I don't think there is a direct function that implements the balanced histogram thresholding approach (I assume that's what you mean when you say histogram thresholding). However, there are similar methods. You could try using the graythresh function, which is a histogram-based threshold using Otsu's method, but not the same as balanced histogram thresholding.
Here is an example:
% Read an image
im = imread('cameraman.tif');
% Compute the Otsu level
level = graythresh(im);
% Threshold using computed level
BW = im2bw(im,level);
