tokenized equities are starting to become DeFi collateral. the scale is still tiny. Token Terminal data published July 16 puts tokenized-equity spot DEX volume at a 1.8b USD 90-day sum, with 23.1m USD deposited into lending markets. QQQ and SPY trackers led trading, while BNB Chain and Solana split most of the volume. The market-structure signal is collateral utility, not token count. But concentration matters: xStocks represented 86.5% of lending-issuer exposure, Solana 85.5% of chain exposure and Kamino 82.6% of venue exposure. This is an early liquidity pocket, not a mature cross-chain market. The skepticism is straightforward. Uniswap alone recorded 45.4b USD in trailing 30-day DEX volume, versus 1.8b USD for roughly three months of tokenized-stock turnover. The next test is whether these assets gain deeper liquidity, reliable pricing and broader lending demand without relying on incentives. If not, tokenization remains distribution theater rather than a new collateral layer.