Tokenized Stocks Surge 395% in a Year, But DeFi Adoption Remains Surprisingly Low

The tokenized stock market reached $3.16 billion, yet most activity happens through perpetuals rather than traditional DeFi lending markets. Tokenized stocks had a big year, but the market still has some clear gaps to fill. According to a new report from RedStone, the total on-chain value of tokenized stocks jumped from $640 million to $3.16 billion between September 28, 2025, and September 28, 2026. That marks a 395% year-on-year increase. Traders Turn to Perpetuals Instead According to the report shared with CryptoPotato, stocks were the second-fastest-growing real-world asset category during the period. Tokenized private equity led the way with a much larger 935% jump. The growth also pushed tokenized stocks’ share of the wider RWA market to 8.1%, which is roughly three times higher than a year earlier. But the numbers also show that most tokenized stocks are not being used much in DeFi. RedStone estimated that only about 2.6% of the total supply is being used as lending collateral. More than half of that amount comes from xStocks on Kamino and Jupiter Lend, worth around $43.8 million. Superstate’s tokenized Forward Industries shares on Kamino’s Opening Bell market accounted for...