Binance’s tokenized equities arm, bStocks, took an 85% share of all tokenized equity trading volume on decentralized exchanges in July, with on-chain volume reaching roughly $9.4 billion from $2.9 billion the previous month. Launched as BEP-20 tokens on BNB Chain around June 10-11, the product crossed $500 million in assets under management within seven weeks, equal to about 27% of the global tokenized equity market cap by late July. Activity was concentrated in QQQB, a tokenized equity product tracking the Invesco QQQ ETF, which generated about $9.27 billion in trading volume and accounted for nearly all of bStocks’ turnover. Against total tokenized equity DEX volume of between $11.3 billion and $18.2 billion in July, depending on the source, that left a single Nasdaq-100-linked token responsible for an outsized share of the sector’s throughput. Growth was aided by zero maker fees through August and a tiered volume multiplier program for VIP traders. A significant share of trading also took place outside traditional U.S. market hours, pointing to demand for 24/7 blockchain settlement. Even so, most price discovery still appears to occur on Binance’s centralized exchange, with DEX activity largely following centralized order-book prices rather than setting them, underscoring a hybrid model in which blockchain rails extend the reach and trading hours of centralized platforms.