Tokenized stock trading exploded in July, reaching a staggering $11.3 billion a 288% jump from the previous month. However, nearly all this surge was driven by a single token on Binance, QQQB, which tracks the Invesco QQQ ETF.
Binance’s QQQB Dominates Market Activity
The QQQB token alone accounted for $9.27 billion, representing about 82% of the total tokenized equities volume in July. Binance’s bStocks tokens combined made up over $9.4 billion, or 83.3% of the market. Excluding QQQB, the tokenized stock volume actually fell to around $2.03 billion, about 30% lower than June’s estimated $2.91 billion.
QQQB launched on June 30 with zero maker fees through August. Later, on July 23, Binance introduced a VIP volume multiplier, counting the volume of stocks and bStocks at three times their traded value for certain users aiming for higher VIP tiers. This multiplier, while boosting reported volume, did not impact the actual trading activity.
Meanwhile, the Invesco QQQ Trust itself declined 6.6% in July amid AI and semiconductor stock volatility. The iShares Semiconductor ETF posted its worst monthly drop since 2002, falling 22.1%. Companies like Micron saw shares tumble nearly 29%. This heightened market turbulence contributed to increased trading interest in QQQ tokens.
This is an informational overview, not financial advice.
