BNB Chain Led Blockworks’ Tracked Networks in Q3 Tokenized-Equity Metrics
BNB Chain recorded about $25.6 billion in tokenized-equity trading in Q3 2026, roughly 11 times the $2.4 billion reported in the previous quarter. Blockworks’ Q3 token-holder report ranked it first among the networks tracked for tokenized-equity trading volume, supply and holder count. The surge made for a strong quarter on BNB Chain, but trading volume alone says little about how many new investors arrived or what rights token holders have.
- DEX trading: $24.4 billion of BNB Chain’s $25.6 billion total.
- Quarter-end supply: $1.13 billion in tracked tokenized public equities.
- Reported holders: About 1.8 million; Blockworks’ counting method is not specified.
- Network activity: Transactions rose, while average daily active addresses fell.
Trading surged, but the comparison has limits
Blockworks tracked $45.8 billion in tokenized-asset decentralized exchange (DEX) trading across the networks it included in Q3, excluding pairs involving memecoins. Based on the reported figures, BNB Chain’s $24.4 billion in DEX volume made up more than half of that total. Robinhood Chain followed with $10.2 billion, and Solana with $6.4 billion.
These figures cover a specific slice of trading, not all crypto activity or every blockchain. Blockworks reported $25.6 billion in total BNB Chain tokenized-equity trading: $24.4 billion on DEX venues and $1.2 billion from Ondo Global Markets. The published figures offer little detail about how the data were collected or exactly which activity each venue covers.
The launch calendar helps explain the jump. bStocks, a tokenized-equity offering, launched on June 11, making Q3 its first full reporting quarter. Blockworks recorded a single-day peak of $1.2 billion in tokenized-asset DEX trading on July 26. From mid-August, weekly totals generally ranged from $600 million to $1.1 billion. One week in September reached $2.1 billion. Those are weekly figures, separate from the July daily peak.
Trading centered on a few products. QQQB, a tokenized product tied to the Invesco QQQ ETF, generated about 80% of bStocks’ DEX volume. SPCXB, SPYB and NVDAB were also listed. Blockworks names Native as a trading venue that handled approximately 36% of bStocks volume, but the available information says little else about the platform.
Supply grew; the holder count needs context
Blockworks put BNB Chain’s tokenized public-equity supply at about $1.13 billion on September 30, up from $560 million at the end of Q2. That represented 39% of the $2.89 billion tracked across blockchains. bStocks accounted for $810 million of BNB Chain’s total supply.
The report counted about 1.8 million tokenized-equity holders on BNB Chain, or 38% of its tracked cross-chain total. Blockworks does not explain whether it counted addresses, token accounts or something else. The figure should not be taken as a count of distinct people. One person may control multiple addresses.
Supply, volume and holder counts measure different things. Supply is the value of tracked tokens outstanding at a given point in time. Volume measures trading over a period. The holder figure depends on how the report counted. None of these measures establishes who owns any underlying shares, what legal rights token holders have, or how custody and redemption work for the products.
Transactions rose as active addresses fell
BNB Smart Chain processed 1.51 billion transactions in Q3, up 7.5%, according to Blockworks. Average transaction fees rose to $0.032. Meanwhile, average daily active addresses fell 14% to 2.10 million.
That split complicates the claim that rising tokenized-equity volume means broader user growth. More transactions may reflect increased activity from existing users, while the drop in active addresses points the other way. The data do not explain the gap or show how much trading came from repeated turnover of the same tokens rather than new buyers or net investment.
Blockworks reported network real economic value (REV) of $54.2 million, up 54% from $35.2 million in Q2. The REV figure comprised $49.1 million in transaction fees and $5.1 million in payments associated with maximal extractable value (MEV), which refers to value related to transaction ordering and block construction. The report provides no further methodological detail on these calculations.
Blockworks also calculated token-holder net income of $45.1 million, up 57% quarter over quarter. The measure combines delegator rewards and BNB burned through the BEP-95 mechanism. Burned tokens are not income in the ordinary accounting sense, so this is a report-specific metric, not conventional net income.
Upgrade and lending activity add context
The Pasteur hard fork activated on August 25. Blockworks reported that the BidBlock V2 block-building system produced approximately 98% of blocks after the upgrade and averaged 28% more gas per block than the previous approach. Gas measures the computation used to process transactions. More gas per block does not, on its own, show better performance, higher user activity or a better user experience. The reported figures do not establish those effects or specify the measurement window.
Lending deposits on BNB Chain rose 42% to $3.57 billion from $2.51 billion, while outstanding borrowing increased 33% to $940 million, according to Blockworks. Tokenized equities used in lending markets grew from $6 million to $62 million, but still made up less than 2% of total deposits. That is notable growth from a small base, not evidence that tokenized equities have become a major source of lending collateral.
Stablecoin supply fell 4.6% to $13.22 billion, largely because of lower USD1 balances. Non-stablecoin real-world asset supply rose 24% to $4.96 billion, including $3.77 billion in tokenized Treasuries.
Rankings depend on what a report tracks and how it counts. Comparisons also need to keep different measures separate. Robinhood Chain’s roughly $1.14 billion in DeFi total value locked on October 22, according to DefiLlama, measures deposits across DeFi applications. It is not directly comparable with BNB Chain’s tokenized-equity supply or quarterly trading volume.
Key questions and answers
-
What is a tokenized equity?
It is an equity-related product represented by a token on a blockchain. The reported figures do not establish whether a particular token conveys ownership of an underlying share or what other legal rights apply.
-
Did BNB Chain lead every blockchain in Q3?
No. Blockworks ranked BNB Chain first among the networks in its comparison. The report does not claim to cover every blockchain.
-
Does the 1.8 million holder figure mean 1.8 million individual investors?
That cannot be determined from the reported information. Blockworks’ counting method is not specified, and one person may control multiple addresses.
-
Did network activity rise across the board?
No. Transactions rose 7.5% to 1.51 billion, but average daily active addresses fell 14% to 2.10 million.
