Bets on-chain IPOs could disrupt Wall Street

Binance’s bStocks platform has crossed a $500 million market capitalization, according to comments from Binance founder Changpeng Zhao on X, who said IPOs will inevitably move on-chain. The platform reached that scale on July 29, less than seven weeks after its June 11 launch, and currently lists 56 tokens. Zhao highlighted that bStocks has seen “organic, decentralized growth” as more market capitalization shifts toward secondary tokens. The article says bStocks is now the fastest-growing tokenized equity product globally, with share captured from incumbent Ondo, whose dominance in the tokenized equity market reportedly fell from 75% to 45%. It also argues that on-chain IPOs could streamline steps by representing shares as blockchain tokens and enabling faster ownership records, though regulation, investor identification, custody, surveillance, and transfer restrictions would still be required. On-chain spot trading rose to about $5.3 billion in May.