Binance founder Changpeng Zhao called for broad tokenization across the crypto sector on Aug. 21, saying countries can use it to raise capital and attract foreign direct investment, while companies can open tokenized shares to investors around the world.
In a post on X, Zhao wrote, 「Let’s tokenize everything. Tokenization is one of the best ways for countries to ‘raise money’, or attract FDI (Foreign Direct Investment). Which country/company won’t want to sell their (tokenized) stocks to everyone in the world? I support tokenization on all blockchains.」
He said tokenization should be supported on every blockchain even if that creates liquidity fragmentation, arguing that wider participation is the fastest way to expand the industry. Zhao added one condition: the fragmentation problem can be eased to some extent if assets issued by different providers become highly interchangeable, which he described as the next key step.
BNB Chain figures show a rapid jump in RWA holders
Zhao cited a ranking posted by the official BNB Chain account. According to those figures, BNB Chain had 776,429 RWA holders, up about 370% over 30 days, with total value reaching $5.799 billion excluding stablecoins, putting it first on that list.
The same ranking showed Robinhood in second place by holder count with 518,442 holders, though its total value stood at only $33.85 million. Solana ranked third with 339,920 holders and $3.961 billion in value.
The timeline in the report points to how steep that growth has been. BNB Chain’s RWA holder count passed 300,000 on Aug. 6. From Aug. 14 to Aug. 17, it rose from 400,000 to 524,000 in three days. By Aug. 20, the figure had reached 776,000.
The report also said that across the broader tokenized stock market, on-chain distributed value increased from about $951 million in March 2026 to about $1.89 billion by the end of July.
Methodology matters
The article noted that the ranking Zhao referenced uses total RWA value excluding stablecoins. Under that definition, BNB Chain sits at the top.
Using a broader measure that includes stablecoins, Ethereum still leads with about 47.9% of total tokenized asset share. BNB Chain stands at about 12.1%, Solana at about 9.8%, and Stellar at about 9.0%.
That difference in methodology changes the picture. BNB Chain leads on the non-stablecoin RWA metric cited in the post, while Ethereum remains the largest network when the full tokenized asset base is counted.
Robinhood’s numbers point to a different user profile
The report said Robinhood’s data reveals a structural gap of another kind. It ranks second by holder count, yet its total value is far below BNB Chain and Solana.
That suggests Robinhood has a large user base with much smaller average positions, a pattern more associated with retail participation. By contrast, the value curves on BNB Chain and Solana appear to be supported by larger positions.
Fragmentation is not just a slogan
According to the article, liquidity in tokenized stocks is currently split across three disconnected pools: shares held through DTC custody, shares held through DRS direct registration, and tokenized securities issued independently by each provider.
Main market participants named in the report include xStocks, a partnership between Kraken and Backed, Robinhood, Binance’s bStocks, Ondo, Dinari, Securitize, Figure, and Superstate. The article also said Robinhood is building its own Arbitrum Orbit Layer 2 network called Robinhood Chain.
This is the concrete form of the interchangeability gap Zhao referred to. The same stock, when issued by different providers on different chains, cannot move freely across those systems.
Zhao has made the case before
The article said this is not Zhao’s first public push for tokenization. In January 2026, he said he was in talks with about a dozen governments about tokenizing national assets. In June, he publicly urged governments to tokenize stock markets and issue sovereign stablecoins.
His position has been consistent. Bring more assets and more chains on-chain first, then address interoperability and liquidity splits after the market expands.
Fast growth, clear bottlenecks
The surge in BNB Chain users shows tokenized assets are drawing in more retail participants. At the same time, the gap between holder count and asset value, along with isolated liquidity pools created by separate issuers, remains one of the clearest constraints in the current market.
In Zhao’s framing, the next stage is not only about growth in scale. It is about making assets issued across platforms more interchangeable. Without that, the market for the same underlying stocks will remain divided across chains and issuers.