Tokenized stock trading surged 288% in July, but one QQQ token drove most of it

Without that QQQ token, July volume for tokenized equities would be roughly $2.03 billion, about 30% below June’s total.

Tokenized stock trading surged 288% in July, but one QQQ token drove most of it

Markets

Tokenized stock trading surged 288% in July, but one QQQ token drove most of it

Without that QQQ token, QQQB, July volume for tokenized equities would be roughly $2.03 billion, about 30% below June’s total.

By

Francisco Rodrigues

,

AI Boost

|

Edited by

Aoyon Ashraf

Aug 1, 2026, 4:51 p.m.

2

min read

Make

preferred on

Share

Share this article

Copy link

X icon

X (Twitter)

LinkedIn

Facebook

Email

Make

preferred on

Summary

Show

Tokenized stock trading reached a record $11.3 billion in July, a 288% increase, driven primarily by a single QQQ-tied token on Binance, which accounted for 82% of that volume.

Excluding that token, total market volume fell to $2.03 billion, about 30% lower than the estimated $2.91 billion in June.

Binance's QQQB saw massive growth due to zero maker fees through August and a new VIP volume multiplier program introduced on July 23.

Trading volume for tokenized stocks and ETFs surged 288% to a record $11.3 billion in July, though most of the increase came from a single Binance-linked token.

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.

The underlying Invesco QQQ Trust fell 6.6% in July, compared with a 3.2% decline in the Nasdaq Composite and a 0.1% slip in the S&P 500. QQQ traded as much as 10.2% below its June 30 close before rebounding in the final two sessions of the month.

AI and semiconductor stocks drove much of the volatility. The iShares Semiconductor ETF dropped 22.1%, its worst month since December 2002, while Micron fell 28.7%, according to

MarketWatch

. July saw heightened trading volume for the QQQ ETF as volatile AI-related trading, the FOMC meeting and earnings from big tech drove the rise in trading activities.

Round-the-clock access is part of the appeal of these tokens, which mirror traditional equities on the blockchain. Tokenized equities can be traded around the clock, giving non-U.S. users exposure when U.S. markets are closed and in countries where direct brokerage access to U.S. securities may be limited.

Binance

Tokenization

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to

our standards

.

For more information, see

CoinDesk's full AI Policy

.

Latest Crypto News

1

Bank of Italy research suggests stablecoins aren't necessarily cheaper for remittances

2 hours ago

2

SEC to review Nasdaq bitcoin options approval after CME challenge

2 hours ago

3

Solana Foundation's new CISO warns AI is making crypto scams more convincing

5 hours ago

4

Everyone has the perps convergence backwards

5 hours ago

5

Binance founder CZ calls for wallet diversification after $70 million Coldcard exploit

9 hours ago

6

XRP Ledger upgrade brings back features once pulled over critical bugs

12 hours ago

7

How bitcoin cold wallets lost $70 million in an attack that never touched the devices

12 hours ago

8

Bitcoin holds monthly gain, faces 'choppy' August as 'forced-selling' exhausted, analysts say

21 hours ago

9

Tether posts $1.5 billion operating profit in Q2 as reserve buffer falls by half

Jul 31, 2026

10

The good and the bad of perps, according to crypto traders

Jul 31, 2026

Latest Research

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

By

CoinDesk Research

Jun 29, 2026

Commissioned by

Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Why it matters

:

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

View Full Report

More From

Markets

Binance founder CZ calls for wallet diversification after $70 million Coldcard exploit

Bitcoin holds monthly gain, faces 'choppy' August as 'forced-selling' exhausted, analysts say

Quantum computing nears commercial breakthrough, IBM CEO says

Crypto

CD20

$1,706.98

CD20 down 1.46 percent

1.46%

BTC

$62,387.08

BTC down 1.03 percent

1.03%

ETH

$1,839.10

ETH down 1.64 percent

1.64%

XRP

$1.06

XRP down 0.69 percent

0.69%

SOL

$71.29

SOL down 2.39 percent

2.39%