Before starting a weekend, Binance's US stock product has finally arrived. In the Binance app, almost all US stocks can be traded.

This time, Binance did not test the waters with a few tokenized blue-chip stocks but directly opened up trading for over 7,000 US stocks and ETFs, positioning itself as the "multi-asset financial super app" as mentioned by co-CEO Richard Teng. According to his comments to Fortune, US stocks account for more than half of the global stock market, but overseas users face high costs and friction when buying them. Binance's goal is to eliminate this barrier.

The BlockBeats team conducted a full order placement test using NVDA to experience this product from start to finish.

Product Test: How is the Experience of Binance's US Stock Product

Upon opening the "Settings" page in the Binance app, the first thing is to confirm the version number: v3.15.0, the latest version. The language has been switched to Traditional Chinese. The prerequisite previously mentioned by the community is validated here: Chinese users who want to participate in US stock trading must switch the language from Simplified Chinese to Traditional Chinese or other languages, with Simplified Chinese being the only one excluded.

However, one detail is worth noting. Even though the language is changed, the "Payment Currency" still shows CNY, indicating that the KYC identity and payment currency have not changed due to the language switch. Binance has only blocked the access to US stocks for Simplified Chinese users on the frontend, while the underlying account system remains unchanged. Simplified Chinese is nearly equivalent to the jurisdiction of mainland China in terms of compliance, and US stocks are considered heavily regulated assets. This invisible geographical barrier is not a technical restriction but a compliance posture: by simply changing the language, the responsibility is shifted to the user, and nominal compliance is maintained.

Switching to the "Market" page, a "Traditional Finance" entry appears at the top tab, alongside "Cryptocurrency" and "Alpha." It is further divided into three sub-tabs: Stocks, Spot, and USDⓈ-M Futures. Under the Stocks tab, there are separate filters for "US Stocks" and "ETFs."

Scrolling through the list, the first stocks that catch the eye are not Apple and Tesla but rather ZCMD (with a market value of approximately $46.76 million), SVC ($23.31 million), WOK ($18.15 million), these obscure small-cap stocks that even experienced US stock traders might not recognize. Next to NOK, there is also an ADR tag. This indicates that the coverage of the 7,000 stocks is not just a facade with a few blue-chip stocks but indeed extends to the small-cap and even ADR levels.

However, if there are other filtering and sorting options that can display mainstream large-cap stocks such as NVIDIA and Intel first, the experience may be better.

The ability to support 7,000 US stock trading pairs is because Binance has taken a path not of tokenization on-chain, but of a real brokerage channel, where the assets are not limited by the issuer's token minting schedule. To put it into perspective: Kraken's xStocks covers over 60 blue chips, the underlying issuer Backed Finance currently has around 100 assets, and aims to reach over 500 by the end of the year. Robinhood's tokenization in the EU covers approximately 200 companies. While other platforms mint and list one token at a time, Binance has directly onboarded an entire US stock market.

Entering the NVIDIA details page. Price is $216.209, marked as "Pre-market," with a pre-market increase of 1.83% and a 0.79% decrease from the previous closing price. The candlestick chart supports timeframes from 1 week to 5 years, no different from mainstream brokerage apps.

Scrolling down reveals a set of "Key Data" panels: trading volume of 4.1946 million shares, opening price of 213.05, average volume of 156 million shares, 52-week high at 236.54, low at 135.40, market cap of $5.11 trillion, P/E ratio of 32.04, EPS of $6.59, dividend yield of 0.02%, and free cash flow of $119.076 billion. The data granularity has reached the level of Webull or Robinhood. Further down, there is a "Corporate Actions" section, indicating a cash dividend on June 4.

The "Related News" section aggregates third-party sources such as Benzinga, The Motley Fool, Investing.com, etc. At the very bottom is the company overview. The overall information architecture is sufficient for stock beginners, but lacks in-depth data such as financial statements, analyst ratings, institutional holdings, etc., falling short by an order of magnitude compared to Bloomberg or Tonghuashun. For Binance's target users, this may suffice. However, for serious stock players, the information density and professionalism may still be inadequate.

Next, we proceed to place an order.

Click on "Buy", enter 100 USDT. The system will automatically calculate: The initial 100 USDT will be exchanged at a rate of approximately 1 USDT ≈ 0.998859 USDC, resulting in about 99.88 USDC. Then, at the market price (Best Ask Price $218.97), it will buy approximately 0.4545 shares of NVDA, with a transaction value of 99.53 USDC and an estimated fee of 0.35 USDC.

