Tokenized stocks are seeing more onchain trading and are starting to be used as lending collateral, though both remain a small share of DeFi activity, according to data published July 16 by Token Terminal, an onchain analytics provider.
The firm's dashboard put spot DEX trading volume for tokenized equities at a 90-day sum of $1.8 billion, and deposits into lending markets, its measure of collateral use, at $23 million. Token Terminal said both series "continue to trend higher, albeit from small baselines," led by exchange-traded fund trackers such as QQQ and SPY, issuers Binance and xStocks, the BNB Chain and Solana networks, and the Uniswap, Orca and Kamino venues.
On the trading side, the $1.8 billion 90-day figure split almost evenly by network, with BNB Chain at 47.3% and Solana at 45.5%, according to the dashboard. By asset, two ETF trackers dominated: a QQQ token at 40.5% and an SPY token at 40.4% of volume, leaving individual company shares far behind.
That total is small against the broader market. DefiLlama recorded $45 billion in trailing 30-day volume on Uniswap alone as of July 17, meaning roughly three months of tokenized-stock DEX turnover equals a small fraction of one month on a single exchange.
