Binance Drives $11.3 B Tokenized Stock Market Record in July

The tokenized equity and ETF market reached a record $11.3 billion in July, a 288% increase from the previous month. About 82% of that volume came from the QQQB token, which tracks the Invesco QQQ Trust, and was traded on Binance’s bStocks platform. Binance’s bStocks accounted for $9.41 billion (83.3%) of total on‑chain activity.

Binance attracted this flow with a zero‑maker‑fee promotion for QQQB until 31 August and a three‑fold VIP‑volume multiplier applied from 23 July, effectively lowering the capital needed to reach higher VIP tiers. Excluding QQQB, total market turnover would have been roughly $2.03 billion, 30% lower than June’s level. Smaller issuers such as Ondo ($792 million) and Backpack ($479 million) contributed modest shares, while other tokens like xStocks saw volumes collapse from $1.55 billion in June to $335 million in July, highlighting the liquidity shift toward Binance’s incentivised product.

The concentration of activity raises questions about how much of the surge reflects genuine investor demand versus exchange‑driven incentives.