MSFTb, issued by BTech Holdings Limited, is a tokenized stock in the form of a Certificate over shares that provides price-tracking economic exposure to the common stock of Microsoft Corporation (MSFT) listed in the United States. [S1]

Each MSFTb token tracks the price of Microsoft Corporation (MSFT) 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, helping holders maintain continuous exposure without manual action. [S1] Holders can convert between the supported underlying equity and MSFTb at a 1:1 ratio with zero conversion fees, except during corporate actions or platform maintenance, with fractional access from as little as $5. [S1]

BTech Holdings Limited, a Binance group affiliate, issues MSFTb through an Approved Prospectus in the Abu Dhabi Global Market (ADGM), UAE, following approval by the Financial Services Regulatory Authority (FSRA), with the token classified as a Certificate representing certain Financial Instruments under paragraph 92, Schedule 1 of the Financial Services and Markets Regulations (FSMR). [S1] MSFTb confers no direct ownership of the underlying share and is offered only to eligible non-U.S. users on a secondary-market basis, with holders warranting they are not U.S. persons. [S1] Tokens convert to and from the underlying at 1:1 through broker-dealer Nest Trading Limited, with the share held by a regulated custodian. [S1]

MSFTb 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, with holders converting between the underlying and MSFTb at a 1:1 ratio; tokens may be held in self-custody via compatible wallets. [S1]

<Sources
  retrievedAt="2026-07-02"
  items={[
    { id: "S1", url: "https://www.adgm.com/financial-services-regulatory-authority/listing-authority/official-list-of-securities" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Tokenized stocks

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terms

Real-world asset (RWA) issuers

Binance bStocks

Microsoft (bStocks Tokenized Stock) (MSFTb) is a token tracking MSFT shares, backed by dedicated collateral, issued by Binance bStocks through Btech Holdings Ltd, and distributed through BTech Services Limited (Binance bStocks) with Alpaca Securities LLC and Nest Trading Limited as broker.

The underlying security is listed in the information technology 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.

MSFTb has been issued on BNB Chain as an ERC-20 token since June 2026.

Microsoft (bStocks Tokenized Stock)MSFTb