Binance announced on June 12 that it will return all USDC contributions to users, alongside a $1 million compensation pool in bStocks tokens to be distributed by June 18. While Binance did not explicitly confirm if it faced the same delivery failure as Bybit, the disruption impacted a campaign that had already drawn approximately $557 million in subscriptions.
Bybit’s failure to secure assets from xStocks left the exchange unable to fulfill orders despite the offering being oversubscribed by more than four times. The exchange is now refunding all subscription funds, plus an additional reward calculated at a 10% annual rate for a four-day window. Binance founder Changpeng “CZ” Zhao addressed the move on social media, emphasizing a priority to protect users when external processes fail to meet expectations.
These setbacks occurred against the backdrop of a record-breaking Nasdaq debut for SpaceX. After pricing at $135 per share, the stock climbed to $173.22, pushing the company’s valuation past $2 trillion. This surge places the aerospace firm ahead of major market players like Meta and Tesla. Despite the tokenized product failures, market interest remains intense, with traders now eyeing upcoming options trading and potential future listings for companies like OpenAI and Anthropic.
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