Uniswap V4 leads tokenized stocks with $59 million TVL

Uniswap V4 leads DeFi Raceway with $59.1 million in tokenized stock deposits

As of September 6, Uniswap V4 held tokenized stock deposits of $59.1 million, making it the largest decentralized finance (DeFi) venue in the category. This data comes from the latest market snapshot of Token Terminal.

Kamino Lend ranked second with US$41.7 million in deposits, while Uniswap V3 had overall deposits of US$20.9 million. Together, these three platforms control 63% of the approximately US$192.6 million total locked value (TVL) of decentralized finance reported in this category.

Currently, the Solana blockchain holds US$79.1 million in tokenized stock deposits, the largest total of any tracked blockchain. From the issuer's perspective, Robinhood's shares contributed $73.1 million, and xStocks provided $63.9 million in various DeFi venues.

The three major platforms account for more than 60% of the market.

According to Token Terminal data, Kamino Lend on Solana ranked second with US$41.7 million, followed by Uniswap V3 with US$20.9 million. The three locations combined had US$121.7 million in deposits, accounting for approximately 63.2% of the total in the categories measured.

The total locked value of tokenized stock DeFi is approximately US$192.6 million. This indicator measures the value of equity-linked tokens deposited on decentralized exchanges, lending markets and related applications. It does not represent the total value of tokenized equity issued across blockchain.

Token Terminal defines the total locked value as the value of on-chain deposits and, in some cases, the tokenized value of users 'over-the-counter deposits. This indicator changes when assets enter or leave the agreement and the underlying share price fluctuates.

Differences in liquidity and lending function

The total amount of tokenized shares deposited with Uniswap V4 was US$59.1 million, making it the largest DeFi venue in the category;Kamino Lend was closely followed with US$41.7 million and Uniswap V3 with US$20.9 million. These three venues together account for 63% of the total tokenized stock DeFi lockup value.

The US$59.1 million of Uniswap V4 mainly represents tokenized shares provided to the liquidity pool. Users deposit paired assets into these pools so that other participants can trade without relying on traditional order books. Uniswap V3 holds another $20.9 million, bringing tokenized stock deposits for both versions to a total of $80 million, or approximately 41.5% of the $192.6 million measured by Token Terminal.

The comparison between Uniswap and Kamino requires a background understanding. Uniswap is a decentralized exchange, and its deposited assets are mainly used to support token redemption and market liquidity. Kamino Lend is a loan agreement where tokenized shares can be used as supply assets or collateral.

Both activities include DeFi's total lockdown value, but have different functions. Exchange liquidity supports transactions, while loan deposits allow holders to borrow against their positions or earn interest from borrowers. The total lockup value alone cannot measure transaction volume, borrowing needs or revenue.

The widespread use of tokenized assets drives growth

This growth is part of the rise of broader productive uses of tokenized assets. From the second quarter of 2025 to the second quarter of 2026, real-world asset deposits in decentralized applications increased from $2.3 billion to $7.4 billion. During this period, despite a decline in broader decentralized trading activity, spot trading volumes in tokenized assets increased by approximately 220%.

Market concentration brings operational dependence risks

The three leading sites control more than three-fifths of the categories tested. All remaining applications together hold approximately $70.9 million in tokenized stock deposits. This concentration creates operational dependence. If a technical failure, pricing issue or a massive liquidity withdrawal occurs at a leading venue, it could affect a large part of the market. However, these deposits are distributed across different smart contracts and blockchains.

Token Terminal's network decomposition shows that Solana hosted US$79.1 million in tokenized stock DeFi deposits, the largest total in the tracked blockchain. Kamino accounts for a significant share, as well as other Solana trading and lending apps.

Rainbow Chain and Ethereum also hold large deposits. Robinhood launched its Mainnet in July, an Ethereum Layer 2 that supports equity-linked tokens and decentralized applications. Eligible users can trade tokenized stocks and deploy them in DeFi, including through lending pools and decentralized exchanges.

