Tokenized stocks are seeing more onchain trading and being used as collateral for loans, although both remain a small part of DeFi activity, according to data published July 16 by Token Terminal, an onchain analytics provider.
The company’s dashboard estimated spot DEX trading volume for tokenized stocks at $1.8 billion over 90 days, and deposits into credit markets, the benchmark for collateral use, at $23 million. Token Terminal said both series “continue to trend higher, albeit from small baselines,” led by trackers from exchange-traded funds such as QQQ and SPY, issuers Binance and xStocks, the $BNB Chain and Solana networks, and the Uniswap, Orca and Kamino locations.
The volume splits over two chains
On the trading side, the $1.8 billion 90-day figure was almost evenly split by network $BNB Chain at 47.3% and Solana at 45.5%, according to the dashboard. In terms of assets, two ETF trackers dominated: a QQQ token with 40.5% and a SPY token with 40.4% of volume, leaving individual company stocks far behind.
That total is small compared to the broader market. DefiLlama recorded $45 billion in volume over a 30-day period on Uniswap alone as of July 17, meaning roughly three months of DEX turnover on tokenized stocks is equivalent to a tiny fraction of a month on a single exchange.
The use of collateral is more concentrated
The credit figure is even smaller and more concentrated. Of the $23.1 million in tokenized-stock lending TVL, xStocks accounted for 86.5% of the issuer share, Solana for 85.5% of the chain share, and Kamino’s credit market for 82.6% of the platform share, per Token Terminal.
Compared to the asset base, that stake is thin. DefiLlama recorded the total value of xStocks at $330 million, almost entirely on Solana, as of July 17. Based on these figures, only a low single-digit percentage of outstanding xStocks tokens are staked as collateral for loans, while the rest are held or traded rather than staked.
The location concentration reflects Kamino’s scale rather than a large tokenized stock allocation. DefiLlama estimated Kamino’s total TVL at $1.1 billion on Solana as of July 17, so the tokenized-stock collateral sitting there is a fraction of one percent of the credit market’s book.
The collateral is still in the low tens of millions against an offer that is an order of magnitude larger.