Tokenized Stocks in DeFi Surpass $300M in Deposits, Driven by xStocks and Others

In a remarkable growth trajectory, decentralized finance (DeFi) users have deposited more than $300 million worth of tokenized stocks into on-chain protocols, reflecting a staggering increase of 2,451.5% over the past year. The total value locked (TVL) in these protocols reached between $248 million and $313 million during September and October 2026, a significant jump from earlier figures of $15 million to $22 million in January 2026.

Three blockchains have played pivotal roles in this surge: Solana, with approximately $87 million to $96 million in tokenized stock deposits; Robinhood Chain, accounting for around $80 million to $98 million; and BNB Chain, which held about $36 million. Together, these networks dominate the DeFi TVL in the tokenized stock category.

xStocks, associated with Kraken's parent company Payward, has emerged as a leader, capturing roughly 58% of the total deposits, equating to about $111 million across 15 protocols. The platform has also excelled in lending TVL, while Ondo has contributed to the overall momentum. Notably, around 65% of the funds are allocated to liquidity pools, with 28% directed towards lending and borrowing activities.

The acceleration in growth began mid-year following several significant launches, including Binance's bStocks in June and Robinhood's stock tokens in July. As of mid-October, the total on-chain value of tokenized equities was estimated between $3 billion and $3.8 billion, with DeFi usage representing 6-8% of that market cap, up from approximately 2% earlier in the year.

Despite the impressive figures, the $313 million in DeFi deposits remains modest compared to the overall tokenized equity market value, highlighting a concentration of deposits among a few issuers and networks. The reliance on liquidity providers is crucial, as 65% of deposits are held in liquidity pools.