Tokenized stocks deposited across decentralized finance (DeFi) protocols have surpassed $300 million in value, a figure that has climbed 2,451.5% over the past year — a sign that these blockchain-based equity tokens are increasingly being put to work rather than simply held.

The Numbers Behind the Surge

The total value locked (TVL) in DeFi protocols for tokenized stocks — a measure of how much capital depositors have placed on these platforms — ranged between $248 million and $313 million across September and October 2026. In January 2026, that figure sat somewhere between $15 million and $22 million — equivalent to roughly 18-20 times growth in under a year.

Year-over-year measurements vary depending on methodology: some tallies put the increase at 1,961%, while the headline figure stands at 2,451%.

Three blockchains did most of the heavy lifting. Solana held approximately $87 million to $96 million in tokenized stock deposits, while Robinhood Chain accounted for roughly $80 million to $98 million. BNB Chain ranked third at around $36 million. Together, the three networks represent the bulk of DeFi TVL in the category.

Where the Money Sits

the issuer side, xStocks — an offering affiliated with Kraken parent company Payward — captured approximately 58% of tokenized stock DeFi deposits, or $111 million spread across 15 protocols. xStocks also dominated lending TVL, while Ondo was another platform that contributed to the momentum.

About 65% of the deposited funds sit in liquidity pools, while 28% is allocated to lending and borrowing activity. The mix shows the assets being actively deployed: pool deposits supply the liquidity that lets tokenized stocks trade on-chain, while lending allocations let holders borrow against their positions.

Why Growth Accelerated Mid-Year

The growth curve bent sharply after a cluster of product launches in mid-2026. Binance — one of the world's largest crypto exchanges — rolled out bStocks in June, and Robinhood, the retail brokerage, followed in July with its own blockchain and stock tokens.

The broader tokenized equity market expanded alongside these launches. As of early to mid-October, the total on-chain value of tokenized equities was estimated at between $3 billion and $3.8 billion, meaning DeFi usage now represents 6-8% of that total market cap. Earlier in the year, that share was closer to 2%. The ratio is a barometer in its own right: DeFi's rising share means deposits into protocols are growing faster than the tokenized equity market overall.

Scale and Concentration

Even at the top of its range, $313 million in DeFi deposits remains small next to the $3 billion to $3.8 billion in total tokenized equity value — and tiny relative to traditional stock markets.

Concentration is another factor to monitor. With xStocks holding roughly 58% of deposits and three chains carrying most of the TVL, the sector leans heavily on a handful of issuers and networks. And since approximately 65% of deposits sit in liquidity pools, much of the market depends on liquidity providers keeping their funds in place. Together, issuer mix, chain distribution, and liquidity retention are the metrics most worth tracking as the sector develops.