Tokenized stock total value locked (TVL) in decentralized finance protocols climbed to $247.8 million over the past year, representing a 1,961% increase, according to data published by Token Terminal.
The growth reflects expanding onchain infrastructure for tokenized equities. Beyond passive ownership, these tokens now serve roles in lending markets, smart contract deployment, and stock-paired trading venues.
Three Blockchains Dominate the Market
Robinhood Chain accounts for the largest share at $98.2 million, followed by Solana at $87.4 million and BNB Chain at $36.3 million. Together, these three blockchains hold 89.5% of all tokenized stock TVL.
How Tokenized Stocks Are Being Used
Binance Research analyzed the breakdown of TVL across different DeFi activities:
- Liquidity pools: 65.4%
- Lending markets: 28.1%
- Yield tokenization: 5.7%
- Other: 0.8%
Lending activity has grown substantially. Outstanding borrowing against bStocks rose from 5.5% of deposited collateral at the end of June to 46.2% by September 10, representing roughly $3.1 million borrowed against $6.8 million in collateral.
Trading Pairs Drive Volume Growth
Tokenized stocks are generating significant activity through stock-paired meme coin markets. Between July 26 and September 9, these markets generated approximately $2.49 billion in volume on Robinhood Chain and $2.90 billion on BNB Chain.
Analysis of Robinhood Chain trading found that $711.2 million, or 32.1%, of cumulative stock token volume through August 30 came from trades against other tokens, primarily meme coins. This activity demonstrates how tokenized stocks are becoming quote assets for crypto-native trading beyond traditional buy-and-hold demand.
The distributed value for tokenized stocks reached approximately $2.9 billion in mid-September, according to RWA.xyz, covering tokens that can move freely between wallets.
