Coinbase Tokenized Stocks Dominate DeFi Deposits

Coinbase's tokenized stocks have taken the lead in decentralized finance (DeFi) deposits, outpacing Robinhood and Binance. According to Token Terminal, Coinbase's tokenized stocks saw a $5.6 million increase in DeFi deposits over the past seven days, surpassing Robinhood's $1.8 million and Binance's $1.6 million.

This marks a significant shift in the market, as the competition among issuers has tightened. Robinhood and Binance had previously built large holder bases and substantial transfer activity, but Coinbase's tokenized stocks have now taken the lead in terms of DeFi deposits.

The data highlights the importance of deposits in DeFi, as they indicate that users are not only trading tokens but also putting them to work inside decentralized markets. A larger deposit increase suggests that users are committing to DeFi protocols, using tokens as collateral or liquidity.

The results are specific to net inflows into lending markets, liquidity pools, and other on-chain venues, and do not reflect trading volume or market capitalization.