provides no closure date, jurisdiction scope, or clarity on whether this is a full shutdown or a wind-down.
What I’m Watching Next: bStocks Share, BitMart Withdrawal Status, and Any Formal Filings
Token Terminal’s next issuer-value updates are the cleanest read on whether this is a durable rotation or a one-off snapshot. The immediate line is whether bStocks holds above xStocks after the Aug. 3 flip, and whether Ondo remains near the ~$927 million level versus challengers.
On BitMart, the only thing that turns this from social noise into a tradable risk signal is observable withdrawal behavior and verifiable disclosures. That can come from official status updates or consistent user reports of withdrawal success or failure, but the packet contains neither.
The legal angle is also binary. Xia said he would file a police report and send a lawyer’s letter to X. Any acknowledgement from law enforcement, a regulator, or a court filing would change the information quality, and the absence of it keeps this in the “allegations and denial” bucket.
The closure reference is the other open loop. If BitMart is in fact approaching a shutdown or wind-down, the timeline and jurisdiction determine whether this is a contained operational change or a broader venue exit.
The Part of Binance bStocks surge. BitMart feud erupts That Matters
The threshold that matters in tokenized stocks is whether the top-three split stays stable: Ondo first (~$927M), Binance bStocks second (~$624M), xStocks third (~$579M) as of Aug. 3 per Token Terminal. If bStocks can defend No. 2 after scaling that quickly, the setup starts to look structural rather than narrative-driven, because liquidity and mindshare tend to follow the issuer that can keep inventory and rails live.
On BitMart, this reads like a risk signal, not a confirmed solvency event, because the packet contains allegations and a denial but no independent proof of missing funds or withdrawal failures. The development only matters in practical terms if withdrawals demonstrably degrade or a formal filing forces a verifiable asset disclosure into the open.
