Venus Protocol has integrated bStocks — tokenized shares of Tesla, Nvidia, and SpaceX — into its Core Pool on BNB Chain, letting users post the assets as collateral for DeFi loans. The move, effective June 20, 2025, opens a new bridge between traditional equity markets and decentralized lending, though borrowing remains paused at launch with caps set to zero.
What the collateral terms look like
The collateral factors are set at 60% for TSLAB (Tesla-linked) and NVDAB (Nvidia-linked), and 50% for SPCXB (SpaceX-linked). That means a user depositing $100 worth of TSLAB can borrow up to $60 in other assets — once borrowing is enabled. For now, the protocol is letting the markets sit, gathering data on price behavior and liquidation risk before flipping the switch.
Where the tokens come from
BStocks are issued by BTech Holdings Limited, which claims a 1:1 backing to the underlying securities. Eligible users in permitted jurisdictions can access them. Binance listed TSLAB and NVDAB spot pairs on June 11, 2025, followed by SPCXB shortly after, giving traders a centralized exchange route before Venus added collateral support. PancakeSwap offers decentralized trading, and Trust Wallet provides wallet access for moving tokens between CEX and DeFi.
The risks that come with tokenized stocks
Unlike crypto-native assets, bStocks carry issuer-related risks — permission structures, off-hours pricing gaps, and oracle design that depends on traditional market feeds. Regulatory treatment also differs, and the lack of real borrowing demand means liquidation mechanics are untested. Venus is taking a cautious approach by leaving borrow caps at zero until the market proves itself.
The protocol hasn't set a date for lifting the borrowing freeze. Until then, the bStocks markets act as collateral-only pools, with the real test — liquidations during volatile hours — still ahead.
