Binance-Linked Tokens Drive Record Tokenized Stock Trading Volume
Tokenized stock trading saw a massive surge in July, with total volume reaching $11.3 billion, a 288% increase from previous months.
The majority of this growth can be attributed to Binance's bStocks, which accounted for 83.3% of the total volume at $9.41 billion.
One specific token, QQQB, tracking Invesco's QQQ ETF, generated an astonishing $9.27 billion in trading volume alone, equivalent to roughly 82% of all tokenized-equity volume.
This explosion in growth is partly due to Binance's decision to offer zero maker fees for QQQB from June 30 to August 31, as well as the introduction of a multiplier that counts stocks and bStocks volume at three times its traded value for certain users seeking higher VIP tiers on July 23.
The underlying Invesco QQQ Trust fell 6.6% in July, whereas the Nasdaq Composite declined by 3.2% and the S&P 500 slipped by 0.1%. AI and semiconductor stocks drove much of this volatility.