TLDR Tech / Crypto
Ownership of assets underlying Binance's bStocks is the Real Story
Binance's headline around having 7,000+ US stocks for non-US users is a distraction since the underlying brokerage is a white-label Nest and Alpaca setup any fintech could replicate. What's actually worth watching is bStocks, Binance's self-issued tokenized equities on BNB Chain that settle near-instantly and could be used as collateral across DeFi. The open question is whether holders own the underlying share or just get price exposure: when Binance ran tokenized stocks through Ondo in February, those tokens came with no voting rights, and bStocks will be issued offshore through ADGM still pending regulatory approval.
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