Uniswap V4 has quietly become the biggest home in decentralized finance for tokenized stocks, holding 59.1 million USD in deposits as of September 6, according to fresh data from Token Terminal. That single number tells a bigger story: stocks like Nvidia, Tesla and Coinbase are no longer confined to Wall Street’s 9-to-5 trading hours. They now live inside DeFi — the system of blockchain-based trading and lending apps open around the clock — and regular investors are supplying most of the liquidity.
By Priya Sharma | September 6, 2026
The Hook: Tokenized Stocks Have Found Their Favorite Pools
Token Terminal’s latest market snapshot put Uniswap V4 at 59.1 million USD in tokenized stock deposits, the largest of any DeFi venue. Kamino Lend, a lending protocol built on Solana, ranked second with 41.7 million USD. The older Uniswap V3 held another 20.9 million USD. Together, those three platforms controlled roughly 63 percent of the category’s total — about 192.6 million USD parked in decentralized exchanges and lending markets.
For context on the broader market backdrop as this shift unfolds: Bitcoin trades near 79,912 USD, Ethereum near 2,501 USD and Solana near 106 USD, according to the September 6 price snapshot from CoinGecko. Solana matters here — more on that below.
On-Chain Evidence: Where the Money Actually Sits
The numbers come straight from Token Terminal, a analytics firm that measures value locked in blockchain protocols. Key data points from its September 5 snapshot:
- Uniswap V4 — 59.1 million USD — the largest DeFi venue for tokenized stock deposits
- Kamino Lend — 41.7 million USD — Solana’s leading lending market for the category
- Uniswap V3 — 20.9 million USD — bringing the two Uniswap versions to a combined 80 million USD, about 41.5 percent of the category
- Total category TVL — roughly 192.6 million USD — measuring deposits in DEXes, lending markets and related apps, not total issuance
- Solana — 79.1 million USD — the largest blockchain total, helped largely by Kamino
An important nuance: comparing Uniswap and Kamino is not apples-to-apples. Uniswap is a decentralized exchange — think of its liquidity pools as shared piggy banks that let anyone trade without a traditional order book. Kamino Lend is a lending protocol, where tokenized stocks act as collateral or interest-earning deposits. Both count toward TVL, but they do different jobs. Neither number tells you how much trading or borrowing is actually happening.
The Core Conflict: Concentration Risk in a 192.6 Million USD Market
The issuer side is even more concentrated than the venue side. Robinhood-issued tokenized stocks contributed 73.1 million USD to DeFi TVL, while xStocks accounted for 63.9 million USD. Together, those two issuers supply roughly 71 percent of the entire category. Every other issuer combined accounts for the remaining 55.6 million USD.
That concentration cuts both ways. If one major venue suffers a technical failure, a pricing glitch or a sudden liquidity pull, a large slice of the market feels it at once. The risk is real, as Robinhood Chain’s 14-minute halt on September 4 demonstrated. On the other hand, deposits are spread across separate smart contracts and separate blockchains — Solana, Ethereum and Robinhood’s own Ethereum Layer 2, launched in July.
There is also a legal wrinkle every investor should understand. Owning a tokenized stock does not always mean owning the actual share. Some products are backed by real shares held in custody; others are debt instruments that merely track a stock’s price. Token Terminal describes Robinhood’s tokenized SoFi product as one-to-one price exposure, and Ondo’s tokenized ASML as a debt instrument. Voting rights and dividends depend entirely on the issuer’s terms — a distinction that famously drew a public rebuke from AMC’s CEO over Robinhood’s AMC-linked token.
Market Implications: A Young Market Growing Fast
The growth trend is hard to ignore. Real-world asset deposits across DeFi climbed from 2.3 billion USD to 7.4 billion USD between the second quarters of 2025 and 2026, according to Token Terminal data, while tokenized asset spot volume grew roughly 220 percent — even as broader DEX activity declined. In July, the number of tokenized equity holders across five platforms hit 752,000, up 92 percent in just 30 days, with Robinhood holding a 44 percent share of users.
Yet DeFi deposits remain a small slice of the issuance pie. CoinShares and Token Terminal estimated that about 2.2 billion USD in equities was tokenized during the second quarter alone — meaning most tokenized stocks still sit in wallets and centralized platforms, not in DeFi. Meanwhile, Coinbase and Base say they are preparing tokenized equities backed one-to-one by real shares, though key custody details and a launch date remain undisclosed.
The Verdict: Watch the Venues, Not Just the Tokens
Uniswap V4’s lead matters because it shows where tokenized stock activity is clustering. If you hold tokenized equities — or are thinking about it — you are stacking two kinds of risk: the smart-contract risk of the DeFi venue and the custody and legal risk of the token itself. When deposits, issuers and blockchains are this concentrated, diversification across venues matters as much as diversification across stocks. The 192.6 million USD in DeFi is still small next to the 2.2 billion USD issued — but if the gap keeps closing, Uniswap’s pools are where much of that money will land.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
59.1M on V4 and people still act like tokenized stocks are some niche experiment. NVDA pools trading while nasdaq sleeps is the actual use case nobody asked for but here we are
three venues controlling 63 percent of it is the part that should worry people. one weird oracle event and the whole tokenized equity book reprices
the real headline is kamino doing 41.7M on solana while everyone keeps calling it a memecoin chain. that lend book grew fast
^ right? 79.1M of the 192.6M total sitting on solana and the narrative is still eth owns tokenization
kamino alone doing 41.7M while people keep reprinting the tokenization belongs to ethereum deck. the numbers left that narrative behind months ago
kamino is a lend book though. people borrow against the stocks instead of pooling them, different risk profile. still flips the memecoin chain narrative
V3 still holding 20.9M while V4 takes the crown. LPs are creatures of habit, half those positions are probably abandoned
Would guess a good chunk of those V3 positions arent abandoned, just LPs waiting on incentive programs before paying gas to migrate. V4 hook fees need to make sense first
gas to migrate a full range V3 position costs more than the fees it earned this year. that 20.9M is stuck until incentives move it
guilty as charged, my V3 COIN range sits there cause the gas math never worked. incentive program shows up and its moving same day
NVDA and COIN pools open on weekends while the underlying is closed. love it until someone arb nukes the peg on a sunday, then regulators will suddenly care alot
peg nuke on a sunday is a when not if. first one will be a great stress test, just hope nobody leverage LPd their NVDA bags
the sunday peg risk is real but thats also where the yield comes from. nobody pays you for weekend market hours out of kindness
the yield on weekend LP is basically crash premium. fine until you are the exit liquidity for the first sunday depeg
59.1M of tokenized stocks on V4 with retail supplying most of the liquidity. someone has to eat the tail risk when NVDA gaps and nasdaq is closed
63 percent in three venues sounds concentrated until you remember tradfi equity flow is basically three venues too. at least here the numbers are onchain