Tokenized equity products issued by Coinbase recorded the largest weekly increase in deposits into decentralized finance protocols among major issuers, according to on-chain data tracking from Token Terminal published on October 4, 2026. Over the seven-day period, balances of Coinbase-issued tokens held in DeFi venues rose by $5.6 million, placing the company ahead of rival products from Robinhood and Binance.
Robinhood-issued stock tokens ranked second with net DeFi deposit growth of $1.8 million, while Binance's bStocks product followed with $1.6 million. The ranking focused specifically on net inflows into on-chain venues such as lending markets, liquidity pools, and other protocol-based uses, rather than trading volume, market capitalization, or holder counts.
The distinction matters because deposits signal that users are moving tokenized equities beyond simple trading and using them as collateral, liquidity, or yield strategy base assets. Unlike volume, which can spike on a single news event, capital left inside a protocol tends to remain as productive collateral. Token Terminal's data therefore highlights a potentially stickier form of adoption within tokenized-asset markets.
Tokenized stocks are blockchain-based representations of exposure to listed equities. Issuers custody or otherwise back the underlying shares and mint tokens that can be traded, supplied to automated market makers, posted as collateral, or routed into vaults. Once tokens move from wallets into protocols, they are captured by weekly deposit metrics.
Competition among issuers intensified through 2026. Binance's bStocks scaled quickly after launch and became one of the most actively moved tokenized-equity products on-chain, while Robinhood's tokens drew heavy spot activity on decentralized exchanges. Against that backdrop, Coinbase's one-week lead in DeFi deposits marks a notable shift in where incremental capital is landing, even if absolute leadership varies by metric.
The absolute dollar amounts remain modest relative to the broader tokenized-asset market and traditional equity volumes. A $5.6 million weekly increase is not enough to reorder mainstream markets, but within DeFi early liquidity often concentrates. The first pools and lending markets to attract sticky deposits tend to become venues where later strategies are built, giving issuers that consistently win deposits an advantage in making their tokens productive collateral.
The seven-day snapshot also shows that the category remains fragmented. No single issuer dominated every flow. Coinbase led deposit growth, while Robinhood and Binance remained close behind in absolute additions. Participants watching the sector will look for whether the Coinbase lead persists over a longer window or reflects a short burst tied to new pool incentives, a fresh listing, or a one-off allocation.
