Uniswap Dominates Tokenized Stocks with $59M in Deposits

Uniswap V4 has taken the lead in tokenized stocks with $59.1 million in deposits, according to Token Terminal's data from September 6. This makes it the largest decentralized finance (DeFi) venue for this category, surpassing other notable platforms such as Kamino Lend and Uniswap V3.

The total value locked (TVL) in tokenized stock DeFi stands at approximately $192.6 million, with the top three venues accounting for 63.2% of this figure. These figures demonstrate a significant growth in productive uses for tokenized assets, with real-world asset deposits across decentralized applications increasing from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026.

Uniswap V4's dominance in tokenized stocks is largely due to its liquidity pools, which allow users to deposit paired assets for trading purposes. In contrast, Kamino Lend focuses on lending protocols where tokenized stocks can serve as supplied assets or collateral. This distinction highlights the different functions of these platforms and their impact on DeFi TVL.

The concentration of deposits in a few leading venues creates operational dependencies, making them susceptible to technical failures or major liquidity withdrawals. However, the deposits remain distributed across separate smart contracts and blockchains, mitigating some risks.