Tokenized stocks generated $20.9 billion in decentralized exchange trading volume over the latest 30-day period, with Uniswap accounting for most of the activity measured by Token Terminal. The [Token Terminal data supplied for the story] showed Uniswap v4 leading with 40.7% of volume and v3 contributing another 19.4%. Together, the two protocol versions handled 60.1% of tokenized-stock DEX turnover, equivalent to approximately $12.56 billion.
The figures show substantial trading activity, but they should not be interpreted as $20.9 billion of capital invested in tokenized equities. Trading volume counts every executed swap, meaning the same liquidity can turn over repeatedly through market making, arbitrage and directional trading. The dataset measures gross trading activity rather than TVL, unique investor demand or net capital entering tokenized stocks. That distinction has also been visible as xStocks generated a record $160 million day on Raydium while accumulating substantially larger turnover across repeated trading sessions.
Tokenized stocks generated $20.9B in DEX trading volume over the past 30 days
Uniswap v4 led with 40.7% market share, followed by v3 at 19.4%
Together, the two versions accounted for 60.1% of the total, or ~$12.6B pic.twitter.com/u9lzKybIcT
— Token Terminal 📊 (@tokenterminal) September 26, 2026
Uniswap v4 Takes the Largest Share
At 40.7%, Uniswap v4 alone processed roughly $8.5 billion of the reported 30-day volume, while v3’s 19.4% translates to about $4.1 billion. The split shows that tokenized-stock trading spans two generations of Uniswap infrastructure rather than migrating entirely to the newer v4 architecture. Uniswap supports tokenized assets through its Web App, Wallet and API, and in June said more than $9.1 billion had already been swapped across its broader real-world-asset pools before the latest 30-day stock-specific dataset emerged.
Robinhood Chain has become one visible part of that infrastructure. Uniswap launched v2, v3, v4 and UniswapX on the network in July as its primary public AMM, with support for Robinhood Stock Tokens from day one. Those Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited and provide economic exposure to referenced shares or ETFs without giving holders legal or beneficial ownership of the underlying securities. “Tokenized stock” therefore describes an economic category rather than a single standardized legal structure.
Distribution is also expanding beyond a single DEX interface. Robinhood Chain stock tokens have become available through OpenSea’s broader marketplace integration, while Base has seen Aerodrome target tokenized-equity pools with liquidity incentives. Those developments broaden the number of venues through which equity-linked tokens can circulate, but the Token Terminal snapshot indicates that executed DEX volume remains heavily concentrated in Uniswap v3 and v4.
Volume Concentration Still Needs Liquidity Data
A 60.1% share can show where trades are executing without revealing why traders select those venues. Deeper liquidity, routing efficiency, arbitrage flows, token availability and integrations can all influence volume, and the Token Terminal figures alone do not isolate those factors. Volume leadership should therefore not be treated as direct evidence that Uniswap controls 60.1% of tokenized-stock liquidity. Even high-activity infrastructure can require chain-specific operational adjustments, as illustrated by recent Robinhood Chain launcher and routing redeployments.
The distinction becomes more important as tokenized securities move across different market structures. Uniswap warns that tokenized stocks available through its products are third-party-issued tokens and are not automatically equivalent to owning the referenced company’s shares; rights, backing, redemption terms and geographic availability depend on each issuer. DEX composability does not standardize shareholder rights simply because multiple products trade through the same AMM infrastructure.
The next meaningful signal is whether the current turnover persists across subsequent rolling periods while liquidity depth and execution quality develop alongside it. Sustained volume, tighter spreads, deeper pools and trading distributed across a larger set of equity-linked tokens would provide stronger evidence of a durable onchain stock market than the $20.9 billion headline alone. For now, the measurable development is narrower but significant: Uniswap v3 and v4 processed approximately $12.6 billion, or 60.1%, of the tokenized-stock DEX volume captured in Token Terminal’s latest 30-day snapshot.