Here is an unavoidable intermediate step: Whether you pay with USDT or BNB, all funds will first be converted to USDC and then used to purchase stocks with USDC. The exchange fee between USDC and USD is 0 (the spread is covered by Binance), but the conversion from USDT, BNB, or other currencies to USDC incurs an "applicable market spread." In other words, buying directly with USDC is the most cost-effective path, while using USDT or BNB will incur an additional layer of exchange loss.

Currently, there are only two types of orders: market orders and limit orders. The order validity period is "Day." The payer is "Funds Account + Spot," indicating that the system will automatically pull balances from two wallets.

After clicking on Preview, a "Securities Trading Disclaimer and Information Sharing" will appear. The core terms, presented in a formal style, state that Nest Trading Limited acts as the introducing broker, routing orders to Alpaca Securities LLC for execution, clearing, settlement, and custody. Binance does not handle or custody your securities. Two mandatory checkboxes: Acceptance of the Securities Trading Product Terms and agreement to share personal information with Alpaca Securities LLC.

The fee details in the popup are explicitly stated: Commission Fee 0 USDC, Platform Fee 0.35 USDC, Spread 0 USDC, Total 0.35 USDC. The three notes below are all noteworthy: First, Binance does not charge a commission, but orders will incur platform fees or spreads; Second, BNB fee discounts are currently not supported; Third, there may be future regulatory fees (CAT, TAF, SEC fees).

The Fee Schedule has been broken down further: the Transaction Spread is 0.10%, with a minimum of $0.35 per transaction; fractional shares follow the same fee schedule, with a minimum investment of $1; there are no fees for account opening, maintenance, inactivity, or custody. As for regulatory fees, the SEC transaction fee (seller side only) is covered by Binance, with users paying 0.

So, the phrase "Zero Commission" should be understood as follows: while the commission is indeed zero, the platform fee of 0.10% (minimum $0.35) is a hard cost, along with the exchange rate spread for non-USDC pairs as a soft cost. Taking the example of buying NVDA for 100 USDT, the $0.35 USDC platform fee corresponds to a $99.53 USDC trade value, resulting in an effective fee rate of approximately 0.35%. This figure may not be low compared to traditional brokers (both Robinhood and Webull offer zero fees), but it is not high in the context of cryptocurrency trading platforms (with a base spot trading fee rate of 0.10%). As for the BNB discount, it is not yet supported. In the Binance ecosystem where BNB can be used to offset fees across almost all products, this represents a clear expectation gap.

There is another number that has a greater impact on long-term holders: the Dividend Processing Fee is 0, but the default U.S. withholding tax on dividends is 30% of the total dividend amount, deducted upfront before crediting. This is the standard withholding tax rate applied by the U.S. to non-resident aliens and is not a Binance fee, but it means you only receive 70% of the stated dividend amount. While NVDA's dividend yield is only 0.02%, the impact is minimal; however, if you buy high dividend ETFs, this 30% should not be ignored.

It is important to note that market orders placed before the market opens will not be executed immediately but will be filled at the best available price at the market open.

Trading is open 24/5, but during non-core hours, liquidity is extremely thin, and market orders may face significant slippage. The disclaimer also makes it clear: "Securities are subject to high market and liquidity risks, especially outside of traditional market trading hours."

For crypto users, 24/7 trading is common knowledge; however, stock market liquidity cannot be replicated simply by extending trading hours. Market makers quoting, institutional participation, order flow density – all are concentrated in the window of 9:30 AM to 4:00 PM ET. The significance of 24-hour availability lies more in "being able to place orders anytime" rather than "being able to execute trades at a reasonable price anytime."

Securities Lending, Another Key Weapon of Binance

After experiencing the trading firsthand, the rhythm of the LawDecoded team now delves deeper into Binance's US stock products.

For a crypto trading platform to expand into US stocks, the frontend buy button is just the tip of the iceberg. The real heavy lifting lies in matching, custody, and lending. This time, Binance has strictly defined its role at the frontend entrance, outsourcing the backend operations to two entities.

The first is Nest Trading Limited. The disclaimer describes it as an "introducing broker," sounding like an external partner, but further investigation reveals that it is Binance's own entity. In December 2025, the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) approved licenses for three entities under Binance: Nest Exchange Limited handles the trading platform business (spot and derivatives), Nest Clearing and Custody Limited is responsible for clearing and settlement as well as digital asset custody, and Nest Trading Limited (formerly known as BCI Limited) holds a broker-dealer license, handling off-platform trading, exchange services, and other non-trading platform businesses. In other words, Nest Trading is not a third party brought in by Binance but its own licensed entity within the ADGM framework, specializing in tasks that bypass the trading platform's matching engine. The referral of US stock orders is precisely an extension of this type of "off-platform" business.

