DeFi protocols now hold more than $300 million in tokenized stock deposits, marking a dramatic expansion in how investors access equities on-chain. The total value locked (TVL) in this category reached between $248 million and $313 million across September and October 2026, up from $15 million to $22 million in January 2026—roughly 18 to 20 times growth in under a year.
Solana led blockchain adoption with approximately $87 million to $96 million in tokenized stock deposits, followed closely by Robinhood Chain at roughly $80 million to $98 million. BNB Chain placed third with around $36 million. These three networks account for the majority of activity in the space.
On the issuer side, xStocks captured approximately 58% of DeFi deposits for tokenized stocks, or roughly $111 million spread across 15 protocols. The platform, affiliated with Kraken parent Payward, also led in lending activity. Ondo contributed additional momentum to the sector.
Funds flow into two primary use cases: approximately 65% sit in liquidity pools, while 28% supports lending and borrowing activity.
Growth catalysts and market context
The acceleration gained momentum after major launches in mid-2026. Binance introduced bStocks in June, and Robinhood launched its own blockchain and stock tokens the following month. These milestones corresponded with a sharp upturn in the growth curve.
The broader tokenized equity market has grown alongside DeFi adoption. As of early to mid-October, total on-chain value in tokenized equities reached between $3 billion and $3.8 billion. DeFi usage now represents 6% to 8% of that total, up from approximately 2% earlier in the year.
Concentration and scale
Despite rapid growth, DeFi tokenized stock deposits remain small relative to the broader market. At $313 million, deposits represent roughly 8% to 10% of the total $3 billion to $3.8 billion tokenized equity market and remain minimal compared to traditional equities markets.
Concentration presents a structural consideration. A single issuer holds nearly 60% of deposits, and three blockchains carry the bulk of TVL. Additionally, with approximately 65% of funds in liquidity pools, market stability depends partly on liquidity provider participation.
