Tokenized Tesla and SpaceX stocks reach $403 million onchain, per Token Terminal
In brief
- Tokenized Tesla and SpaceX shares totaled $403 million onchain, per Token Terminal data.
- Binance's SPCXb was the largest single product at $138 million.
- TSLAx ($69M), SPCXx ($53M) and TSLAb (nearly $34M) followed.
- Wallets holding Tesla and SpaceX xStocks reached 140,174, Crypto Briefing reported.
- Competing token wrappers split liquidity across offerings, Crypto Briefing said.
Four tickers, two companies
Token Terminal data cited by Crypto Briefing put SPCXb in first place at $138 million. TSLAx came next at $69 million. SPCXx followed at $53 million, and TSLAb sat at nearly $34 million.
The naming gets confusing fast (which is part of the story). SPCXb is Binance's tokenized SpaceX product, while SPCXx is offered through xStocks. On the Tesla side, TSLAx and TSLAb are separate products.
Binance offers SPCXb through its bStocks product line, with each token designed to track SpaceX's Nasdaq-listed SPCX shares. By Binance's own description, the tokens are backed 1:1 by underlying shares held by a regulated custodian. They're issued as BEP-20 tokens on BNB Smart Chain.
The SpaceX listing set the base
SpaceX's Nasdaq debut on June 12, 2026, helped establish the basis for its tokenized stock market, according to Crypto Briefing. The report said the IPO initially raised $75 billion, rising to about $85.7 billion after underwriters exercised their greenshoe option.
Holder counts are climbing too. Crypto Briefing reported that the number of wallets holding Tesla and SpaceX xStocks reached 140,174, a 7.9-fold increase since January 2026 (that figure covers the xStocks products specifically, not the full set of wrappers).
Liquidity is split across wrappers
Growth hasn't come with a single venue.
Investors also face a fragmented market of competing token wrappers.
Crypto Briefing's read is that these different wrappers can divide trading activity and liquidity across offerings instead of bringing it together in one market. So the $403 million headline figure doesn't sit in one pool. It's spread across products from Binance and xStocks that each track the same two companies, and anyone following tokenized stocks on the blockchain will want to look at each wrapper on its own terms.
Frequently asked questions
What is SPCXb and how does it work?
SPCXb is Binance's tokenized SpaceX product, offered through its bStocks line. Each token is designed to track SpaceX's Nasdaq-listed SPCX shares. Binance describes the tokens as backed 1:1 by shares held by a regulated custodian, issued as BEP-20 tokens on BNB Smart Chain.
Why is the tokenized stock market considered fragmented?
Several competing token wrappers track the same companies. SpaceX has SPCXb (Binance) and SPCXx (xStocks), while TSLAx and TSLAb are separate Tesla products. Crypto Briefing said these wrappers can divide trading activity and liquidity across offerings instead of pooling it in one market.
