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Tokenized stock lending TVL rises to $23M as DEX activity grows

Token Terminal data shows $1.8 billion in 90-day tokenized-equities spot DEX volume, while lending collateral deposits reached $23 million.

Reported · Written up by our desk · Market Structure

Tokenized stocks are seeing more onchain trading and are beginning to be used as lending collateral, but both uses still represent a small slice of overall DeFi activity, according to data published July 16 by Token Terminal, an onchain analytics provider.

Token Terminal said tokenized-equities spot DEX volume totaled $1.8 billion over the prior 90 days, while deposits into lending markets, its measure of collateral use, stood at $23 million. The figures were led by exchange-traded fund trackers including QQQ and SPY, issuers Binance and xStocks, and networks including BNB Chain and Solana, across trading venues such as Uniswap, Orca, and Kamino.

The 90-day trading total was split almost evenly by network, with BNB Chain accounting for 47.3% and Solana for 45.5%. By asset, two ETF trackers dominated, with a QQQ token at 40.5% of volume and an SPY token at 40.4%, while individual company shares trailed far behind.

For lending, Token Terminal put tokenized-stock lending TVL at $23.1 million, with xStocks representing 86.5% of issuer share, Solana 85.5% of chain share, and Kamino's lending market 82.6% of venue share. The provider also said the collateral deployment remains thin versus the size of related platforms, with xStocks total value locked at $330 million as of July 17 and tokenized-stock collateral there measuring as a low-single-digit portion of tokens rather than most of the supply.

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