Binance has just announced the arrival of Binance Stock Token, a zero-commission digital tokens that allows users to fractional stocks and is denominated, settled, and collateralized in BUSD.
Tesla Inc (TSLA) will be the first Binance Stock Token to be listed. Pair trading for TSLA/BUSD starts on April 12, 2021 at 1:35PM UTC. Interested users can trade fractional Tesla stock on the Binance website.
Binance Stock Tokens are fully backed by a depository portfolio of underlying securities that represents the outstanding tokens. Stock token holders are eligible for economic returns on the underlying shares, like potential dividends.
While only TSLA make up the whole array of stock tokens at the moment, Binance will be listing more stock tokens and features in order to keep up with the market demand.
Stock tokens trading will be following traditional exchange hours. Residents from Mainland China, Turkey, and other restricted jurisdictions are unable to partake in stock token trading.
At time of writing, Binance Coin (BNB) has increased by 17% in the last 24 hours, with its price currently at $578.76.
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