Solana Holds 64.5% of Global Tokenized Stock DeFi Deposits at $75.4M, Token Terminal Data Shows

Cross-chain data published by Token Terminal on August 23 shows Solana hosting $75.4 million in tokenized-stock DeFi deposits, equal to 64.5% of the global total across all blockchains. The figures cover equities that users have moved into lending and yield protocols as active collateral, not total tokenized-stock supply on-chain.

Solana's $75.4M DeFi Deposit Lead Across Five Competing Chains

Token Terminal's dataset covers 15 DeFi applications across all major blockchains and tracks tokenized equity positions users have deposited as productive collateral rather than held in wallets. Ethereum ranks second at $15.0 million (13.5%), followed by BNB Chain at $13.9 million (12.5%), Robinhood Chain at $7.7 million (7.0%), and Base at $2.7 million (2.4%). Solana's share exceeds the combined deposits on all other chains by more than 28 percentage points.

Robinhood Chain, backed by the retail brokerage of the same name, ranks third among the five chains, ahead of Base despite Base's broader DeFi ecosystem and Coinbase backing.

Kamino Lend Holds 82.6% of Solana's Tokenized-Stock Lending Market

Within Solana, Kamino Finance KMNO$0.025-2.4% takes the dominant position. Kamino Lend holds 82.6% of Solana's tokenized-stock lending market, per Token Terminal data. Fluid Jupiter Lend and Pendle account for most of the remainder, with Pendle enabling yield-trading strategies on tokenized-equity positions.

Users deposit tokenized equities, such as SPYx (SPYx), a 1:1 share-backed S&P 500 tracker issued by Backed Finance on Solana with 33,342 holders as of August 23, then borrow stablecoins against those positions while retaining price exposure to the underlying equity. Kamino prices these collateral positions in real time and manages liquidation risk, a function that depends on consistent block production and deep on-chain liquidity. Kamino integrated xStocks collateral support in July 2025, per CryptoBriefing; the current deposit figures reflect more than a year of market growth since that launch.

From Issued to Actively Used: Tokenized Stock DeFi Utilization

Token Terminal's August 23 report framed the data as a measure of utilization rather than issuance: tokenized equities are no longer primarily held in wallets but are being put to work across DeFi protocols. The $75.4 million in Solana deposits counts equity positions that holders are using to generate yield or access leverage without selling.

Solana recorded $5.8 billion in tokenized stock DEX volume in Q2 2026, reflecting trading activity on the network. The DeFi deposit figure tracks complementary behavior: positions left open and used as collateral. Kamino Finance's standing as Solana's largest lending protocol provides the collateral structures and liquidity needed to support non-stablecoin assets, which has positioned Solana to capture the majority of this emerging lending market across all chains.