Solana and Robinhood Chain now control roughly 79 percent of the $192.6 million in tokenized-equity DeFi deposits, a sign that tokenized stocks are becoming productive collateral rather than tradeable assets.
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Solana, Robinhood Chain hold $152M in tokenized-stock DeFi deposits
Tokenized stocks on Solana and Robinhood Chain now hold $152 million in DeFi deposits, about 79 percent of the $192.6 million locked across all chains.
Solana leads with roughly $75.4 million, or 64.5 percent of global tokenized-stock DeFi deposits, while Robinhood Chain, an Ethereum layer-2 that launched July 1, holds about $72.7 million, according to Crypto Briefing data. Grayscale has named Solana, Robinhood Chain and BNB Chain the three leading platforms for tokenized-equity volume, with Ethereum trailing at around $15 million.
Only about 5 percent of all tokenized equities have entered DeFi lending protocols, a sliver of the $3.1 billion total tokenized-equity market cap. Solana's share tracks its broader dominance in onchain equity trading: the network recorded $5.8 billion in tokenized-stock DEX volume in Q2 2026, roughly 95 percent of all onchain equity trading and up 114 percent from the prior quarter, with xStocks and Raydium the main venues.
The concentration shows tokenized equities are becoming productive DeFi collateral rather than tradeable assets alone, and the two chains now control the bulk of that market.
Robinhood Chain's two-month sprint
Robinhood Chain reached an active market value of nearly $72.7 million within its first month, about seven times its early levels, driven by trading in familiar names. Tokenized GameStop hit $26.6 million in daily volume shortly after launch, and Nvidia proved similarly popular. Weekly spot volume across major chains reached about $3 billion in August, with Robinhood Chain capturing a meaningful slice despite being the newest entrant.
The network's stock tokens now count about 862,800 holders, surpassing Binance bStocks at 827,200, according to Token Terminal. Daily trading volume on Uniswap's Robinhood Chain deployment reached $1.7 billion, roughly 10 times the level two weeks earlier, and cumulative volume has exceeded $20 billion. The chain generated about $4.6 million in revenue on Sept. 2, implying an annualized run rate near $1.7 billion, and accounted for 78.5 percent of layer-2 revenue over the past 30 days.
The AMC fight tests the model
The growth has drawn pushback. AMC Entertainment CEO Adam Aron called Robinhood's AMC-linked stock token "contemptible, outrageous, inexcusable" and demanded trading halt, saying AMC neither authorized nor endorsed it. Robinhood CEO Vlad Tenev replied "What's the concern?" and chief legal officer Dan Gallagher told Aron to "send your lawyers and we'll educate them."
Robinhood describes stock tokens as debt securities issued through a Jersey entity that track an underlying security's economics without voting rights, dividend claims or direct ownership. The dispute spilled into crypto markets: a meme coin with ticker AMC launched on Robinhood Chain rose to a $135 million market cap with $116 million in trading volume, while AMC shares climbed to about $3.07 in premarket trading from a $2.54 close.
The feud highlights the larger issue: tokenized price exposure now trades around the clock even when equity markets are closed. For issuers like AMC that is the problem; for Robinhood it may be the product.
This article is for informational purposes only and does not constitute investment advice.
[1] Solana hosts $79M in tokenized stocks, Robinhood Chain follows with $73M[2] Robinhood CEO Vlad Tenev fires back on tokenized stocks after AMC’s Adam Aron asks ‘How can it possibly be legal?’: 'Worth fighting for'[3] Robinhood Tops Binance bStocks With 862,800 Holders in 2 Months[4] AMC CEO Demands Robinhood Halt Token Trading as Feud Erupts
