GSB, issued by BTech Holdings Limited, is a tokenized certificate over shares giving holders economic exposure to a U.S.-listed equity under Binance's bStocks product. [S1]

Each GSB token tracks the live price of The Goldman Sachs Group, Inc. common stock (GS), listed on the New York Stock Exchange, and is backed 1:1 by a corresponding underlying share held with a regulated custodian. [S1] Corporate actions such as stock splits and dividend-related adjustments are processed automatically, so holders keep continuous economic exposure to the underlying equity without manual steps. [S1] Conversion between the underlying share and GSB is available at a 1:1 ratio with zero conversion fees, except during corporate actions or platform maintenance. [S1]

GSB is issued by BTech Holdings Limited, a Binance group affiliate, through an Approved Prospectus in the Abu Dhabi Global Market (ADGM), following approval by the Financial Services Regulatory Authority (FSRA). [S1] As a Certificate representing certain Financial Instruments under paragraph 92, Schedule 1 of the Financial Services and Markets Regulations, GSB does not constitute a share of The Goldman Sachs Group, Inc. and confers no ownership, voting, or affiliation rights in the company. [S1] Access is restricted to eligible non-U.S. users on a secondary-market basis, with conversion to and from the underlying equity handled through broker-dealer Nest Trading Limited. [S1]

GSB is issued as a BEP-20 token on BNB Chain (BNB Smart Chain), compatible with BNB Chain wallets and onchain applications. [S1] Minting and redemption follow the issuer's bStocks Minting and Redemption Product Terms, preserving the 1:1 ratio with the underlying equity while allowing holders to self-custody their tokens. [S1]

<Sources
  retrievedAt="2026-07-28"
  items={[
    { id: "S1", url: "https://www.adgm.com/financial-services-regulatory-authority/listing-authority/official-list-of-securities" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized stocks

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Real-world asset (RWA) issuers

Binance bStocks

Goldman Sachs (bStocks Tokenized Stock) (GSb) is a token tracking GS shares, backed by dedicated collateral, issued by Binance bStocks through Btech Holdings Ltd, and distributed through Binance with Alpaca and Nest Trading Limited as broker.

The underlying security is listed in the financials sector in North America.

Each token tracks one underlying share, entitles holders to dividends, which are distributed as additional tokens, carries no voting rights, and carries an annual fee of 0%.

The collateral assets are held by Alpaca Securities LLC in segregated accounts within a bankruptcy-remote structure and Crowe Mak LLP as auditor.

Residents of the United States and jurisdictions under applicable sanctions cannot mint or redeem with Binance bStocks.

Btech Holdings Ltd is incorporated in the United Arab Emirates, is regulated in Abu Dhabi's ADGM, and is supervised by the Financial Services Regulatory Authority.

Holder terms are governed by the law of the United Arab Emirates.

GSb has been issued on BNB Chain as an ERC-20 token since July 2026.

Goldman Sachs (bStocks Tokenized Stock)GSb