Tokenized Circle Stock in DeFi Climbs to $7.7 Million

Tokenized shares of Circle Internet Group are gaining traction inside decentralized finance, with approximately $7.7 million in CRCLx deposited across protocols on Solana and Ethereum as of October 20, 2026. The holdings are being used in liquidity pools, lending markets and around-the-clock trading venues rather than simply held as passive exposure to the company’s stock.

Where CRCLx Is Being Used

CRCLx is issued by xStocks, with each token backed 1:1 by Circle shares held in custody. The token’s largest DeFi venues are concentrated across three protocols:

• Raydium: Approximately $3 million in CRCLx is held in concentrated liquidity market maker pools on Solana.
• Uniswap: Its v3 and v4 pools on Ethereum hold a combined $2.9 million.
• Kamino Lend: The Solana lending protocol has attracted about $908,000 in deposits.

Concentrated liquidity pools allow providers to allocate capital within selected price ranges instead of distributing it across the entire trading curve. This can create deeper liquidity around active prices and potentially increase fee opportunities for liquidity providers, though it also exposes them to risks such as impermanent loss.

Kamino’s deposits show that CRCLx is also being treated as collateral or a yield-generating asset. Users can lend the token, earn returns or borrow against it, while accepting the additional smart-contract, liquidation and market risks associated with DeFi lending.

DeFi Exposure More Than Doubles

The increase has been rapid. In mid-August 2026, total CRCLx deposits across DeFi were estimated at approximately $2.9 million. By October 20, the figure had more than doubled to $7.7 million.

Uniswap’s pools alone now hold roughly the same amount of CRCLx that all DeFi venues held two months earlier. Raydium and Kamino add a significant Solana-based component, giving the token activity across both major smart-contract ecosystems.

The DeFi figure remains a small portion of the broader tokenized market. Total tokenized exposure to Circle stock across multiple platforms is estimated at $314 million to $345 million, equivalent to about 1.7% of Circle’s equity market capitalization. DeFi deposits therefore represent less than 3% of all tokenized CRCLx exposure.

What This Means

The growth suggests tokenized equities are moving beyond simple digital representations of traditional shares and into composable financial markets. CRCLx can now be traded, supplied as liquidity and used in lending applications, giving investors more ways to put tokenized stock to work.

For Solana, Raydium’s leading position and Kamino’s deposits point to growing demand for on-chain versions of public-market assets. However, the expansion does not eliminate the risks of equity volatility, liquidity gaps, smart-contract failures or forced liquidations. With most tokenized Circle exposure still outside DeFi, the market remains early—but the sharp increase in protocol deposits signals that tokenized stocks are beginning to develop their own on-chain financial infrastructure.