Approximately $7.7 million in tokenized Circle stock had been deposited into DeFi protocols as of October 20, 2026, more than doubling from $2.9 million in mid-August 2026. The CRCLx token, issued by xStocks and backed 1:1 by real Circle shares held in custody, is concentrated on Raydium (approximately $3 million) and Uniswap (approximately $2.9 million) on Solana and Ethereum respectively. Total tokenized exposure to Circle stock across all platforms is estimated at $314-$345 million, representing approximately 1.7% of Circle’s equity market capitalization.
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