Binance Research Reports $10B Tokenized RWA Market Growth

Binance Research Reveals Strong Demand for Tokenized Stocks 

New commentary finds 80% of tokenized stock traders on Binance are from emerging markets, with 93% of trades fractional with a median size of US$18.81.

Binance Research, the market research arm of the world’s largest cryptocurrency exchange Binance, has recently published a new weekly market commentary titled “Stock Market That Never Sleeps.” The report examined the structural expansion of the tokenized real-world asset market, how it is reaching investors previously excluded from global equity access, and what the data reveals about price discovery in a 24/7 trading environment.

According to Binance Research, the tokenized RWA market crossed US$10B in total market capitalization in 2026, up tenfold from under US$1B in early 2024. Weekly traded volume averaged US$735M in 2026, and the asset class demonstrated capacity for institutional-scale flows when weekly volume peaked at nearly US$20B in Q4 2025. Despite the pace of growth, current market cap still represents a penetration rate of less than 0.01% of total addressable value. Even so, Binance Research projects that the market cap could grow to between US$203B at conservative penetration to US$6.78T at 4% penetration rate.

The commentary also unveiled insights from the Binance platform. It was reported that approximately 80% of tokenized stock trading activity on Binance originates from users in emerging markets. This figure reflects genuine unmet demand rather than speculative interest. By trading tokenized equities directly with stablecoins, these users bypass an average 3.6% offramp fee and approximately US$40 in fixed SWIFT-related costs per transaction, removing barriers that have historically made global equity access prohibitive for investors outside major financial centers.

Binance Research also found that 93% of all bStock trades involve a quantity of less than one unit, with a median transaction size of US$18.81 against an average bStock price of approximately US$680. The scale of fractional activity points to a fundamentally different participation model, where exposure to high-value equities no longer requires committing hundreds of dollars to a single unit.

The report also highlighted a notable data point on price discovery. SPCXB, the tokenized equivalent of SPCX, traded continuously over a 65.5-hour weekend window while regulated markets were closed. By Monday's open, SPCXB had independently marked the same +6.5% move that SPCX gapped to, with the two venues converging to within 9 bps at the moment listed liquidity returned. According to Binance Research, this validated  that on-chain markets can perform real price discovery outside traditional market hours.

In the report, Binance Research notes: "Tokenized stocks do not simply replicate existing access. They restructure it, allowing users to participate in global equity markets with stablecoins, on their own terms, without the overhead of traditional financial intermediaries."

The full report, “Stock Market That Never Sleeps,” is now available on Binance Research.