Tokenized Stocks in DeFi Grow Nearly 18x Year to Date

Recent figures shared by Token Terminal indicate that tokenized stocks deposited into decentralized finance protocols have climbed to $262.4 million. At the beginning of the year, this metric sat at just $14.66 million. This represents a year-to-date expansion of approximately 1,690%, or nearly an 18-fold increase, with momentum picking up significantly over the past month.

This calculation strictly tracks tokenized equities that have left personal wallets and been deployed within various protocols to provide liquidity, secure loans, or capture yield. Consequently, a tokenized Nvidia share remaining idle inside a wallet is excluded from this total.

Most of the Money Sits in DEX Liquidity Pools

Broken down by venue, decentralized exchanges account for the largest share of tokenized stocks in DeFi. Roughly 58% of the $262.4 million resides in DEX pools, facilitating round-the-clock trading of tokenized equities. Uniswap V4 stands as the frontrunner, housing $59.5 million or 22.7% of the aggregate. Uniswap V3 contributes an additional $26.7 million, while Raydium, PancakeSwap, Aerodrome, and Meteora capture the majority of the remainder.

Lending protocols secure second place, with about 26% of total value locked (TVL) utilized as collateral. Kamino Lend dominates this category at $54.1 million, backed by an extra $14.2 million from Fluid Jupiter Lend. Meanwhile, Pendle yield strategies command another $33.7 million, representing nearly 13%.

The volume captured by lending markets carries significance beyond its raw size. An asset functions effectively as collateral only when market participants have faith in its pricing, liquidation, and redemption frameworks. Back in January, this entire segment accounted for under $15 million, whereas today more than $68 million in tokenized stock supports loans.

Solana Still Leads, but Robinhood Chain Is Close Behind

Solana preserves its position as the top blockchain for tokenized stocks in DeFi, holding $95.9 million or a 36.6% market share. Robinhood Chain follows closely with $79.9 million (30.5%), the vast majority of which materialized during September.

BNB Chain ($35.3 million) and Ethereum ($34.7 million) each control roughly 13%, while Base trails behind at $16 million.

Uniswap V4 experienced a comparable trajectory. For most of the year, Kamino and Solana DEXs dominated the space, keeping V4 at a negligible level near the top of the metrics. Its market share surged through September, helping double its total TVL across the month.

Crypto Treasury Stocks Lead the Asset List

The leading individual asset is STRCx—a tokenized variant of Strategy’s STRC preferred stock—with $34.3 million active in the market. FWDI, representing the stock of Solana treasury entity Forward Industries, trails at $25.4 million, while MSTRx (tokenized Strategy common stock) contributes $9.6 million. Combined, crypto treasury equities comprise roughly 25% of all tokenized equity TVL.

This heavy concentration is logical, given that investors holding Strategy exposure onchain are typically already active in DeFi, making the process of borrowing against preferred shares on Kamino a straightforward transition.

Traditional equities are gaining ground as well. S&P 500 tracker funds SPYx and SPY account for a combined $30.1 million, Nvidia tokens issued across two separate providers reach $15.6 million, and Tesla’s TSLAx stands at $6.2 million.

The broader market features an extensive tail. Token Terminal tracks 1,495 distinct tokenized stock assets across DeFi, with assets outside the top 10 still accounting for 48.9% of the aggregate total. This distribution is wide, and the majority of these funds have been put to use over the past few weeks.

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