Uniswap V4 held $59.1 million in tokenized stock deposits as of Sept. 6, making it the largest decentralized finance venue for tokenized equities in the latest Token Terminal market snapshot.
Solana-based Kamino Lend ranked second with $41.7 million, followed by Uniswap V3 with $20.9 million. Combined, the three platforms held $121.7 million, representing about 63.2% of the $192.6 million in measured tokenized stock DeFi total value locked.
The $192.6 million figure covers equity-linked tokens deposited across decentralized exchanges, lending protocols and related applications. It does not represent the total value of tokenized equities issued across blockchains. Token Terminal’s TVL measurement reflects onchain deposits and, in some cases, tokenized values of offchain deposits, with the figure changing as assets move in or out of protocols and as underlying share prices fluctuate.
Uniswap V4’s position is largely tied to tokenized shares supplied to liquidity pools, where users deposit paired assets to facilitate trading without a traditional order book. Uniswap V3 held another $20.9 million, putting the two Uniswap versions at a combined $80 million, or roughly 41.5% of the tracked category.
The comparison with Kamino Lend reflects different uses of the deposited assets. Uniswap primarily supports token swaps and market liquidity, while Kamino is a lending protocol where tokenized stocks can be supplied or used as collateral. Both activities contribute to DeFi TVL, but TVL itself does not measure trading activity, borrowing demand or protocol revenue.
Tokenized stock deposits are part of a wider expansion in the use of real-world assets across decentralized applications. RWA deposits increased from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026, while tokenized asset spot trading volume grew by about 220% during the same period.
The market remains highly concentrated. Uniswap V4, Kamino Lend and Uniswap V3 accounted for more than three-fifths of tracked tokenized stock deposits, leaving roughly $70.9 million across other applications.
That concentration could create operational risks. A technical failure, pricing issue or major liquidity withdrawal at one of the leading venues could affect a significant share of the market, although the deposits themselves remain distributed across different smart contracts and blockchains.
Solana held the largest blockchain-level total, with $79.1 million in tokenized stock DeFi deposits. Kamino represented a substantial portion of that amount alongside other Solana-based trading and lending applications.
Robinhood Chain and Ethereum also accounted for significant deposits. Robinhood launched its mainnet in July as an Ethereum Layer 2 designed to support equity-linked tokens and decentralized applications, allowing eligible users to trade tokenized stocks and use them in DeFi applications such as lending pools and decentralized exchanges.
Issuer concentration is also evident. Robinhood-issued stocks accounted for $73.1 million in DeFi TVL, while xStocks contributed $63.9 million. Together, the two sources represented $137 million, or approximately 71.1% of the tracked total.
Tokenized equity holders across five platforms reached 752,000 in July after increasing 92% in 30 days. Robinhood accounted for 44% of those users, while Ondo and xStocks ranked among the leaders by issued asset value.
However, tokenized stocks do not necessarily give holders the same legal rights as conventional shares. Depending on the structure, a token can be backed by shares held with a custodian, represent a debt instrument or function as a contractual claim tracking an equity’s value.
As a result, holding a tokenized stock may not provide voting rights, dividends or direct shareholder status. Those rights depend on the issuer’s terms, custody arrangements, jurisdiction, reserve structure and redemption process.
The distinction becomes particularly important when tokenized stocks are used in DeFi lending markets. Users face not only the risks associated with the smart contracts and protocols but also the custody, legal and counterparty risks linked to the underlying token.
The $192.6 million held across DeFi protocols represents only a fraction of the wider tokenized equity market. CoinShares and Token Terminal estimated that roughly $2.2 billion in equities had been tokenized during the second quarter.
The gap indicates that most tokenized equities have not entered decentralized lending or trading applications. Some remain in user wallets, centralized platforms or systems controlled by issuers.
Tokenized QQQ was among the products driving decentralized trading activity in July, when tokenized stock trading volume increased 288%. FWDI and SPYx were also among the larger individual assets deposited across the tracked venues.
The supply of tokenized equities could expand further. Payward plans to tokenize the 100 largest London-listed companies through its xStocks framework, while the London Stock Exchange plans to support the products through its proposed LSE 24 venue, subject to regulatory approval.
The partnership could broaden xStocks beyond its existing U.S., European and Asian-linked products. The new London-listed tokens are expected to become available through Kraken and other supporting platforms before the planned exchange integration, although they are not currently available to U.K. investors and their launch does not guarantee that they will immediately enter Uniswap or DeFi lending markets.
Future data will determine whether Uniswap V4 maintains its lead or whether lending protocols attract a larger share of tokenized equity deposits. Key indicators will include liquidity, borrowing demand, collateral performance, trading volume and issuer concentration.
There was no verified market reaction directly linked to Token Terminal’s Sept. 6 data. UNI and KMNO remain influenced by broader market conditions, and the tokenized stock deposits themselves do not represent revenue belonging to holders of either protocol’s native token.
