Tokenized stock trading surged 288% in July, driven by the QQQB token, reaching $11.3 billion in volume.
In July, trading of tokenized stocks experienced a remarkable surge of 288%, totaling $11.3 billion, significantly influenced by the QQQB token linked to the Invesco QQQ ETF.
Impact of QQQB on Trading Volume
Without the QQQB token, tokenized stock volume would have dipped to around $2.03 billion, reflecting a nearly 30% decline compared to June.
Data indicates that Binance's own tokenized stocks, known as bStocks, contributed significantly to this volume, with $9.41 billion, or 83.3% of the total. Notably, the QQQB token alone accounted for $9.27 billion, approximately 82% of all tokenized equity trades.
Excluding the QQQB, July's trading volume for tokenized equities would have been much lower, declining from an estimated $2.91 billion in June to around $2.03 billion. Other platforms like xStocks saw a decrease from $1.55 billion to $335 million, while Ondo and Backpack registered volumes of $792 million and $479 million, respectively.
Launched on June 30, the QQQB token offered no maker fees until August 31, and on July 23, Binance introduced a VIP multiplier program that allowed select users to triple their volume count for trades, although this did not affect the overall trading statistics.
During this period, the Invesco QQQ Trust saw a 6.6% drop, contrasting with a 3.2% dip in the Nasdaq Composite Index. The volatility was particularly pronounced due to fluctuations in AI and semiconductor stocks, with the iShares Semiconductor ETF experiencing a 22.1% decline, marking its worst performance since December 2002.
The appeal of tokenized stocks lies in their continuous trading capabilities, which allow international users to engage in trades even when U.S. markets are closed, providing access where traditional brokerage options may be unavailable.
