Tokenized Stocks in DeFi Top $300 Million, Up 25x in a Year

Fresh data from Token Terminal shows that tokenized stocks deposited into decentralized finance (DeFi) protocols have surpassed $300 million. When we covered this year-to-date growth last month, the figure sat at $262 million. Tokenized equities utilized within DeFi have now surged by 2,451.5% compared to a year ago, when deposits hovered around $11.8 million. While expansion in this sector remained gradual for months, the landscape shifted dramatically beginning in August.

These deposits are presently distributed across 20 issuers and 10 distinct blockchains, though market activity remains heavily clustered among a select few major players. The rising trend of tokenized equity holders using their assets as collateral, contributing to liquidity pools, and generating yield has evolved far beyond a purely speculative phase.

Most of the Growth Came After July

Total value locked (TVL) for tokenized stocks experienced little movement throughout the first half of 2026, only seeing a sharp surge in activity starting in August. At the beginning of the third quarter, TVL stood at $80.1 million, climbing to $265 million by September 30—representing an increase of approximately 230% during that single quarter.

This timeline coincides with the momentum gained from two major launches: Binance rolled out bStocks in June, followed by the public mainnet launch of Robinhood Chain in July. In approximately three months, Robinhood Chain has climbed to become the second-largest network for tokenized stock deposits, demonstrating how rapidly brokerage-scale distribution can transform onchain market share.

Solana and xStocks Hold the Top Spots

Regarding DeFi TVL by blockchain, Solana commands the lead with $102.6 million, accounting for a 34.2% market share. Robinhood Chain and Ethereum secure the second and third positions, respectively. With BNB Chain holding $42.8 million and Base at $24.3 million, the top five chains account for roughly 96% of all deposits.

Concentration is similarly high on the issuer side. xStocks controls over 39% of the market with $102.6 million, outperforming Robinhood at $70.8 million and Binance’s bStocks at $38.4 million. Meanwhile, Ondo Finance—a prominent name in the tokenized equities sector—represents just $3.4 million.

xStocks established an early presence, issuing its tokens natively on Solana and integrating them into lending markets like Kamino starting in July 2025, alongside automated market maker (AMM) liquidity pools on Raydium. Although bStocks has exceeded $1 billion in total assets, only about $38 million resides within DeFi. The majority of bStocks are minted directly inside Binance accounts and remain there, as the exchange now permits their use as margin for futures trading—activity that does not register in DeFi metrics.

Only 6.8% of Tokenized Stocks Are Being Put to Work

The broader tokenized stock market is valued at $4.4 billion, marking a 254.3% increase over the past 180 days across 13,411 stocks from 36 issuers on 18 different chains. DeFi deposits account for only about 6.8% of that total. Even a modest rise in utilization could cause DeFi deposits to scale at a faster pace than token issuance itself.

The competition for this collateral is shaping up as a battle between distinct distribution models. Solana relies on crypto-native liquidity, while Robinhood Chain draws from a retail brokerage customer base. BNB Chain leverages Binance’s exchange users, and Base is backed by Coinbase.

This setup also unlocks functionality that traditional brokerages cannot provide. Assets that trade around the clock and integrate directly into lending protocols allow users to borrow against holdings like NVDA on a Sunday or provide liquidity for TSLA while Wall Street is closed. Presently, only a minor fraction of the market takes advantage of this capability.

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