Highly concentrated by issuers

Issuer data for Token Terminal shows another form of concentration. Robinhood's shares contributed $73.1 million to DeFi's total lockdown value, while xStocks accounted for $63.9 million. Robinhood and xStocks combined provided $137 million, or approximately 71.1% of the total category. Other issuers and tokenization providers accounted for the remaining $55.6 million.

Issuer concentration also appears in ownership data. In July, the number of tokenized equity holders on the five platforms reached 752,000, an increase of 92% in 30 days. Robinhood holds 44% user share, while Ondo and xStocks lead the way in the value of issued assets.

Deposits do not always provide direct share ownership

Tokenized shares have different legal structures. Some are backed by traditional shares held by custodians. Others are structured as debt instruments or contractual claims designed to track the economic value of equity. Therefore, owning a token does not always confer voting rights, dividends, or legal status as a traditional shareholder. Rights depend on the issuer's terms, reserve structure, jurisdiction, custody arrangements and redemption process.

Token Terminal describes Robinhood's tokenized SoFi products providing one-to-one price exposure with U.S. listed companies. Its description of Ondo's tokenized ASML product states that the asset is structured as a debt instrument and its payable value changes with the underlying security.

Robinhood's products have been reviewed for this distinction. Adam Aron, CEO of AMC Entertainment, said his company has nothing to do with Robinhood's AMC-related tokens. These products provide economic exposure but do not give the holder direct ownership of the company they represent, just as AMC seeks legal advice on unauthorized stock tokens.

Other providers are developing models designed to confer stronger ownership. Base and Coinbase said they are preparing tokenized shares backed one-on-one by underlying shares. However, key custody and transfer details have not yet been disclosed, and a release date has not been confirmed.

These differences are important when contemporary coins enter the lending pool. Users bear not only the smart contract risks of DeFi venues, but also the custodial, legal and counterparty risks associated with the underlying token.

DeFi deposits are much less than total equity issuance

The US$192.6 million held in DeFi represents only part of the broader tokenized stock market. CoinShares and Token Terminal estimate that approximately $2.2 billion of equity was tokenized in the second quarter. This suggests that most of the tokenized equity issued has not yet been deposited into decentralized lending or trading applications. Assets may still remain in customer wallets, centralized platforms, or systems controlled by the publisher.

Tokenized stocks are already one of the fastest-growing real-world asset classes by number of holders. However, compared with global stock markets valued at more than $100 trillion, the equity in the chain is still small.

Based on Token Terminal's asset breakdown, FWDI and SPYx are the largest individual assets deposited in each tracking site. Their positions suggest that products from individual companies and broad markets can attract liquidity on the chain. Transactions are also concentrated in specific products. In July, as tokenized stock trading volume increased by 288%, tokenized QQQ generated most of the decentralized trading activity in this category.

More tokenized equity may enter DeFi

It is expected that the range of assets available for DeFi applications will expand. Payward plans to tokenize the 100 largest stocks listed in London through its xStocks framework. The London Stock Exchange intends to support these products through its planned LSE 24 venue, subject to regulatory approval. The partnership will also check stock tokens sponsored by the issuer . The London Stock Exchange's partnership with Payward could expand xStocks beyond existing U.S., European and Asian related products.

The new London-listed xStocks is expected to appear on Kraken and other supporting platforms ahead of the planned exchange consolidation. They are currently not open to British investors, and their membership does not guarantee immediate deposits into Uniswap or loan agreements.

Future data will show whether Uniswap V4 maintains its lead or whether the lending market will capture more tokenized equity deposits. Relevant measures include pool liquidity, borrowing demand, collateral performance, transaction volume and issuer concentration.

There is currently no verified market response that can be directly attributed to the Token Terminal report. UNI and KMNO respond to broader market conditions, and assets deposited do not represent the income of any token holder.