Tokenized stocks are moving from issuance to productive use

Global public equity markets represent more than $150 trillion in value. Approximately $2.8 billion has now been issued onchain as tokenized stocks. Of that $2.8 billion, users have deposited approximately $120.1 million into DeFi venues. These deposits are equivalent to 4.3% of the onchain tokenized stock market.

The market consists of four distinct layers. Issuers create tokenized stocks based on end-user demand. Users deposit these assets into DeFi venues, which operate on underlying chains.

Each layer can benefit as productive use grows. Users can earn yield and access additional financial applications. DeFi venues can earn revenue from lending and trading activity, while the underlying chains can earn fees from the resulting transactions.

While issuance will be a major growth driver over the next 12–18 months, increasing attention will move to the productive-use part of the market. The analysis below starts with the assets deposited into DeFi, then identifies their issuers, the chains hosting the venues, and the venues receiving the deposits.

In this article, TVL refers to the value of tokenized stocks deposited into DeFi venues.

1) Which tokenized stocks have been deposited into DeFi?

• SPYx currently has the most DeFi TVL. Users have deposited $18.5 million of SPYx into DeFi venues, followed by FWDI at $15.6 million and STRCx at $15.3 million. Together, the three assets represent $49.4 million, or 41.1% of aggregate tokenized stock TVL.

• Deposits are distributed across a broader set of tokenized stocks. The ten displayed assets account for $81.6 million, leaving $38.5 million across the remaining assets. SPYx, the largest individual asset, represents 15.4% of total TVL.

• The leading assets accumulated TVL at different points in the year. FWDI increased sharply in early 2026, while most of the growth in SPYx and STRCx occurred later in the period. Aggregate TVL therefore developed through several distinct periods of asset-level growth.

2) Which issuers created the assets deposited into DeFi?

• Assets issued by xStocks account for the most DeFi TVL. These assets represent $63.7 million, equivalent to 53.0% of aggregate tokenized stock TVL. Assets issued by Binance bStocks rank second at $16.4 million, followed by Superstate at $15.6 million.

• TVL by issuer is concentrated. Assets from xStocks, Binance bStocks, Superstate, and Robinhood collectively account for $105.0 million, or 87.4% of the total. Assets from the other 13 issuers represent the remaining $15.1 million.

• Other issuers account for a growing share of deposits. Toward the end of the period, TVL for xStocks-issued assets remained near $64 million while aggregate TVL continued to increase. Assets from all other issuers now account for $56.4 million, or 47.0% of total TVL.

3) Which chains host the DeFi venues receiving these deposits?

• DeFi venues on Solana hold the most tokenized stock deposits. These venues account for $73.2 million, equivalent to 60.9% of aggregate TVL. Venues on BNB Chain hold $19.6 million, followed by Ethereum at $14.8 million.

• Robinhood Chain and Base form a smaller third tier. Venues on Robinhood Chain hold $9.3 million, while those on Base account for $3.2 million. Venues on Arbitrum One, Avalanche, and Polygon currently hold nominal amounts.

• Solana hosts more TVL than the next four chains combined. Venues on BNB Chain, Ethereum, Robinhood Chain, and Base collectively hold $46.9 million, compared with $73.2 million on Solana. The chain distribution is therefore dominated by a single ecosystem.

4) Which DeFi venues receive the deposits?

• Kamino Lend holds the most tokenized stock deposits. Users have deposited $34.9 million into Kamino Lend, followed by $18.5 million in Jupiter Lend, powered by Fluid, and $14.2 million in Pendle. The three venues collectively hold $67.6 million, or 56.3% of aggregate TVL.

• The five largest venues hold approximately three-quarters of all deposits. Kamino Lend, Jupiter Lend, Pendle, Raydium, and Uniswap V4 collectively account for $91.2 million. This represents 75.9% of tokenized stock TVL.

• Venue-level deposits are less concentrated than the issuer and chain distributions. Kamino Lend accounts for 29.1% of TVL, compared with 53.0% for assets from xStocks and 60.9% for venues on Solana. Tokenized stock deposits are distributed more evenly across applications than across issuers or chains.

What comes next

The next phase of the market will be reflected in these four distributions. Asset-level data will show which tokenized stocks users deposit. Issuer-level data will show whose assets achieve the broadest use across DeFi.

Chain-level data will show where venues and deposits cluster. Venue-level data will show which applications convert demand for tokenized stocks into lending, yield, and trading activity.

Changes in these rankings will show where productive use is growing and which issuers, chains, and venues are capturing that growth.

Platform updates

• Listed BRSRV on Ethereum, Tempo and Solana, with BlackRock Advisors as asset manager. It is a US government money market fund, tokenized by Securitize, which also acts as transfer agent. Stablecoin issuers can count it as reserves under the GENIUS Act. The fund holds cash, short-dated US Treasury bills and overnight loans backed by those bills. Its share price is fixed at $1.00, so holders are paid in new shares rather than a rising price. Onchain it is worth $50.1 million, all on Ethereum and held by one address, and it grows about $4,800 a day from dividends, or 3.5% a year.

• Listed BSTBL on Ethereum, with BlackRock Advisors as asset manager. This was the BlackRock Liquid Federal Trust Fund and now has an onchain share class, run by BNY Mellon. It holds US Treasury bills and short-term loans backed by them. The share price is fixed at $1.00, so the yield arrives as new shares. Onchain it is worth $4.8 million and held by one address, first recorded on 6 August 2026. The fund as a whole holds $6.2 billion.

• Listed JPYSC on Ethereum, a yen stablecoin issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. Japan's Type 3 rules require a trust bank to issue it and the yen behind it to sit in trust. There is no 1 million yen cap on balances, trades or withdrawals. For now every token sits inside an SBI VC Trade account and cannot be moved until the legal and tax treatment is settled. Supply held near 10.3 billion yen for most of July, then doubled to 20.1 billion yen on 31 July. It is worth $125.8 million today, held by 2 addresses.

• Listed Tori trUSD on Ethereum, a dollar stablecoin operated by Tori (BVI) Limited and the Tori Foundation. Rather than cash, it is backed by trading positions in money market instruments, spreads between spot and futures prices, and spreads across futures expiry dates. These strategies are designed to earn returns whether prices rise or fall. Holders receive the yield through strUSD, a staking wrapper that appreciates against trUSD over time. trUSD has a market cap of $64.2 million and is held by 351 addresses. Accountable attests to the reserves, while Sherlock and Nethermind have audited the contracts.

• Listed Cod3x cdxUSD on Base, the dollar stablecoin of the Cod3x protocol. Users create it by borrowing rather than by depositing dollars. They post collateral to Cod3x Lend, which mints cdxUSD up to a cap the Cod3x DAO sets. The borrowing rate tracks how much cdxUSD sits unused in the Cod3x Lend pool rather than the token price, so it moves before the peg slips rather than after. It is worth $6.2 million, held by 1,257 addresses.

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