Tokenized Stock Market Hits $11 Billion Record: One Binance Asset Accounts for 82% of Volume

As the tokenized stock market hit a record $11.3 billion in July, 82% of this massive growth stemmed from a single asset on Binance.

While the process of tokenizing real-world assets (RWA) is gaining momentum in the cryptocurrency world, the trading volume of tokenized stocks and exchange-traded funds (ETFs) increased by 288% in July compared to the previous month. Although the total volume reaching $11.3 billion created significant excitement in the sector, a deeper look into the data reveals the dominant role of the Binance-backed QQQB token behind this growth.

The Binance bStocks platform alone carried 83.3% of the total volume with $9.41 billion. In particular, the QQQB token, which tracks Invesco’s QQQ ETF, accounted for 82% of the entire market with a trading volume of $9.27 billion. However, questions have begun to arise regarding how much of this record-level increase is due to organic demand and how much stems from strategic incentives implemented by the exchange.

Binance Incentives and the Question of Organic Growth in the Tokenized Stock Market

Binance launched a zero maker fee campaign for QQQB, which it opened for trading on June 30, running until August 31. Additionally, the exchange began counting stock volumes triple starting July 23 to help users increase their VIP levels. While such incentives do not technically alter the actual trading volume, they heavily encouraged users to trade on these pairs. Indeed, when QQQB is excluded, the volume in the rest of the market decreased by 30% compared to June, falling to $2.03 billion.

This market activity coincided with a period when the underlying asset, Invesco QQQ Trust, lost 6.6% in value in July. While volatility in AI and semiconductor stocks increased investor interest in tokenized assets, the drop in xStocks volume from $1.55 billion to $335 million indicates that the growth was not widespread. Ondo recorded $792 million and Backpack recorded $479 million in volume, these digital assets, which offer 24/7 access, continue to open a critical door for investors outside the US.