Almost nobody is paying you to hold a tokenized stock
· StockAPY
We checked every venue that accepts a tokenized stock. Across the venues that disclose where their yield comes from, 99.7% of it is token incentives rather than interest. The only steady rates are 2-4% on a custodial platform that will not say what funds them.
We built a comparison table of every place a tokenized stock can earn, then looked at what it said. The answer is unflattering for the whole category, so it is worth stating plainly.
- Opportunities
- 50
- Median earn APY
- 2.85%
- Real interest
- 0.4%
- Total value
- $54.46M
As of 23 Oct 2026
The median tokenized stock earns nothing
Across every lending market that accepts a tokenized stock on the supply side, the median rate is zero. Not "low" — zero. On 19 October 2026, Kamino's xStocks Market paid 0.19% on QQQx, 0.08% on SPYx, 0.02% on NVDAx and exactly 0.00% on everything else. Jupiter Lend's eight xStocks vaults all read 0.00%.
This is not a data problem. It is what a lending market looks like when nobody borrows. Base APY is interest that borrowers pay; with no borrow demand there is no interest. Tokenized equities have very little borrow demand because there is no established shorting flow, the collateral gaps between market sessions, and the pools are small.
The big numbers are incentives wearing a yield costume
The headline rates in the table — 15% to 24% — all come from one place: Superform's SuperVaults on Base. Take superTSLA, which showed 23.90% on 19 October 2026. Its base APY was 0.00%. The entire rate was token incentives.
Those vaults also do something a lending deposit does not: they borrow USDC against your stock on Aave and loop the position. That amplifies the incentive, and it attaches a liquidation price to an asset that, held directly, simply cannot be liquidated.
Both facts can be true at once. The yield is really being paid today, and it is a marketing budget with a liquidation risk attached. Our table splits every rate into base and reward so the difference is visible before you click through.
The steadiest rates are centralised, and unexplained
The one place paying a consistent, non-leveraged rate is a centralised exchange. Crypto.com's Stocks Earn pays a published 2% on AAPL, NVDA, TSLA, META, AMZN, GOOGL and MSFT, 3% on AMD and PLTR, and 4% on MSTR and its SpaceX token — weekly, in kind, with no lock-up.
That is more than any on-chain lending market pays on the same exposure. The catch is that Crypto.com does not say where the money comes from. It could be interest from lending your shares out, it could be a customer-acquisition budget, it could be revenue share. Without a stated source there is no way to judge whether it survives next quarter, so we publish the total and leave the base/reward split blank rather than inventing one.
It is also custodial. Your stock sits on Crypto.com's balance sheet and cannot be withdrawn on-chain, which is a different risk from a smart contract, not a smaller one.
Two other exchanges came up repeatedly in research and neither belongs in the table. Bybit lists nine xStocks for spot trading and pays nothing on any of them. Bitrue lists tokenized stocks from Ondo, xStocks and bStocks, including 3x leveraged versions, and its Power Piggy savings product does not cover them. Listing a tokenized stock and paying yield on one are different businesses, and most venues only do the first.
Collateral venues are not earning venues
A second group of venues — Aave V4's Equities Hub, the Morpho Blue equity markets — accept tokenized stocks and pay nothing by design. Your position is collateral; it is never lent out, so there is no interest to receive. The interest in those markets flows to whoever supplied the USDC on the other side.
We show these rows at 0% rather than hiding them, because "this venue exists and pays you nothing" is useful information. It is also the single most common misunderstanding we ran into while building this.
