Tokenized assets are taking off on BNB Chain

Tokenized assets on BNB Chain surpassed $19.0 billion in July, an all-time high. The total spans four markets: stablecoins at $14.8 billion, tokenized funds at $3.6 billion, tokenized stocks at $620.4 million, and tokenized commodities at $82.5 million. For each, we answer the same three questions: which assets lead, which issuers are winning, and whether BNB Chain is taking share from other chains.

1) Stablecoins

• USDT is the leading stablecoin on BNB Chain, with $9.2 billion, or 62.1% of the total, but the fastest growers are the newcomers. USD1 from World Liberty Financial went from zero to $1.7 billion in fifteen months and now ranks second, ahead of Circle's USDC at $1.6 billion. USDC grew 59.0% over the past year, faster than USDT's 39.5%.

• More than a fifth of the chain's stablecoin supply comes from issuers that did not exist here eighteen months ago. BUSD, once 42.5% of the chain, wound down after regulators ordered its issuer to stop minting it in 2023. Newer Binance-ecosystem projects such as United Stables, at $939.8 million within months of launch, have taken its place.

• BNB Chain holds a 4.7% stablecoin share, neck and neck with Solana for third, behind Ethereum at 53.2% and Tron at 28.7%, and its share is inching up. Ninety days ago the figure was 4.5%. At $14.8 billion, stablecoins on BNB Chain finally sit above their June 2022 peak, a recovery that took 40 months.

2) Tokenized funds

• USYC is the leading tokenized fund on BNB Chain, with $3.0 billion, or 83.9% of the total, but the fastest riser is OpenEden's TBILL. TBILL went from zero in April to $150.8 million by July, just behind BlackRock's BUIDL at $164.6 million, which has been live since November 2025.

• Circle has already seen off its strongest challenger: BlackRock. When BUIDL arrived in late 2025, USYC's share of the category fell from 91.0% to 68.8%, and USYC has since won it back as BUIDL wound down. Meanwhile Franklin Templeton's iBENJI nearly doubled in July to $207.8 million, quietly becoming the second-largest fund on the chain.

• BNB Chain is the second-largest chain for tokenized funds with a 9.9% share, behind Ethereum at 53.3%, and it is taking share. Ninety days ago the figure was 8.9%. The category barely existed here a year ago: $66.6 million in July 2025, $3.6 billion today.

3) Tokenized stocks

• Binance's SpaceX token (SPCXb) leads with $90.6 million, and it only started trading in mid-June. That makes it both the largest and the fastest-growing asset here, reaching 14.6% of the category in its first weeks of trading. The rest of the leaderboard is just as thematic: memory-chip makers Micron and Sandisk, with related tokens, account for roughly a quarter of the category.

• bStocks, tokenized stocks issued by a Binance affiliate, reached $242.5 million within weeks of launch, taking share from Ondo in stocks both issuers list. Ondo's largest tokens peaked at $240.1 million in May and fell to $150.3 million by July. The pattern is clearest in the overlapping tickers: from June to July, Ondo's Circle token shrank by $18.4 million while Binance's grew by $29.3 million, and the same happened in Micron.

• BNB Chain is the second-largest chain for tokenized stocks with a 28.4% share, behind Ethereum at 34.9% and ahead of Solana at 24.0%, and it is closing the gap fast. Ninety days ago its share was 23.2%, the largest gain of any category in this report. The category is barely seven months old: effectively zero last November, $620.4 million by July.

4) Tokenized commodities

• Tokenized commodities on BNB Chain means gold: gold-backed tokens make up $77.7 million, or 94.2%, of the $82.5 million total. Tether Gold (XAUT) leads with $52.2 million, and it is also the fastest grower, going from nothing in March to 63.3% of the category in about three months. Silver, oil, and gas tokens exist here too, but together they hold less than $5.0 million.

• Tether took the top spot from Matrixdock in a single quarter, and Matrixdock is not just losing share, it is losing market cap. Matrixdock's XAUM had the category to itself for thirteen months, peaked at $27.1 million in March, and has shrunk every month since XAUT arrived.

• BNB Chain is the third-largest chain for tokenized commodities with a 1.2% share, far behind Ethereum at 64.4% and the XRP Ledger at 31.9%, though the share is slowly rising. Ninety days ago the figure was 0.7%. At $82.5 million, this is the smallest of the four categories, roughly 0.6% the size of the chain's stablecoin market.

Access these charts and the underlying data in a dashboard here.

Platform updates

Tokenized assets on Token Terminal now span 5,148 assets across 319 issuers and 47 chains, with a combined market cap of $339.2 billion and 283.7 million holders.

Token Terminal added 10 new Binance bStocks this week, bringing total bStocks coverage to 25 tokenized stocks with a combined market cap of $351.8 million:

• Alphabet (GOOGLb)

• Cerebras (CBRSb)

• Coinbase (COINb)

• Corning (GLWb)

• Nebius (NBISb)

• Qualcomm (QCOMb)

• Roundhill Memory ETF (DRAMb)

• Semicon Bull 3X ETF (SOXLb)

• SPY (SPYb)

• Western Digital (WDCb).

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