BNB Jumps More Than 5% After Report Binance Will Add U.S. Stock Trading

BNB surged in short-term trading after reports that Binance will offer trading in U.S. stocks. The move appeared to fuel buying of the token on expectations the crypto exchange is expanding into traditional financial products.

Crypto-focused media outlet BlockBeats reported on June 1 that BNB rose more than 5% at one point after Fortune reported the Binance plan. BNB was trading at $722.

Fortune previously reported that Binance will support trading in more than 7,000 U.S. stocks and exchange-traded funds. Users will be able to buy U.S. shares with as little as $5 and pay with USD Coin, Tether or BNB.

Binance is also preparing a service that would allow users to convert their stock holdings into tokenized shares on BNB Chain. The U.S. stock trading offering and tokenized stock plan are drawing attention as potential drivers of broader BNB use across the Binance ecosystem.