Binance Launches bStocks: Eroding Hyperliquid's Round-the-Clock US Stock Trading Edge, Leading NYSE in Tokenized Securities Market

BlockBeats News, June 11, after Binance officially launched tokenized stock bStocks, the trading of US stocks has further moved closer to a continuous trading model with crypto assets. Unlike traditional exchanges such as the NYSE and Nasdaq, bStocks can be traded on the Binance spot market 24/7, covering non-trading hours outside of the regular US stock market hours, as well as weekends, holidays, and market closures. The first batch of listed assets includes NVIDIA, Tesla, Circle, Micron, and SanDisk. Users need to first hold the underlying stocks on the Binance stock trading platform and then convert them to corresponding bStocks at a 1:1 ratio, which can be converted back at any time with no lock-up period or conversion fees.

Prior to this, 24/7 trading exposure to US stocks was a key advantage of on-chain trading platforms within the Hyperliquid ecosystem such as trade.xyz and Ventuals. Taking trade.xyz as an example, it has already launched perpetual contracts for US stocks like NVIDIA, meeting the demand of crypto users to trade related exposures outside of traditional US stock market hours, achieving continuous trading and real-time price discovery that traditional finance cannot reach. However, as Binance introduces bStocks to the spot market and supports 24/7 trading, on-chain withdrawals, and self-custody, the previously most prominent advantage of the Hyperliquid product suite over the traditional US stock market, "24/7 trading," is being partially eroded by the tokenized securities of centralized exchanges. The impact of Binance's bStocks on the on-chain synthetic asset market is not just adding a new trading venue but entering the demand for continuous US stock exposure trading previously dominated by platforms like Hyperliquid with a product form closer to spot, more complete compliance disclosure, and on-chain transferability. If Binance further expands support for underlying assets, some of the funds that were originally flowing into synthetic perpetual markets may shift towards tokenized securities products like bStocks.

At the same time, traditional exchanges are also attempting to capture this market. The NYSE has previously announced that it is developing a platform for tokenized securities trading and on-chain settlement, and will seek regulatory approval. The platform is planned to support 24/7 operation, instant settlement, order placement in USD amounts, and fund transfers based on stablecoins. This indicates that tokenized US stocks are not just developing internally within crypto trading platforms but are becoming a market that both crypto trading platforms and traditional stock exchanges are jointly competing for. In the future, there may be more direct competition among traditional US stocks, on-chain synthetic assets, and centralized exchange platform tokenized securities revolving around liquidity, compliance, price anchoring, asset backing, and trading hours.