Binance’s QQQB token accounted for 82% of July’s record $11.3 billion tokenized equity volume, distorting market growth.
Tokenized stock trading volume hit a record $11.3 billion in July, surging 288% from prior levels. The spike was driven overwhelmingly by Binance’s QQQB token, which alone generated $9.27 billion in volume, or 82% of the total market.
Excluding QQQB, July volume dropped to $2.03 billion, a 30% decline from June’s $2.91 billion. Other platforms saw mixed results: xStocks fell to $335 million from $1.55 billion, while Ondo and Backpack recorded $792 million and $479 million, respectively.
Binance’s zero maker fees for QQQB through August and a VIP volume multiplier program introduced on July 23 fueled the token’s dominance. The exchange also triple-counted bStocks volume, further inflating the headline figure.