bStocks has not been launched yet, supporting users to initiate the tokenization process independently, and will also open DeFi application scenarios.

Written by: angelilu, Foresight News

On June 1, Binance officially opened US stock trading to non-US users, supporting over 7,000 US stocks and ETFs, starting from a minimum of $5, and supporting payments in crypto assets such as USDC, USDT, BNB, FDUSD, and USD1. Meanwhile, Binance announced that it will soon launch the tokenized stock product bStocks, which has not yet gone live.

Due to this news, after the product was officially announced today, BNB briefly touched 729.5 USDT. In recent days, Binance has been warming up the "major new product" causing BNB to rise to a recent high of 745.7 USDT. The price reflects that expectations for today’s announcement were very high.

Announcing two things at once can easily cause confusion. In fact, these are two completely different products, which are clearer when viewed separately.

What went live today is real US stocks, not on-chain assets

According to the announcement, non-US users can now buy US stocks on Binance, and what they are buying are real shares of listed companies. According to the official FAQ, users are the "beneficial owners" of the stocks, enjoying the rights to dividends and participation in company actions, with the actual custody handled by New York company Alpaca Securities. This is consistent with the underlying logic of Futu and Tiger Brokers, only the payment method has changed to cryptocurrency.

Moreover, although US stock trading supports various crypto asset payments, Binance's announcement shows that stock purchases mainly use USDC. Other supported crypto assets like BNB, USDT, U, and USD1 will be automatically converted to USDC at the time the order is submitted to complete the order. All proceeds from stock sales will be credited to the user's fund account in USDC. From a technical perspective, all trades are settled based on USDC, which simplifies the clearing process with Alpaca and is also more beneficial for "compliance." Alpaca is a compliant broker in the US, connected to the USD system, and the issuer of USDC, Circle, is also a US listed company.

Regarding settlement, it takes T+1 to complete after a sale. Before the settlement is completed, the USDC earned can only be used for spot and stock trading, and cannot be withdrawn or transferred to derivatives or margin accounts. This is no different from traditional brokers.

As for fees, Binance does not charge commissions, but there are platform fees: a minimum of $0.35 for each transaction under $350, and 0.1% for transactions over $350. Additionally, holding ADR stocks (American Depositary Receipts, i.e., non-US company stocks listed in the US) incurs a management fee of $0.01 to $0.03 per share per year; even if the position has been closed, fees must still be paid if held on the record date. If the market value of the position falls below $5 and there are no trades within 120 days, Binance may notify users and forcibly liquidate after 30 days.

Creating its own entity for US stock trading

Binance's announcement describes Nest Trading Limited as an "independent introducing broker," responsible for routing user orders to Alpaca Securities for execution, clearing, and custody. However, according to the public register of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, Nest Trading is actually an owned entity of Binance, its registered website directly points to binance.com, and it completed registration in ADGM on January 5, 2026, just about 5 months before today's launch of US stock trading.

According to ADGM regulatory requirements, Nest Trading is not allowed to hold or control customer funds and assets, with actual custody handled by Alpaca Securities. This means that in the entire chain, the introducing broker is Binance itself, while execution and custody are with Alpaca, and user assets are held directly without passing through Nest Trading. The transparency of this structural arrangement may be worth users assessing before usage.

bStocks to be launched is the tokenization

bStocks are a different matter. According to news from Fortune magazine, after bStocks goes live, users will be able to convert US stocks held on Binance into on-chain certificates on BNB Chain, and will open DeFi application scenarios such as lending and liquidity provision. In other words, compared to similar products on platforms like Kraken and Robinhood, bStocks supports users to independently initiate the tokenization process, rather than the platform uniformly issuing certificates.

bStocks explicitly states that stock assets on-chain will support "instant settlement," which will undoubtedly become a significant advantage of the bStocks product, as traditional stock trading requires Wall Street intermediary institutions, taking a day or even longer to complete.

Additionally, bStocks will also open DeFi application scenarios for "lending, liquidity provision," etc. Binance positions it as "a native bridge from traditional stock ownership to programmable, round-the-clock tokenized assets." In simpler terms: your Apple holdings may not just be "buying and waiting for appreciation" in the future, but can also be lent out for interest or used in DeFi to generate extra income – like ETH or USDC, constantly "working" on-chain.

Of course, this path has many details that need clarification – the liquidity depth of on-chain stock tokens, whether DeFi protocols accept these assets as collateral, how tax and compliance issues are handled – none of these currently have public answers. bStocks has not officially gone live yet, and many mechanisms remain to be verified.

Binance’s official announcement clearly states: bStocks are legally "certificates representing specific financial instruments," not the stocks themselves, and holders do not directly own shares of the listed companies. In other words, bStocks are the on-chain representation of stocks, rather than a direct transfer of ownership.

The implementation of Binance's "super app" strategy

The US stock trading launched by Binance today and the forthcoming launch of tokenized bStocks are substantial enough: with over 7,000 US stocks + crypto payments + low threshold fractional shares, it directly penetrates the overseas US brokerage market. This is not just product expansion, but also the realization of Binance's "super app" strategy — connecting crypto assets and traditional stocks in the same account, operating with the same set of assets.

It is worth mentioning that Binance's significant update comes at a time when the Hong Kong Securities and Futures Commission and mainland regulatory policies are continuously tightening, with major Hong Kong brokerages gradually phasing out remaining accounts of mainland users. Binance’s new product will not only target native users in the crypto field but may also attract investors with a strong demand for the US stock market.