Lista sees growth in borrowing against tokenized equities as market stalls

The BNB Chain lending protocol has seen steady uptake of Binance’s bStocks, tokenized versions of US equities, as collateral for stablecoin loans. As of November 5, 2026, bStocks collateral on the platform stood at $9.64 million, spread across 93 different stocks and 303 markets.

The numbers behind the loans

Lista Lending added bStocks as eligible collateral on June 18, 2026. The pitch was simple: deposit tokenized shares, borrow stablecoins around the clock, and keep your exposure to the underlying stock.

Borrowers can draw several stablecoins against their positions, including USDT, USD1, U and USDC.

The most striking figure is utilization, meaning the share of deposited bStocks collateral actually being used to back loans. At the end of June 2026, that figure sat at 5.5%. By September 10, 2026, it had climbed to 46.2%.

Lista has also kept widening the menu. As of November 10, 2026, the protocol had added five new bStocks collateral assets, including APPB and BSPB.

How bStocks got here

Binance launched bStocks around June 11 to 12, 2026. Lista’s integration came roughly a week later.

Binance’s bStocks are estimated to hold around $1.5 billion in assets under management as of November 2026.

The wider tokenized equities sector has grown alongside it. Total distributed value and AUM for the category reached approximately $4.8 to $4.9 billion by November 2026, an increase of over 640% year-to-date.

What this means for DeFi lending

The jump in utilization from 5.5% to 46.2% suggests users are increasingly comfortable treating tokenized equities as working collateral.

The breadth of Lista’s rollout is worth noting. Supporting 93 stocks across 303 markets, and still adding new assets as of November 10, signals the protocol is betting on long-tail demand rather than a handful of mega-cap names.

Tokenized equities trade on-chain around the clock, while their underlying stocks don’t, which makes pricing and risk management a live issue for any protocol accepting them.

Lista’s growth in this area is tied to Binance’s bStocks product specifically. At $9.64 million, Lista’s bStocks collateral base is still modest relative to a sector valued at approximately $4.8 to $4.9 billion.