A single QQQ token drove 82% of July's record tokenized stock volume

Trading volume for tokenized stocks and ETFs hit a record $11.3 billion in July, up 288% from June. A single token accounted for the bulk of that surge.

Binance bStocks tokens generated $9.41 billion, or 83% of the total. The QQQB token, which tracks Invesco's QQQ ETF, produced $9.27 billion alone. That is roughly 82% of all tokenized-equity volume, according to CoinDesk Data's latest Stablecoins & Tokenized Assets report.

Excluding QQQB, July volume was about $2.03 billion, roughly 30% below the implied June total of $2.91 billion. xStocks volume dropped to $335 million from $1.55 billion. Ondo Finance recorded $792 million, and Backpack recorded $479 million.

QQQB began trading on Binance on June 30 with zero maker fees through Aug. 31. Binance also started counting bStocks volume at three times the traded value for some users seeking higher VIP tiers, effective July 23. The multiplier does not change actual trading volume, the report noted.

The underlying Invesco QQQ Trust fell 6.6% in July. The Nasdaq Composite declined 3.2%, and the S&P 500 slipped 0.1%. QQQ traded as much as 10.2% below its June 30 close before rebounding in the final two sessions of the month. AlphaScala's proprietary score for QQQ stands at 44 out of 100, a Mixed rating.

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

Tokenized equities offer round-the-clock access. They mirror traditional stocks on the blockchain and can be traded when U.S. markets are closed. That appeals to non-U.S. users in countries where direct brokerage access to U.S. securities is limited.

Binance has expanded beyond spot and derivatives into real-world assets and payments. The exchange remains crypto's leading platform by volume.

The zero-fee period for QQQB runs through Aug. 31.