DeFi users have now deposited more than $300 million worth of tokenized stocks into on-chain protocols. That figure is up 2,451.5% over the past year.
The numbers behind the surge
The total value locked (TVL) in DeFi protocols for tokenized stocks reached between $248 million and $313 million across September and October 2026. Back in January 2026, that number sat somewhere between $15 million and $22 million.
That works out to roughly 18-20 times growth in under a year. Measured year over year, some tallies put the increase at 1,961%, while the headline figure lands 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 came in third at around $36 million. Together, those three networks represent the bulk of DeFi TVL in the category.
Who is winning and how the money is used
On the issuer side, one name stands out. xStocks, which is affiliated with Kraken parent Payward, captured approximately 58% of tokenized stock DeFi deposits, or $111M spread across 15 protocols.
xStocks also dominated lending TVL. Ondo is another platform that contributed to the momentum.
About 65% of the funds sit in liquidity pools, while 28% goes to lending and borrowing activity.
Why the acceleration started mid-year
The growth curve bent sharply after a cluster of launches in mid-2026. Binance rolled out bStocks in June, and Robinhood followed with its own chain and stock tokens in July.
The broader tokenized equity market has grown alongside this. As of early to mid-October, the total on-chain value of tokenized equities was estimated at between $3 billion and $3.8 billion.
DeFi usage now represents 6-8% of that total market cap. Earlier in the year, it was closer to 2%.
What this means for investors and the market
Even at the top of the range, $313 million in DeFi deposits is small next to the $3 billion to $3.8 billion in total tokenized equity value, and tiny next to traditional stock markets.
Concentration is another thing to watch. 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.
Since about 65% of deposits sit in pools, a lot of the market depends on liquidity providers staying put.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.