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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.
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Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Indexed and credited by AIPROPX. Originating outlet: CoinDesk. Open at source →
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AIPROPX has consolidated 1 report from 1 outlet into a single canonical entry on “Tokenized stock trading surged 288% in July, but one QQQ token drove most of it.” Every covered outlet is based in Other.
The only timestamped report came from CoinDesk (Aug 1, 2026, 16:51 UTC).
Comparing the wording across sources, the phrase recurring most across the coverage is “qqq token”.
1 statement is carried by only one outlet within this set and is not echoed by the others.
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AIPROPX — “Tokenized stock trading surged 288% in July, but one QQQ token drove most of it” · https://www.aipropx.com/story/96139d1c2854ecfd96e5885fbb9916a0
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