BNB Chain became the largest blockchain for tokenised equities in the third quarter of 2026 after trading volume increased 11-fold to about $25.6bn.
The figure compares with $2.4bn in the previous quarter, according to Blockworks data. Decentralised exchanges accounted for $24.4bn of the total, while Ondo Global Markets contributed a further $1.2bn.
The sharp increase placed BNB Chain ahead of rival networks in one of the fastest-growing areas of the real-world asset market.
More than half of the $45.8bn in tokenised-asset decentralised exchange volume recorded across major blockchains during the quarter took place on BNB Chain. Robinhood Chain was second with $10.2bn, followed by Solana on $6.4bn.
Tokenised-asset pairs also made up 32.3% of all spot decentralised exchange volume on BNB Chain in Q3. That was a substantial rise from 0.2% in Q2.
bStocks drives expansion
The growth was led by bStocks, which completed its first full quarter after launching in June. QQQB, the tokenised version of the Invesco QQQ ETF, generated about 80% of bStocks’ decentralised exchange volume.
The concentration of activity in one product will be an important factor as the market develops. Although trading has expanded quickly, the next test will be whether liquidity spreads across a wider range of equities.
Supply increased alongside trading activity. BNB Chain finished the quarter with $1.13bn in tokenised equities, twice the $560m recorded at the end of Q2 and the highest total among all blockchains.
Its holdings represented about 39% of the $2.89bn in tokenised public equities tracked across chains. BNB Chain also had the largest distribution of holders, with approximately 1.8 million people holding tokenised equities – 38% of the cross-chain total.
The wider real-world asset market grew during the same period. Non-stablecoin RWA supply increased by 24% to $4.96bn, including $3.77bn in tokenised Treasuries.
The expansion also contributed to BNB Chain’s financial performance. Network revenue rose 54% quarter on quarter to $54.2m, while net income for token holders increased 57% to $45.1m.
Total transactions during the quarter climbed 7.5% to 1.51 billion.
The figures indicate that tokenised equities are now contributing not only to growth in market activity but also to trading revenue and wider lending integrations on BNB Chain.
The main challenge in Q4 will be whether the increase continues after the initial launch period and extends beyond a small number of dominant products. Sustained growth would make it more difficult for rival networks to reduce BNB Chain’s lead.
J.P. Morgan Asset Management has also expanded its tokenised money market funds MONY and JLTXX onto Solana, giving qualified U.S. investors…
