Tokenized Stocks Hit $20.9B in 30-Day DEX Volume; Uniswap V4 Leads

The striking part is not the headline figure but the concentration: two versions of a single DEX protocol are clearing the majority of tokenized-equity flow, which suggests liquidity in this asset class is clustering around incumbent venues rather than spreading across the market. That matters for anyone watching RWA infrastructure, because it makes Uniswap's fee tiers, pool design and routing decisions a de facto gatekeeper for how tokenized stocks trade. Whether competing venues or issuer-native venues can erode that share is the open question.