QQQ-Linked Token Fuels Bulk of 288% Jump in Tokenized Stock Trading

Without the QQQ-linked token QQQB, tokenized equity trading in July would amount to დაახლოებით $2.03 billion—around 30% less than June’s estimated $2.91 billion.

Although total volume for tokenized stocks and ETFs jumped 288% to a record $11.3 billion, nearly all of that growth came from a single Binance-affiliated token.

CoinDesk Data shows Binance’s bStocks accounted for $9.41 billion, or 83.3% of the total. QQQB alone—tracking the Invesco QQQ ETF—generated $9.27 billion, representing roughly 82% of all tokenized equity activity.

Stripping out QQQB reveals a much smaller market. xStocks volume dropped sharply to $335 million from $1.55 billion in June, while Ondo recorded $792 million and Backpack $479 million.

QQQB began trading on Binance on June 30, offering zero maker fees through Aug. 31. Starting July 23, Binance introduced a 3x multiplier for stock and bStocks trading for select users seeking VIP status, though this did not change actual volumes.

Meanwhile, the underlying Invesco QQQ Trust fell 6.6% in July, compared with a 3.2% decline in the Nasdaq Composite and a 0.1% dip in the S&P 500. The ETF dropped as much as 10.2% from its June 30 close before recovering late in the month.

Volatility was largely driven by AI and semiconductor stocks. The iShares Semiconductor ETF slid 22.1%, its worst monthly performance since December 2002, while Micron fell 28.7%, according to MarketWatch. Heightened swings tied to AI trading, the FOMC meeting, and big tech earnings boosted activity in QQQ.

A major draw of tokenized equities is their round-the-clock trading. By mirroring traditional stocks on blockchain networks, they enable continuous access, allowing global investors to trade beyond U.S. market hours and in regions where direct brokerage access is limited.