Trading volume for tokenized stocks and ETFs reached a record $11.3 billion in July, marking a 288% increase. However, the surge was largely attributed to a single Binance-linked token, QQQB, which tracks the Invesco QQQ ETF. QQQB alone accounted for $9.27 billion, or approximately 82% of the total tokenized-equity volume.

Excluding QQQB, July's tokenized equity volume would have been roughly $2.03 billion, about 30% below June's total of $2.91 billion. QQQB began trading on Binance on June 30 with zero maker fees through August 31, contributing significantly to its high volume.