Tokenized stocks have had a distribution problem: every issuer mints its own version of Apple or Nvidia, splitting liquidity across incompatible tokens. OKX just tried to collapse that into one market.

OKX launched Unified Tokenized Stocks, a shared order book where 40+ US equities, XAAPL, XNVDA, XTSLA and others, trade against USDT, routing every issuer's version of a stock into a single market backed by Backed Assets' xStocks. US and EU traders are barred.

It arrives the same day data showed tokenized-stock lending and DEX volume climbing. Real traction, but still a rounding error next to the rest of DeFi.

Read more below!

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WATCH

Gold That Pays You 3.5% Yield? How Streamex Is Tokenizing the $35T Commodities Market

Stocks are moving onchain today, but the tokenization wave runs well past equities. Streamex's Henry McPhie makes the case for tokenizing the $35 trillion commodities market, starting with gold that pays a 3.5% yield. Camila Russo hosts.

CEFI

OKX Launches Tokenized US Stocks on Shared Order Book

OKX launched Unified Tokenized Stocks, routing 40+ US equities like XAAPL, XNVDA, and XTSLA onto a single shared order book against USDT, backed by Backed Assets' xStocks. US and EU traders are barred.

	TICKER	VALUE	24H
	OKX Launches Tokenized US Stocks on Shared Order Book OKX launched Unified Tokenized Stocks with 40+ US equities like XAAPL, XNVDA and XTSLA trading against USDT on one shared order book, excluding US and EU users. thedefiant.io

Why this matters: Fragmented issuer-by-issuer tokens have starved tokenized stocks of liquidity. Pooling them into one book is the design bet that makes onchain equities tradable at real size.

DEFI

Tokenized Stock Lending TVL Reaches $23M as DEX Volume Climbs

Tokenized-stock lending TVL reached $23.1M as onchain equity DEX volume climbed to a $1.8 billion 90-day sum, per Token Terminal — led by QQQ and SPY trackers, xStocks, and Kamino on Solana and BNB Chain. The totals stay a rounding error next to broader DeFi.

Why this matters: The trend line is the signal: tokenized stocks are now being traded and posted as collateral onchain. The absolute numbers show how early that shift from novelty to real market still is.

CEFI

Robinhood Earn Crosses $100M in Deposits, Tenev Says

Robinhood Earn crossed $100 million in deposits, CEO Vlad Tenev said, calling it "still early." The yield product lends USDG onchain through Morpho for an estimated 7% APY.

Why this matters: This is the deposit side of the week's yield war landing. Retail-facing Earn products are quietly routing hundreds of millions into DeFi lending, with Morpho again the plumbing.

TOKENS

CASHCAT Falls 75% from Peak After Hyperliquid Perp Listing

CASHCAT, the flagship token of the two-week-old Robinhood Chain, fell roughly 75% from its record high, unwinding most of a 4,000% run that briefly pushed its market value past $200M. Its spot price held through a 60% perp wick that liquidated leveraged traders after a Hyperliquid listing.

Why this matters: Adding leverage to a thin memecoin manufactured the volatility it was supposed to price. The spot-versus-perp split shows how derivatives can whipsaw a token its own holders barely trade.