DeFi users have deposited more than $300 million worth of tokenized stocks into on-chain protocols, a 2,451.5% increase over the past year. Total value locked reached between $248 million and $313 million between September and October 2026, compared with $15 million to $22 million in January 2026. Solana, Robinhood Chain and BNB Chain account for most deposits, while Payward’s xStocks, the parent company of Kraken, hold about 58% of the total with $111 million spread across 15 protocols. Around 65% of funds are in liquidity pools and 28% are used for lending and borrowing, making the sector highly dependent on liquidity providers, as well as a small number of issuers and networks.
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