Binance Research says Binance now accounts for 55.7% of global trading volume in crypto RWA derivatives. During the most volatile sessions, tokenized equities on crypto venues traded at between 4 times and 21 times the volume seen on traditional equity platforms, pointing to a sharp rise in activity across the segment.
Market volume jumped from $230 million to $347.17 billion
CoinGecko data cited in the report shows how quickly the market expanded. Crypto RWA derivatives volume stood at just $0.23 billion in January 2025. By May 2026, with Binance, MEXC, and Hyperliquid leading the field, the figure had climbed to $347.17 billion. Over that period, trading interest shifted toward leveraged products and shorter-term price exposure. The source says perpetual derivatives tied to traditional finance assets recorded more than eight times the volume of standard RWA spot trades in 2026.
Technology-linked products dominate tokenized equity trading
The tokenized equity segment set new records within the first five months of 2026 and had already moved past the full-year level seen in 2025. Annual volume had been $831 million, then rose to $34 billion by May 2026. Secondary-market demand stayed focused on technology names, with Nvidia- and Tesla-linked products drawing strong interest. One example in the report is tokenized Micron Technology stock, which reached $13.16 billion in trading volume. The listing of a Microsoft-linked tokenized product fits the same pattern and adds to Binance’s lineup of digital assets tied to major technology brands. The report also points to Invesco QQQ Trust as a key ETF tracking the Nasdaq 100.
bStocks instruments track shares but do not confer ownership
The report also highlights structural limits. Products offered through the bStocks platform are issued by BTech Holdings Limited and function as depository receipts rather than direct stock ownership. Investors can trade the price movement of the underlying shares, but they do not receive voting rights, dividend claims, or legal ownership of companies such as Microsoft or Meta.
That structure leaves buyers exposed to issuer credit risk and operational risk. If there is a problem within the product framework connected to Binance, holders have no legal claim on the underlying Microsoft or Meta shares listed in the US market. The source also states that the information does not constitute investment advice.