A Blockworks report shows real-world asset supply, tokenized equities, lending and network revenue all climbing on BNB Chain last quarter
BNB Chain spent the third quarter becoming a busier place for real-world assets. According to the Blockworks Q3 Token Holder Report, non-stablecoin RWA supply on the network rose 24% quarter over quarter to $4.96 billion.
The numbers behind the quarter
Start with the biggest slice. Tokenized treasuries accounted for $3.77 billion of that $4.96 billion RWA total.
And branch out it did. Tokenized equity supply on BNB Chain doubled during the quarter to $1.13 billion, per the Blockworks report.
That figure represents roughly 39% of the $2.89 billion in tokenized equities across all the networks Blockworks tracked. It also made BNB Chain the largest chain for tokenized stocks among those covered in the report.
Tokenized equity trading volume on the network reached about $25.6 billion in Q3. In Q2, that figure was $2.4 billion. That is an elevenfold jump in a single quarter, with much of the activity running through decentralized exchanges.
What drove the growth
Blockworks pointed to new product launches as a major driver. Two names stand out: bStocks and Ondo’s USDY.
bStocks, which launched on June 11, accounted for $810 million of the network’s tokenized equity supply by the end of Q3. That is the majority of the $1.13 billion total.
One product in particular carried the load. QQQB, a token tied to the Invesco QQQ ETF, made up approximately 80% of bStocks’ DEX volume.
Ondo’s USDY arrived on August 4. It added another yield-oriented product to the mix during the second half of the quarter.
The lending side moved too. Total lending deposits on BNB Chain climbed 42% to $3.57 billion, while borrowing rose 33% to $940 million by quarter-end.
The network itself benefited from the activity. BNB Chain revenue rose 54% to $54.2 million in Q3.
Blockworks also highlighted infrastructure upgrades, including the Pasteur hard fork, which went live on August 25. The upgrade was among the improvements cited as supporting the quarter’s revenue increase.
What this means for BNB Chain and the RWA race
For BNB Chain, the quarter strengthens its claim as a serious venue for tokenized assets. Holding roughly 39% of the tracked tokenized equity market is a meaningful position in a category that is still taking shape.
There are concentration risks worth watching, though. bStocks accounted for $810 million of the $1.13 billion in tokenized equity supply, and a single token drove approximately 80% of that product’s DEX volume.
The lending data offers a steadier signal. A 42% rise in deposits to $3.57 billion, alongside more measured borrowing growth, suggests tokenized assets are starting to slot into DeFi plumbing rather than just being traded back and forth.
For investors tracking BNB Chain’s fundamentals, the 54% revenue increase to $54.2 million is the figure that ties it all together. More assets and more trading translated into more fees for the network.
