Wall Street stocks are showing up in places their issuers probably never imagined. Roughly $111 million worth of tokenized equities are now sitting inside 15 different DeFi applications, spread across lending protocols, liquidity pools, and yield-trading platforms.
The biggest beneficiaries: Kamino Lend, Fluid Jupiter Lend, Pendle Yield Trading, Raydium’s concentrated liquidity market maker, and Uniswap v4. Together, these five platforms account for the vast majority of tokenized stock activity in decentralized finance.
Solana is leading the charge
The Solana ecosystem has become the center of gravity for tokenized-stock lending. The total value locked in Solana’s tokenized-stock lending protocols hit an all-time high of approximately $53 million in late July 2026, up from $23.1 million just weeks prior.
Kamino Lend is the dominant player by a wide margin, controlling about 82.6% of Solana’s tokenized-stock lending market. At peak, that translated to over $31 million in collateral. Across the broader $111 million ecosystem, Kamino Lend accounts for roughly 30.8% of all deposits.
Fluid Jupiter Lend comes in second at approximately 14.7%, followed by Pendle Yield Trading at about 13.8%. Those three protocols alone capture around 78.5% of all tokenized stock activity in DeFi, leaving the remaining 12 applications to split the rest.
Users deposit tokenized versions of stocks like Apple (AAPL) or Tesla (TSLA) as collateral, then borrow stablecoins or other assets against them.
How we got here
The groundwork traces back to Kamino’s integration of xStocks as collateral around July 14, 2025, which first enabled users to borrow against tokenized equities on Solana. Tokenized securities trading became available on Uniswap as of June 12, 2026, bringing Ethereum’s largest decentralized exchange into the fold.
In Pendle’s case, users can separate the yield component of tokenized stock positions from the principal, trading future returns independently. In Raydium’s CLMM pools, tokenized stocks get paired with other assets for automated market-making, deepening on-chain liquidity for these instruments.
What this means for markets
The $111 million figure is still tiny compared to US equity markets, where daily trading volumes measure in the hundreds of billions. Solana’s tokenized-stock lending TVL more than doubling in two weeks suggests demand is accelerating, not plateauing.
Kamino’s 82.6% dominance in Solana’s lending market shows the advantage of moving early. Holding AAPL tokens in a cold wallet generates zero yield. Depositing those same tokens into Kamino Lend and borrowing stablecoins against them unlocks liquidity while maintaining exposure to Apple’s stock price.
The reporting period did not surface any major regulatory or security incidents associated with these deposits.