More than $300 million worth of tokenized stocks is now deposited across decentralized finance protocols, marking a sharp increase in demand for blockchain-based exposure to equities. Depending on the measurement window and data set, the category has grown between roughly 1,961% and 2,451.5% year over year.

The numbers behind the surge

The total value locked in DeFi protocols holding tokenized stocks reached between $248 million and $313 million across September and October 2026. In January, comparable estimates placed the category between $15 million and $22 million.

That represents approximately 18 to 20 times growth in less than a year. The difference between the reported year-over-year percentages appears to reflect variations in the tracking methodology and the period used for comparison, but both measures point to the same conclusion: tokenized-stock activity has expanded rapidly.

The largest share of deposits is concentrated across three networks:

• Solana: approximately $87 million to $96 million
• Robinhood Chain: roughly $80 million to $98 million
• BNB Chain: around $36 million

Together, those networks account for most of the DeFi value tracked in the tokenized-stock category. Solana’s position places it at the center of the emerging market for using blockchain-based equities as collateral, liquidity, or yield-generating assets.

How the capital is being used

Issuer concentration is also pronounced. xStocks, affiliated with Kraken parent Payward, represented approximately 58% of tokenized-stock DeFi deposits, equivalent to about $111 million spread across 15 protocols.

The platform also led lending-related total value locked. Ondo was another contributor to the category’s momentum, indicating that activity is developing across multiple issuers rather than being limited to a single tokenized-equity provider.

Most of the capital is being used to support trading liquidity rather than direct borrowing. The reported allocation is:

• 65% in liquidity pools
• 28% in lending and borrowing activity

That split suggests tokenized stocks are currently functioning primarily as market infrastructure within DeFi. Liquidity pools can support secondary trading and price discovery, while lending markets add the potential for leverage and capital efficiency.

What This Means

The rapid increase in tokenized-stock deposits signals growing demand for financial products that combine traditional equity exposure with programmable, on-chain settlement. For Solana, holding roughly $87 million to $96 million in deposits gives the network a meaningful position in a market that is expanding beyond crypto-native assets.

The concentration among a few networks and issuers also highlights the category’s early-stage structure. Future growth will likely depend on deeper liquidity, broader protocol support, and continued demand for compliant tokenized equities. For now, the data points to a notable shift in DeFi: tokenized stocks are moving from a niche experiment toward a material source of on-chain liquidity.