The whole table
| Stock | Platform | Chain | APY | TVL | Open market |
|---|---|---|---|---|---|
| GOOGLGOOGLc · Coinbase | Superform· Base | Base | 21.26%incentive0.04pp interest + 21.22pp incentives. | Deposit (opens in a new tab) | |
| AAPLAAPLc · Coinbase | Superform· Base | Base | 21.26%incentive0.04pp interest + 21.22pp incentives. | Deposit (opens in a new tab) | |
| METAMETAc · Coinbase | Superform· Base | Base | 21.26%incentive0.04pp interest + 21.22pp incentives. | Deposit (opens in a new tab) | |
| SPCXSPCXc · Coinbase | Superform· Base | Base | 17.59%incentive0pp interest + 17.59pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAc · Coinbase | Superform· Base | Base | 17.04%incentive0.03pp interest + 17.00pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDAc · Coinbase | Superform· Base | Base | 16.68%incentive0.14pp interest + 16.54pp incentives. | Deposit (opens in a new tab) | |
| MSFTMSFTc · Coinbase | Superform· Base | Base | 15.04%incentive0.04pp interest + 15.00pp incentives. | Deposit (opens in a new tab) | |
| AMZNAMZNc · Coinbase | Superform· Base | Base | 15.04%incentive0.04pp interest + 15.00pp incentives. | Deposit (opens in a new tab) | |
| SPCXSPCX (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was4.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| MSTRMSTR (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was4.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| METAMETAc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDAc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| GOOGLGOOGLc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| AAPLAAPLc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| AMZNAMZNc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| MSFTMSFTc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| AMDAMD (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was3.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| PLTRPLTR (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was3.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| SPYSPYx · xStocks | Kraken· InkCeFiNotice period 3d | Ink | 2.65%Split not disclosed. | Open Kraken (opens in a new tab) | |
| QQQQQQx · xStocks | Kraken· InkCeFiNotice period 3d | Ink | 2.42%Split not disclosed. | Open Kraken (opens in a new tab) | |
| NVDANVDAx · xStocks | Kraken· InkCeFiNotice period 3d | Ink | 2.24%Split not disclosed. | Open Kraken (opens in a new tab) | |
| AMZNAMZN (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| NVDANVDA (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| TSLATSLA (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| METAMETA (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| AAPLAAPL (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| GOOGLGOOGL (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| MSFTMSFT (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| QQQQQQx · xStocks | Kamino Lend· Solana | Solana | 0.18%0.18pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Kamino Lend· Solana | Solana | 0.08%0.08pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDAx · xStocks | Kamino Lend· Solana | Solana | 0.02%0.02pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAx · xStocks | Kamino Lend· Solana | Solana | <0.01%<0.01pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| MSTRMSTRx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| GOOGLGOOGLx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDA (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPCXSPCX (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| CRCLCRCLx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| QQQQQQx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| GOOGLGOOGL (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPYwSPYx · xStocks | Morpho· EthereumCollateral only | Ethereum | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| AAPLAAPL (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| HOODHOODx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| AAPLAAPLx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| QQQQQQx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| TSLATSLAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| QQQQQQx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDA (Robinhood) · Robinhood | Morpho· Robinhood ChainCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPYSPY (Robinhood) · Robinhood | Morpho· Robinhood ChainCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPCXSPCXc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| AAPLAAPLc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| GOOGLGOOGLc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDA (Robinhood) · Robinhood | Morpho· Robinhood ChainCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) |
What would have to change
For a tokenized stock to pay real interest — as opposed to a platform's marketing budget — somebody has to want to borrow it. The plausible paths are an onchain shorting market, basis trades against perpetual futures, or issuers passing dividend economics through to token holders. None of those is meaningfully live today.
Until one of them is, the honest summary of this category is: tokenized stocks are a way to hold equity exposure onchain, not a way to earn on it. Anyone quoting you a number above about 1% should be asked which part is interest.
Method
Every figure here comes from our own table, which is rebuilt hourly from the DefiLlama yields API matched by pool ID, plus hand-checked entries where no API exists. The underlying data is free to download as JSON or CSV, and the methodology page lists what we refuse to publish and where our coverage has holes. The embedded table and statistics above update with the site, so they may have moved since this was written.
Questions
- What is the average yield on a tokenized stock?
- As of 19 October 2026 the median earn opportunity across the venues we track pays about 0.13% APY, and every on-chain lending market sits at or near 0.00%. The mean is dragged upward by a handful of incentivised vaults, which is why we publish the median and the base/reward split rather than an average.
- Why is the base APY on tokenized stocks so low?
- Base APY is interest paid by borrowers. Almost nobody borrows against a tokenized share: there is no established shorting flow, the collateral gaps between market sessions, and the markets are small. With no borrow demand there is no interest to pay out, so supply-side rates sit at or near zero.
- Are the 15-24% APYs on tokenized stocks real?
- They are really being paid, but they are not interest. The highest rates we track come from Superform's SuperVaults on Base, where essentially the entire rate is token incentives paid out of a protocol budget, and the vault borrows USDC against your stock to amplify it. That adds a liquidation price to a position that would otherwise just be a share.