Uniswap V4 leads tokenized stocks with $59M TVL

Uniswap V4 held $59.1 million in tokenized stock deposits as of Sept. 6, making it the largest decentralized finance venue for the category, according to Token Terminal.

Solana-based Kamino Lend ranked second with $41.7 million. Uniswap V3 followed with $20.9 million, Token Terminal’s data showed. Together, the three venues accounted for $121.7 million, or approximately 63.2% of the measured category.

Total tokenized stock DeFi TVL stood at approximately $192.6 million. The figure measures equity-linked tokens deposited into decentralized exchanges, lending markets and related applications. It does not represent the total value of tokenized equities issued across blockchains.

Token Terminal defines total value locked as the value of onchain deposits and, in some cases, the tokenized value of user deposits made offchain. The metric changes when assets enter or leave protocols and when the prices of the underlying shares move.

Uniswap V4 leads through tokenized stock liquidity

Uniswap V4’s $59.1 million primarily represents tokenized shares supplied to liquidity pools. Users deposit paired assets into these pools so other participants can trade without relying on a conventional order book.

Uniswap V3 held another $20.9 million, bringing the two versions’ combined tokenized stock deposits to $80 million. That equals approximately 41.5% of the $192.6 million measured by Token Terminal.

The comparison between Uniswap and Kamino requires context. Uniswap is a decentralized exchange, meaning its deposited assets primarily support token swaps and market liquidity. Kamino Lend is a lending protocol where tokenized stocks can serve as supplied assets or collateral.

Both activities count toward DeFi TVL, but they perform different functions. Exchange liquidity supports trading. Lending deposits let holders borrow against their positions or receive interest from borrowers. TVL alone does not measure trading volume, borrowing demand or revenue.

The growth forms part of a broader rise in productive uses for tokenized assets. Real-world asset deposits across decentralized applications increased from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026. During that period, tokenized asset spot volume grew approximately 220% even as wider decentralized exchange activity declined.

Tokenized stock DeFi TVL remains concentrated

The three leading venues controlled more than three-fifths of the measured category. All remaining applications collectively held approximately $70.9 million in tokenized stock deposits.

That concentration creates operational dependencies. A technical failure, pricing problem or major liquidity withdrawal at one leading venue could affect a considerable portion of the market. However, the deposits remain distributed across separate smart contracts and blockchains.

Token Terminal’s network breakdown showed that Solana hosted $79.1 million in tokenized stock DeFi deposits, the largest total among tracked blockchains. Kamino accounted for a substantial share, alongside other Solana trading and lending applications.

Robinhood Chain and Ethereum also hosted material deposits. Robinhood launched its mainnet in July as an Ethereum Layer 2 supporting equity-linked tokens and decentralized applications. Eligible users can trade tokenized stocks and deploy them within DeFi, including through lending pools and decentralized exchanges.

Token Terminal’s issuer data showed another form of concentration. Robinhood-issued stocks contributed $73.1 million to DeFi TVL, while xStocks accounted for $63.9 million.

Together, Robinhood and xStocks supplied $137 million, or approximately 71.1% of the category total. Other issuers and tokenization providers accounted for the remaining $55.6 million.

Issuer concentration has also appeared in ownership data. In July, the number of tokenized equity holders across five platforms reached 752,000, following 92% growth over 30 days. Robinhood held a 44% share of those users, while Ondo and xStocks led by issued asset value.

Deposits do not always provide direct share ownership

Tokenized stocks use different legal structures. Some are backed by conventional shares held with custodians. Others are structured as debt instruments or contractual claims designed to track an equity’s economic value.

Owning a token therefore does not always provide voting rights, dividends or the legal status of a conventional shareholder. Rights depend on the issuer’s terms, reserve structure, jurisdiction, custody arrangements and redemption process.

Token Terminal describes Robinhood’s tokenized SoFi product as providing one-to-one price exposure to the U.S.-listed company. Its description of Ondo’s tokenized ASML product says the asset is structured as a debt instrument whose payable value changes with the underlying security.

Robinhood’s products have attracted scrutiny over this distinction. AMC Entertainment CEO Adam Aron said his company had no role in Robinhood’s AMC-linked token. The products provide economic exposure without giving holders direct ownership in the represented companies, as AMC sought legal advice over unauthorized stock tokens.

Other providers are developing models intended to confer stronger ownership rights. Base and Coinbase have said they are preparing tokenized equities backed one-to-one by underlying shares. However, key custody and transfer details remain undisclosed, and no launch date has been confirmed.

These differences matter when tokens enter lending pools. Users assume the smart-contract risk of the DeFi venue alongside the custody, legal and counterparty risks attached to the underlying token.

DeFi deposits remain below total equity issuance

The $192.6 million held in DeFi represents only part of the broader tokenized stock market. CoinShares and Token Terminal estimated that approximately $2.2 billion in equities had been tokenized during the second quarter.

The difference shows that most issued tokenized equities have not been deposited into decentralized lending or trading applications. Assets may remain in customer wallets, centralized platforms or issuer-controlled systems.

Tokenized stocks were already one of the fastest-growing real-world asset categories by holder count. However, onchain equities remain small beside global stock markets, which are valued in excess of $100 trillion.

FWDI and SPYx ranked among the largest individual assets deposited across the tracked venues, according to Token Terminal’s asset breakdown. Their positions indicate that both individual-company and broad-market products can attract onchain liquidity.

Trading has also become concentrated in particular products. Tokenized QQQ generated much of the category’s decentralized trading activity in July, when tokenized stock volume increased by 288%.

More tokenized equities could enter DeFi

The range of assets available to DeFi applications is expected to grow. Payward plans to tokenize the 100 largest London-listed equities through its xStocks framework.

The London Stock Exchange intends to support the products through its planned LSE 24 venue, subject to regulatory approval. The collaboration will also examine issuer-sponsored equity tokens. The London Stock Exchange and Payward partnership could expand xStocks beyond its existing U.S., European and Asian-linked products.

The new London-listed xStocks are expected to appear on Kraken and other supporting platforms before the planned exchange integration. They are not currently available to U.K. investors, and their addition does not guarantee immediate deposits into Uniswap or lending protocols.

Future data will show whether Uniswap V4 retains its lead or whether lending markets capture more tokenized equity deposits. Relevant measures include pool liquidity, borrowing demand, collateral performance, trading volume and issuer concentration.

There was no verified market reaction directly attributable to Token Terminal’s report. UNI and KMNO respond to wider market conditions, while the deposited assets do not represent revenue belonging to either token’s holders.