The second is Alpaca Securities LLC. This is the true independent third party. Headquartered in New York, Alpaca is a self-clearing licensed securities broker registered with FINRA, protected by SIPC (up to $500,000 per client account), and also a clearing member of DTCC, FICC, and OCC. However, it is not a retail brokerage but a B2B infrastructure provider for fintech companies. Its core product is the Broker API, allowing partners to embed stock, options, fixed income, and cryptocurrency trading within their apps. To date, Alpaca's API serves over 200 fintech clients in more than 40 countries worldwide, supporting over 10 million brokerage accounts. Early partners include Gotrade and Midas, with Binance being its highest-volume crypto platform integration.

Another very noteworthy update is the upcoming launch of Securities Lending on June 4.

Fully Paid Securities Lending (FPSL) is a service that allows users to lend out fully paid-up eligible stocks to market participants (usually institutions that need to short sell, arbitrage, or make a market) and earn interest income.

In the traditional financial markets, FPSL is a business that is as mature as it gets. Charles Schwab's securities lending program operates on a 50/50 split, with a minimum asset threshold of $100,000; Fidelity requires a minimum account size of $25,000; Interactive Brokers' Stock Yield Enhancement Program also has a 50% split, with a $25,000 threshold; Robinhood launched its own securities lending program in 2022 with the lowest threshold and daily interest accrual. The entire securities lending market contributes nearly $10 billion in global revenue annually.

In the world of cryptocurrency exchanges, Kraken has been a pioneer. It launched FPSL for US stocks in 2025, allowing eligible users to lend out fully paid stocks to earn interest. This move has been a core hook for Kraken to attract users to transfer their stock positions from other brokers via ACATS. Alpaca itself introduced the FPSL feature for Broker API partners in May 2025, and Binance's securities lending likely leveraged Alpaca's underlying capabilities.

For Binance, FPSL is more than just another feature label. It is a key step in transitioning users from "buy and hold" to "buy and earn interest," and it is also a precursor to integrating stocks into DeFi lending protocols after the tokenization of bStocks in the future. Running lending within the traditional brokerage framework first and then moving the same logic to the chain is a coherent path.

Beyond Binance: The Race Among Various Trading Platforms

Zooming out, Binance's move is not isolated. By early 2026, the racetrack was already crowded.

Coinbase, OKX, Kraken, and Bybit all announced or launched tokenized stock trading early in the year, and the market cap of tokenized stocks soared from $32 million to nearly $1 billion in less than a year.

Coinbase is taking the "everything exchange" route. In early 2026, it launched traditional stock and ETF trading for its US users with zero commissions, 24/5 trading, starting at $1 per fractional share. With a marketing partnership with Yahoo Finance, it is overtly positioning itself against Robinhood. However, in the fine print of the announcement, it deliberately excluded tokenized equities from both its licensed broker-dealer and primary operating company, leaving a regulatory question mark.

Robinhood is the pioneer of this tokenization narrative. In June 2025, CEO Vlad Tenev unveiled a three-step plan at an event called To Catch a Token, starting with tokenized stocks landing in the European Union, covering 200+ US companies. The core idea is to make tokenization a seamless experience for users. At its core is its proprietary chain, an Ethereum L2 based on Arbitrum Orbit, dedicated to real-world asset tokenization, with plans for a full rollout in 2026.

Kraken focuses on DeFi integration and self-custody. Its xStocks allow investors to collateralize 1:1 backed equity tokens in a private wallet, settling on Solana and Ethereum, covering 60+ blue-chip stocks, and partnering with Nasdaq. On the capital side, in April, Deutsche Boerse strategically invested $200 million in it.

OKX also made significant moves. In March 2026, ICE, the parent company of NYSE, announced a $25 billion strategic investment in OKX, focusing on a "unified matching engine" suite to place NYSE-associated tokenized equities at the core. This marks the first time a traditional exchange operator has invested in a top-tier crypto platform for this purpose, securing a board seat.

The remaining players have been active as well.

Coinbase and Bybit are exploring tokenization, custody, and distribution of US public and Pre-IPO stocks; Bitget and Ondo Finance collaborated to list 100+ tokenized US stocks, breaking $1 billion in spot trading volume in January 2026. On the issuance engine side, Backed Finance's xStocks currently have about 100 targets, aiming for over 500 by the end of 2026, with total trading volume exceeding $25 billion as of March this year. On-chain, trading of tokenized stock derivatives hit a single-day record of $35.7 billion on May 18, primarily driven by Binance and Hyperliquid.

Of note, this convergence is not unidirectional from crypto to stocks. Traditional institutions are also moving onto the blockchain. BlackRock has packaged US Treasuries as blockchain-based products, while NYSE and Nasdaq have announced plans to incorporate tokenization technology into their systems.

Two rivers are flowing towards each other, and the next move will be interesting to watch.

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