Solana Tokenized-Stock Lending TVL Reaches $23.1M, Kamino Finance Controls 82.6% of Venue Share

Tokenized-stock lending TVL has reached $23.1 million across DeFi, with Solana holding 85.5% of the total, according to Token Terminal data reported by The Defiant on July 17. The figure covers a specific activity: holders of tokenized US equities depositing them as collateral in DeFi lending markets to borrow against the position without selling. Token Terminal noted the category will "continue to trend higher, albeit from small baselines."

Kamino Finance as the Primary Venue for xStocks Collateral

Kamino Finance KMNO$0.018-4.8% Kamino Finance accounts for 82.6% of the tokenized-stock lending venue share per the Token Terminal data. The mechanism: tokenized equity holders deposit stock positions as collateral into Kamino lending markets and borrow stablecoins or other assets against them, without liquidating the underlying position. Kamino's total TVL on Solana is $1.1 billion per The Defiant, making tokenized-stock deposits a small but growing segment of its overall collateral mix.

xStocks AAPLx$312.11-0.3% xStocks, the tokenized US equities platform issued by Backpack Backpack Securities through Sunrise Sunrise mint infrastructure, accounts for 86.5% of the issuance share in the tokenized-stock category per the same Token Terminal data, making it the dominant supply source behind Kamino's collateral book.

The Kamino collateral build-out extends across multiple asset types. On July 16, tokenized equity value on Solana hit a $535 million all-time high and xStocks deposits at Jupiter Lend crossed $20 million. Separately, Superstate's tokenized funds and stock crossed $17 million in active collateral at Kamino on the same date, from a different issuer.

QQQx and SPYx Drive Over 80% of Tokenized-Equity DEX Volume

Ninety-day spot DEX trading volume for tokenized equities reached $1.8 billion across chains per the same Token Terminal data. BNB Chain held 47.3% of that volume and Solana 45.5%, nearly equal shares that contrast with the lending market, where Solana holds a dominant 85.5%.

Volume within the category is concentrated in two tokens. The QQQx QQQx token, the Nasdaq-100 ETF representation on Solana, drove 40.5% of DEX volume, while the SPYx SPYx token, the S&P 500 ETF representation, drove 40.4%. Together they account for more than 80% of tokenized-equity DEX activity, with individual stocks making up the remainder. SPYx has built the broader wallet base of the two: Solana Compass tracked roughly 26,800 wallets holding SPYx and roughly 9,700 holding QQQx as of July 18, a nearly 3-to-1 ratio despite near-equal trading volumes.

The trading and lending figures operate at different scales: $1.8 billion in 90-day DEX volume against $23.1 million in lending TVL. Most tokenized-equity activity today is trading on DEXes, while using them as DeFi collateral is a newer layer that has begun accumulating capital, concentrated on Solana and at Kamino.