Tokenized stock total value locked (TVL) in decentralized finance (DeFi) protocols rose 1,961% over the past year to $247.8 million, according to figures published by Token Terminal on Thursday. Robinhood Chain, Solana and BNB Chain hold $98.2 million, $87.4 million and $36.3 million, respectively, or 89.5% combined. Binance Research attributes the expansion to broader onchain infrastructure, including lending, smart contract deployment and markets pairing stocks with other tokens. Its data shows active DeFi TVL increasing from $21.6 million in January to $289.1 million by September 9, while DeFi’s share of its active market cap rose from 2.2% to 7.2%. Liquidity pools account for 65.4% of activity, lending markets for 28.1%, yield tokenization for 5.7% and other uses for 0.8%. The wider distributed value of tokenized stocks, covering tokens that can move freely between wallets, reached nearly $2.9 billion in mid-September, according to RWA.xyz. Borrowing against bStocks collateral climbed from 5.5% at the end of June to 46.2% on September 10, representing about $3.1 million borrowed against $6.8 million of collateral. Trading activity also extends beyond direct stock-token transactions: stock-paired meme coin markets generated about $2.49 billion on Robinhood Chain and $2.90 billion on BNB Chain between July 26 and September 9. SQD found that $711.2 million, or 32.1%, of cumulative stock-token volume in a Robinhood Chain sample through August 30 came from trades against other tokens, mostly meme coins. The analysis concludes that tokenized stocks are increasingly serving as quote assets for crypto-native trading, making the next issue how much of the roughly $2.9 billion in distributed value gains practical use onchain.