币安重磅出擊：5*24H交易8000支美股&ETF，還能股票上鏈？

Original: Odaily Planet Daily (@OdailyChina)

Author: Asher (@Asher_0210)

The mystery is solved - "Mei Gu" turns out to be "U.S. Stocks."

On May 29, Binance's official X account posted a teaser for a new product: an all-yellow room with a single pile of haystacks in the center. There was no product screenshot, no trading interface, and no further explanation. The only clue left for the community was almost exclusively the Chinese character for "grain" or "valley" (谷).

Soon, the community turned this image into a homophone puzzle. "Mei Gu" (没谷) corresponds to "U.S. Stocks" (美股) in Chinese. Based on this, many users speculated that Binance's upcoming launch was not an ordinary crypto trading product, but rather a tokenized U.S. stock-related feature currently trending in the crypto space.

Binance New Product Teaser Image

Now, the shoe has dropped. This afternoon, Binance announced it would offer non-U.S. users access to trade over 8,000 U.S. stocks and ETFs, with plans to launch bStocks, a product allowing users to self-initiate tokenized stocks, in the coming weeks. In other words, Binance's new product rollout has two steps: first, making U.S. stocks and ETFs available within a Binance account, and second, attempting to bring these stock assets onto the BNB Chain.

One Binance Account, Manage Stocks, ETFs, and Cryptocurrencies Simultaneously

24/5 Trading, Zero Commission, Automatic Dividend Crediting, Support for Securities-Backed Lending

Judging from the official website page (link: https://www.binance.com/en/stocks-landing#faq-2), Binance is not just dipping its toes in with a few popular U.S. stocks; it is directly introducing U.S. stocks and ETFs as a complete trading category on its platform. Users can buy and sell over 8,000 types of U.S.-listed stocks and ETFs: Popular names like Apple, Microsoft, Nvidia, Google, Amazon, Meta, Tesla, Netflix, AMD, JPMorgan Chase, Visa, and Mastercard are all listed on the website.

More crucially, Binance has not made this product a standalone stock app; instead, it is integrated into the existing account system. The website summarizes this as "One Account, Two Worlds," meaning one account manages stocks, ETFs, and crypto assets simultaneously. Users can use crypto assets to purchase stocks. Stock purchases are primarily settled in USDC, while assets like BNB, USDT, and USD1 can also be used for placing orders and will be automatically converted to USDC upon order submission. Funds from stock sales will return to the user's funding account in USDC.

Regarding the trading barrier, Binance emphasizes a minimum investment of $5 and zero commission (platform fees and spreads are additional). Additionally, the website mentions automatic dividends and securities lending features. Dividends received by users will be directly credited to their accounts, and users can also generate passive income by lending out fully paid stocks.

Trading hours are also more aligned with crypto user habits. The website states that the product supports 24-hour access to the U.S. market from Monday to Friday. Compared to traditional U.S. stock trading sessions, this design is more suitable for crypto users accustomed to 24/7 trading.

Advantages of Trading U.S. Stocks on Binance

Binance also stated in a post that the Fully Paid Securities Lending (FPSL) service will officially open on June 4. This service allows users to lend out eligible securities they fully own to market participants and earn additional returns through lending. Reportedly, FPSL is a common securities lending mechanism in traditional financial markets, typically facilitated by brokers or custodians to lend out investors' unused securities to institutions needing to short sell, arbitrage, or market make.

Tokenized Stocks Will Also Enter On-Chain Scenarios

Beyond stock trading within the Binance account, the website also mentions that Binance plans to launch a tokenized stock product called bStocks, with related features going live in the coming weeks. At that time, users may be able to further convert their U.S. stock holdings into tokenized assets on the BNB Chain, enabling stocks to move beyond in-account trading into on-chain transfer and DeFi applications.

Compared to similar products on platforms like Kraken and Robinhood, bStocks allows users to self-initiate the tokenization process and opens up DeFi applications such as lending and liquidity provision based on instant settlement. Binance states that bStocks aims to build "a native bridge from traditional stock ownership to programmable, 24/7 tokenized assets." This means U.S. stocks are no longer just a number in an account portfolio but have the potential to be used in on-chain financial scenarios like lending and liquidity provision.

From U.S. Stock Trading to On-Chain Stocks, Binance Aims Further

Binance's launch of U.S. stock trading this time is not just about adding "a function to buy stocks"; it's about pushing the boundaries of a CEX further. In the past, exchanges competed on listing speed, contract depth, and liquidity. Now, the competition is shifting towards who can pack more assets into a single account. BTC, ETH, stablecoins, U.S. stocks, ETFs, and even future on-chain U.S. stocks are essentially being repackaged into tradable assets within a user's account.

The U.S. stock market remains hot, with sectors like AI semiconductors and memory chips continuously attracting capital. The crypto market is also searching for new trading scenarios and capital outlets. By putting U.S. stocks into the account, Binance effectively connects these two lines. On one side, there are the familiar U.S. stock assets; on the other, the funds already settled within the exchange.

bStocks is the next step worth watching. In-account trading solves the "how to buy" problem, while on-chain tokenization addresses "what you can do after buying." If U.S. stock holdings can further enter DeFi scenarios like lending and liquidity provision, the competition for tokenized stocks will move from the trading entry point to asset composability.

From buying crypto to buying U.S. stocks, and then bringing U.S. stocks onto the chain, Binance seeks to expand not just its feature menu, but the boundary of assets a single crypto account can hold.