Tokenized stocks are seeing more onchain trading and are starting to be used as lending collateral, though both remain a small share of DeFi activity, according to data published July 16 by Token Terminal, an onchain analytics provider.
The firm’s dashboard put spot DEX trading volume for tokenized equities at a 90-day sum of $1.8 billion, and deposits into lending markets, its measure of collateral use, at $23 million. Token Terminal said both series “continue to trend higher, albeit from small baselines,” led by exchange-traded fund trackers such as QQQ and SPY, issuers Binance and xStocks, the $BNB Chain and Solana networks, and the Uniswap, Orca and Kamino venues.
Volume splits across two chains
On the trading side, the $1.8 billion 90-day figure split almost evenly by network, with $BNB Chain at 47.3% and Solana at 45.5%, according to the dashboard. By asset, two ETF trackers dominated: a QQQ token at 40.5% and an SPY token at 40.4% of volume, leaving individual company shares far behind.
That total is small against the broader market. DefiLlama recorded $45 billion in trailing 30-day volume on Uniswap alone as of July 17, meaning roughly three months of tokenized-stock DEX turnover equals a small fraction of one month on a single exchange.
Collateral use is more concentrated
The lending figure is smaller still and more concentrated. Of the $23.1 million in tokenized-stock lending TVL, xStocks accounted for 86.5% of the issuer share, Solana for 85.5% of the chain share, and Kamino’s lending market for 82.6% of the venue share, per Token Terminal.
Set against the asset base, that deployment is thin. DefiLlama recorded xStocks total value locked at $330 million, almost entirely on Solana, as of July 17. On those numbers, only a low-single-digit percentage of outstanding xStocks tokens is being put to work as lending collateral, with the rest held or traded rather than deployed.
The venue concentration reflects Kamino’s scale rather than a large tokenized-stock allocation. DefiLlama put Kamino’s total TVL at $1.1 billion on Solana as of July 17, so the tokenized-stock collateral sitting there is a fraction of one percent of the lending market’s book.
The collateral leg still measures in the low tens of millions against a supply an order of magnitude larger.
