Crypto traders want a token that can move a real share price. The closest thing yet is on BNB Chain, where meme coins now trade directly against tokenized GameStop.

Binance says every tokenized share it issues is backed by a real one held at a custodian.

GameStop’s Tokenized Share Became a Meme Coin

A token called memestock trades against GMEB, Binance’s tokenized GameStop, in a PancakeSwap pool created on August 12. The pool holds more than $200,000 and turned over $543,000 in a day.

There are others, with at least 10 meme coins now using GMEB as their quote asset, among them stockmemes, LONGCZ and BURN. Together, those pools moved about $2.2 million in 24 hours.

GMEB arrived through bStocks, the tokenized stock lineup Binance launched in June and has expanded in batches since.

Binance describes each bStock as fully backed by a real US share held at a regulated custodian. BTech Holdings Limited issues them, and Nest Trading Limited arranges conversions at one token per share.

The Numbers Are Nowhere Near Wall Street

Every tokenized GameStop share on the chain adds up to 292,353 tokens worth $5.3 million. GameStop closed Friday worth $8.02 billion.

So the onchain version is roughly 0.07% of the company. The meme coin attached to it is worth about $3.7 million.

Robinhood Chain shows the same gap, albeit in a sharper form. Its biggest meme coin experiment, Artificial Inu, is valued near $98.6 million and trades against a tokenized Nvidia supply worth just $9.3 million. Nvidia itself is a $5.25 trillion company.

The plumbing also runs one way, with Binance offering bStocks out of Abu Dhabi and stating that they are not sold to US persons.

Only eligible users can convert between tokens and shares, so onchain enthusiasm does not automatically reach a New York order book.

“the real question is, when are we going to get a memecoin paired to a penny stock and then onchain activity leads to that stock going up 100-200%?” crypto trader Schoen posed.

Traders rule GameStop out as far too big, calling for a company valued between $50 million and $250 million. No company that small has been tokenized and paired yet, which leaves the experiment fully specified and still unrun.

Source: BeInCrypto