Binance's token on the Invesco QQQ is 80% of its tokenized-stock trading; Robinhood trades 59% after hours
BNB Chain traded $25.6 billion of tokenized US equities in Q3, eleven times Q2, with a Binance-issued Invesco QQQ token at 80% of the flow. Robinhood Chain's counter is the clock: 59% of its volume now trades while Wall Street is closed.
Vincent Jiang · 3 min read
One Binance token is most of the market
The biggest product in tokenized US stocks is a single token. QQQB, a Binance-issued tracker of the Invesco−1.93% — Invesco, down 1.93 percent today QQQ, the Nasdaq−1.26% — Nasdaq, down 1.26 percent today-100 index fund, made up roughly 80% of trading on Binance's bStocks market last quarter, when BNB Chain's tokenized-equity volume hit about $25.6 billion, eleven times Q2's $2.4 billion 13.
BNB carried more than half of the $45.8 billion in tokenized-asset volume on decentralized exchanges, or DEXs, tracked across major chains; Robinhood−1.89% — Robinhood, down 1.89 percent today Chain, the Ethereum layer-2 built by Robinhood Markets, the US brokerage, followed at $10.2 billion, with Solana at $6.4 billion 12. BNB ended Q3 with $1.13 billion of tokenized equities outstanding, 39% of the cross-chain total 16. As late as September, Robinhood still handled about 42% of onchain equity volume 5. The lead changed hands inside one quarter.
BNB Chain's equity-only DEX flow beat both rivals' entire tokenized-asset volume
Data
| Value | |
|---|---|
| BNB Chain (equity DEX) | $24.4B |
| Robinhood Chain (all tokenized assets) | $10.2B |
| Solana (all tokenized assets) | $6.4B |
Custody and incentives both sit inside Binance
bStocks launched on June 11 under Abu Dhabi Global Market rules 3, and the underlying shares sit in regulated custody at BTech Holdings, a Binance affiliate 8; nearly 100 tokens now trade, each backed one-for-one 3. Binance airdrops QQQB to holders of a meme token, funds the rewards with 30% of its spot fees on that pair, accepts QQQB as margin collateral and handles QQQB-related dividend processing 4. None of the coverage names a role for Invesco, whose fund the token tracks 134.
Six of ten Robinhood dollars trade after the bell
Robinhood's counter is the clock. From September 24 to October 23, 59% of the $3.68 billion in Stock Token volume on its chain traded outside US market hours, $532 million of it on weekends 2.
Cumulative volume passed $15 billion by October 12, from about 200,000 holders in more than 120 countries, all of them outside the US 25. Each token is a debt security issued by Robinhood Assets (Jersey), backed one-for-one, carrying price exposure but no vote 5. Sunday prices lean on tokens already in circulation, because minting and burning pause for the day 2.
Wall Street is coming for the clock
Volume is already revenue: BNB Chain's network revenue rose 54% to $54.2 million in the quarter 1. A September SEC rule creates authorized venues for tokenized stocks 7, and a venue run by crypto exchange OKX with Intercontinental Exchange−0.67% — Intercontinental Exchange, down 0.67 percent today, the NYSE's parent, plans round-the-clock trading in 63 of them under an exemption that requires the voting and dividend rights Robinhood's no-vote tokens lack 57.
The NYSE is building round-the-clock tokenized trading with Blockchain.com and plans 22-hour sessions; Nasdaq goes to 23 hours on December 6 7. Metric, an exchange that reported $10 billion of cumulative volume while in stealth, opened bStocks trading on BNB Chain on October 14 8. Watch QQQB's share of bStocks volume in January: still near 80% and the breakout was one token; falling, and it was a market 18.
Get Economy by email, free
How AI moves rates, banks, payments and the wider economy. In our daily email, every weekday.
