Tokenized stock trading surged 288% in July, but one QQQ token drove most of it

Tokenized stock trading experienced a significant surge in July 2026, reaching a record $11.3 billion in volume, which represents a 288% increase from the previous month. However, this dramatic growth was predominantly driven by a single token linked to the QQQ ETF on Binance. Specifically, the token QQQB, which tracks Invesco’s QQQ ETF, was responsible for $9.27 billion in trading volume, making up approximately 82% of the entire tokenized-equity volume for that month.

Excluding the QQQB token, overall tokenized stock trading volume actually declined to about $2.03 billion in July, down roughly 30% from an estimated $2.91 billion in June. Other tokenized stock platforms such as xStocks saw a significant volume drop to $335 million from $1.55 billion, while Ondo and Backpack recorded $792 million and $479 million respectively. The QQQB token was introduced on Binance at the end of June with zero maker fees through August 31 and included an added incentive from July 23 where trading volume counted three times for some users seeking VIP status, though this multiplier only affected the accounting of volume, not actual trades.

The underlying Invesco QQQ Trust fell by 6.6% in July, a steeper decline than the Nasdaq Composite’s 3.2% drop and the S&P 500's slight 0.1% decrease. The month was marked by volatile trading in AI and semiconductor stocks, with significant losses in the iShares Semiconductor ETF (down 22.1%) and Micron (down 28.7%). This volatility, driven by AI-related trading themes, a Federal Open Market Committee meeting, and big tech earnings, contributed to the heightened interest in QQQ token trading. One noted advantage of tokenized stocks is their 24/7 tradability, providing access to U.S. equities for international investors when traditional markets are closed or inaccessible.

CoinDesk’s reporting highlights that Binance continues to expand its offerings beyond traditional spot and derivative crypto trading, venturing into tokenized real-world assets and broader financial services. The surge in tokenized stock volume, especially driven by Binance’s QQQB, underscores the growing interest in these blockchain-based equity products, even as they present concentrated trading activity centered on specific tokens.