Four.Meme launched 4Stock on September 8th, bringing popular US stocks that do not yet have a formal bStock version onto the BNB Chain ahead of schedule. Each 4Stock is backed 1:1 by the underlying real-world stock. The first asset to be listed is BNC4, corresponding to shares of CEA Industries.
The Relationship Between 4Stock, bStock, and Stock Memes
Four.Meme defines 4Stock as a "precursor to bStock." Existing bStock tokens are BEP-20 stock tokens issued on the BNB Chain, with the underlying real stocks held by custodians. Four.Meme integrated bStock on July 31st, with NVDAb, a token representing Nvidia stock, being the first listed.
Stock Memes are Meme tokens that use stock tokens, rather than BNB, as the paired trading asset. Previously, only companies that already had on-chain stock tokens could serve as the base pool for such Meme projects. 4Stock adds a path for early issuance, allowing US stocks that have not yet entered the bStock ecosystem but suddenly gain market attention to be brought on-chain.
Minting is Not Instant Conversion
Users must first send USDC from the same address intended to receive the tokens, then submit the transaction hash and a minting form. The minimum for a single application is 10,000 USDC. Four.Meme states that valid requests will be processed within 24 hours, purchasing the underlying stock at the prevailing market price at the time of execution and deducting a 1% minting fee.
After the stock purchase is complete, the platform mints and sends the corresponding 4Stock based on the actual number of shares purchased. Because the purchase price may change, the estimated token quantity at the time of application may differ from the final amount received. The platform plans to automate the minting process in the future, but for now, it is handled manually and in batches.
A redemption mechanism is also not yet open. Future redemptions are similarly planned to be processed in 24-hour cycles with a minimum amount of 10,000 USDC; the platform will sell the underlying stock and return the resulting USDC to the user. If the corresponding bStock token is subsequently launched, 4Stock can be converted to bStock at a 1:1 ratio.
Launching a New Asset Requires Two Pools of Capital
Applying to create a previously non-existent 4Stock requires preparing 500,000 USDC. Upon approval, half of this capital is used to purchase the underlying stock and mint the 4Stock, while the other half is used, together with the new tokens, to establish the initial on-chain liquidity pool. The launch applicant can share in the related Stock Meme's internal trading fees and half of the initial liquidity pool's profits.
1:1 Backing Does Not Mean Price Peg
Within approximately 5 hours of its launch, citing data from GeckoTerminal and PANews, reports indicated that BNC4's on-chain price surged over 1980%. Its circulating market cap once exceeded $70 million, later settling around $67 million. The 24-hour trading volume was about $45.46 million, while the liquidity in its pool was approximately $1.65 million.
1:1 backing means the quantity of tokens minted corresponds to the quantity of real-world shares; it does not mean the secondary market price in a market with thin liquidity automatically equals the stock's price. When buy-side demand grows much faster than the rate at which new tokens can be minted, the on-chain price can significantly diverge (trade at a premium). Manual processing, stock market trading hours, and the redemption function not yet being open collectively limit arbitrageurs' ability to quickly increase supply or reclaim tokens.
The report suggests that 4Stock provides a new pathway for popular stocks to enter the on-chain world, also expanding the scope for Stock Meme projects to companies that do not yet have a bStock token. The first day's trading also illustrates that asset backing and price stability are two different things; before participating in minting, users should verify addresses and product rules through official channels.
