Uniswap V4 has become the largest DeFi venue for tokenized stocks, holding $59.1 million in deposits as of Sept. 6, according to Token Terminal. The protocol outpaced Kamino Lend, which ranked second with $41.7 million, while Uniswap V3 held another $20.9 million. Together, the three platforms controlled roughly 63% of the measured $192.6 million tokenized stock DeFi total value locked (TVL).
Token Terminal’s snapshot shows that Uniswap V4’s deposits primarily represent tokenized shares supplied to liquidity pools, while Kamino Lend operates as a lending protocol where tokenized stocks can serve as supplied assets or collateral. Combining Uniswap V4 and V3 gives the Uniswap ecosystem about $80 million in tokenized stock deposits, or roughly 41.5% of the category total.
The data also highlighted concentration across networks and issuers. Solana hosted $79.1 million in deposited tokenized stocks, the largest blockchain total reported, followed by material deposits on Robinhood Chain and Ethereum. By issuer, Robinhood-issued stocks contributed $73.1 million and xStocks supplied $63.9 million, meaning those two issuers accounted for approximately 71% of the category’s DeFi TVL.
The milestone fits into a broader expansion of productive uses for tokenized assets. Real-world asset deposits across decentralized applications increased from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026, while tokenized asset spot volume grew about 220% even as wider decentralized exchange activity declined.
Despite the growth, the tokenized stock market remains small relative to traditional equities. CoinShares and Token Terminal estimated about $2.2 billion in equities had been tokenized during the second quarter, but only $192.6 million had been deposited into DeFi applications. Token Terminal noted that deposit figures do not necessarily represent direct share ownership, as some tokens are structured as debt instruments or contractual claims tracking an equity’s economic value. AMC Entertainment CEO Adam Aron previously said his company had no role in Robinhood’s AMC-linked token.
Looking ahead, Payward plans to tokenize the 100 largest London-listed equities through its xStocks framework, with the London Stock Exchange intending to support the products through its planned LSE 24 venue subject to regulatory approval. However, the report noted there was no verified market reaction directly attributable to Token Terminal’s data, with UNI and KMNO responding to wider market conditions.
