Token Terminal data published July 16 showed onchain trading and collateral use rising from small baselines, led by QQQ and SPY trackers, xStocks, Solana, BNB Chain, and Kamino.
Tokenized stocks are gaining traction in decentralized finance, with Token Terminal reporting a 90-day spot DEX trading volume of $1.8 billion and $23.1 million in lending TVL (total value locked) as collateral use. The data, published July 16, shows both measures continuing to rise from relatively small starting points. Trading activity was split almost evenly between BNB Chain and Solana, while QQQ and SPY tokenized ETF trackers dominated volume. Lending activity was more concentrated, with xStocks taking 86.5% of issuer share, Solana 85.5% of chain share, and Kamino 82.6% of venue share. Even so, the segment remains small relative to broader DeFi (decentralized finance) activity: DefiLlama showed $45 billion in trailing 30-day volume on Uniswap alone as of July 17, while xStocks had $330 million in TVL and Kamino had $1.1 billion on Solana, indicating that only a low-single-digit share of outstanding xStocks tokens is being used as lending collateral and that tokenized-stock collateral makes up a fraction of one percent of Kamino's lending book.