Tokenized stock trading hits record $11.3 billion in July as Binance's QQQB drives most of the surge

Tokenized stock and ETF trading climbed 288% to a record $11.3 billion in July, but the surge was overwhelmingly concentrated in Binance’s bStocks market, where QQQB alone generated $9.27 billion of volume. Binance bStocks accounted for $9.41 billion, or 83.3% of total tokenized-equity trading, according to CoinDesk Data’s latest Stablecoins & Tokenized Assets report. Stripping out QQQB, July volume was about $2.03 billion, roughly 30% below the market’s implied June total of $2.91 billion, indicating that broader activity weakened even as headline volumes hit a record. The report said xStocks volume fell to $335 million from $1.55 billion, while Ondo recorded $792 million and Backpack $479 million. QQQB, which tracks Invesco’s QQQ ETF, began trading on Binance on June 30 with zero maker fees through Aug. 31. Binance also started counting stocks and bStocks volume at three times traded value for some users seeking higher VIP tiers on July 23, a program that did not change actual trading volume but may have boosted activity. The underlying QQQ Trust fell 6.6% in July amid heavy volatility tied to AI and semiconductor stocks, compared with a 3.2% decline in the Nasdaq Composite and a 0.1% slip in the S&P 500. Tokenized equities are marketed in part on their around-the-clock availability, offering non-U.S. users access to U.S. stock exposure outside regular market hours.