Tokenized stocks are arriving onchain faster than DeFi can put them to work. The value of distributed tokenized stocks is approaching $3B after growing nearly tenfold since the start of 2025. Securitize's SECZ is the largest individual tokenized stock by value. Strategy and Circle account for three of the next four largest products. Use of tokenized stocks in DeFi remains limited. Deposits grew from almost nothing in mid-2025 to roughly $202M by early September, but they represent less than 7% of total tokenized-stock value. Most of that capital is concentrated in trading pools and early lending markets. Trading and lending give investors ways to use tokenized stocks without moving their capital back through traditional markets. Keeping that capital onchain can support deeper markets and tighter pricing. The next phase will depend less on how many stocks are tokenized and more on what investors can do with them once they arrive.