Binance Dominates Tokenized Stock Market with QQQB's Explosive Growth

The tokenized stock market reached an all-time high of $11.3 billion in July, driven largely by one Binance asset.

Binance's bStocks platform dominated the market with a trading volume of $9.41 billion, accounting for 83.3% of the total volume.

The QQQB token, which tracks Invesco's QQQ ETF, was responsible for 82% of the entire market, reaching a trading volume of $9.27 billion.

However, questions have been raised about how much of this growth is due to organic demand versus strategic incentives implemented by Binance.

Binance launched a zero maker fee campaign for QQQB, which it opened for trading on June 30 and ran until August 31. Additionally, the exchange tripled stock volumes starting July 23 to help users increase their VIP levels.

When QQQB is excluded from the market activity, the volume in the rest of the market decreased by 30% compared to June, falling to $2.03 billion.