Tokenized stock trading surged 288% in July, but one QQQ token drove most of it
Tokenized stock trading volume surged in July, though the growth was heavily concentrated in a single token tracking the Invesco QQQ ETF. Despite the overall volume spike, trading in other tokenized assets saw a decline compared to previous months.
Why it matters
The data illustrates the current reliance of the tokenized equity market on specific high-volatility assets and the influence of fee-free trading incentives.
Binance bStocks accounted for $9.41 billion, or 83.3% of the total, according to CoinDesk Data’s latest Stablecoins & Tokenized Assets report. A bStocks token, QQQB, tracking Invesco’s QQQ ETF, generated $9.27 billion alone, equivalent to roughly 82% of all tokenized-equity volume.
Excluding QQQB, July volume was roughly $2.03 billion, about 30% below the market’s implied June total of $2.91 billion. xStocks volume dropped to $335 million from $1.55 billion, while Ondo recorded $792 million and Backpack $479 million, the report details.
QQQB began trading on Binance on June 30 with zero maker fees through Aug. 31. Binance also began counting stocks and bStocks volume at three times its traded value for some users seeking higher VIP tiers on July 23, though the multiplier does not alter actual trading volume.
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