The number is significant because tokenized stocks barely registered in onchain markets a year ago. Today, they are beginning to trade through the same liquidity infrastructure used for crypto assets around the clock.
Uniswap Is Emerging as the Early Tokenization Winner
The concentration on Uniswap highlights how existing DeFi infrastructure may benefit as traditional assets migrate onchain.
Sentora calculated on Sunday that every $1 deposited in Uniswap v4 supported $13.70 of trading volume over the past 30 days, compared with $8.70 on Uniswap v3, $1.90 on Curve and $0.11 on Uniswap v2.
Token Terminal expects competition to intensify dramatically, potentially by 10 to 100 times, making distribution and product execution increasingly important.
Markets are already paying attention. UNI has risen 93% over the past month to nearly $9, while AERO has gained 68% in the same span. The moves cannot be attributed solely to tokenized equities, but they underline growing investor interest in the infrastructure supporting onchain markets.
The Next Prize Is Turning Stocks Into Collateral
Trading may only be the first phase.
Token Terminal said tokenized stocks have already attracted about 4.4 million asset holders, yet they remain tiny relative to the more than $150 trillion global public-equity market.
The liquidity pool for tokenized stocks could be decisive for DeFi. Protocols that dominate both trading and lending around tokenized assets could capture a disproportionate share of future liquidity, with Uniswap and Morpho as networks that could potentially benefit the most due to their structural advantages.
Simon Dedic, managing partner at Moonrock Capital, similarly described DEXs and onchain markets as direct exposure to a potential tokenization cycle, while Token Terminal said every company building onchain finance in 2026 now needs a tokenized-stock strategy.
Backpack Wants 10,000 Stocks on Solana
Competition is also moving beyond Ethereum.
Backpack CEO Armani Ferrante said his company wants to bring the entire U.S. stock market, roughly 10,000 symbols, to Solana through a single API.
“We want to bring the entire stock market to Solana,” Ferrante said, describing a system designed to move security entitlements between brokerage accounts and DeFi.
That ambition captures where the sector is heading: not simply token representations that trade 24/7, but equities that can move between traditional brokerages, blockchains, lending markets and decentralized exchanges.
The $20.9 billion figure is still small compared to traditional equity markets. But for crypto, the more important signal is the speed of change. Tokenized stocks are no longer waiting for liquidity—they are starting to create it.
