Tokenized Stocks Up 395% in a Year, DeFi Collateral Use Under 3%

The striking gap here is structural, not cyclical: tokenized equities have scaled as an access and settlement story while barely functioning as collateral. That matters for DeFi's credit layer, which has grown around crypto-native and treasury assets rather than equities, and for issuers who pitched tokenization as a bridge into onchain lending. The open question is whether that divide reflects genuine constraints — valuation, market hours, liquidation risk — or simply an integration lag worth watching as the supply base matures.