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Tokenized stock DEX volume reaches $20.9 billion as Uniswap leads trading

Photorealistic newsroom header with rising on-chain volume graph near $20.9B, Uniswap logos, tokenized stock icons, blue-teal tones.

Tokenized stocks generated $20.9 billion in decentralized exchange trading volume over the past 30 days, according to Token Terminal. The data shows Uniswap v4 accounted for 40.7% of that activity, while Uniswap v3 represented another 19.4%, giving the two versions a combined 60.1% share, or about $12.6 billion.

The figures point to a market for tokenized equities that is trading actively on-chain rather than sitting idle as a purely issuance-driven product. But the numbers also describe DEX volume over a defined period, not necessarily durable demand or long-term use beyond trading.

Uniswap and other venues concentrate the activity

Based on Token Terminal’s breakdown, Uniswap remained the dominant venue in the segment, with v4 leading the group and v3 adding a sizable share. The distribution suggests liquidity in tokenized stocks is clustering around the most established DEX infrastructure, while other venues still account for the remaining slice of activity.

Recent coverage of the same trend has also pointed to growing activity on Raydium and Orca, indicating that tokenized-stock trading is not limited to one chain or one DEX design. Even so, the clearest confirmed data in the material provided is the aggregate 30-day volume and Uniswap’s share of it.

What the volume does and does not show

A volume figure of this size shows that tokenized stocks are moving through DEX markets at scale, but it does not by itself reveal who is trading, how much of the flow is organic, or whether the activity will persist. It also does not establish that the market is replacing traditional equity venues; it only captures the on-chain segment described in the data.

Still, the $20.9 billion reading suggests tokenized equities have developed a meaningful secondary market on decentralized exchanges, with trading concentrated in a few large venues and the broader market continuing to take shape.