The tokenized stock race may be won through distribution instead of issuance. Several issuers can offer tokenized exposure to the same equities, making the ability to attract traders and liquidity more important than the wrapper itself. Binance launched bStocks on June 11 and generated $1.8B of volume within 24 days. Volume rose sharply to $14.7B in July across Binance spot and BNB Chain. Nearly 300,000 people had traded bStocks by the end of the month. Binance entered after the specialist issuers and still reached 28% of tokenized stock value among the three largest issuers by the end of July. Those firms remained ahead even as Binance closed much of the gap within weeks. Launching early creates a head start. Keeping that lead may depend on attracting traders and building liquidity around the product.(Delphi Digital)