RWA Deposits Triple to $7.4 B While DeFi Deposits Slip 15 %

Tokenized real‑world asset (RWA) deposits more than tripled over the year‑to‑year period, rising from $2.3 billion to $7.4 billion, while total DeFi deposits contracted by roughly 15 %.

Growth of RWA Deposits and Spot Trading

RWA deposits across lending protocols and decentralized exchanges grew to $7.4 billion, representing a three‑fold increase. Ethereum accounted for almost 70 % of these deposits, supported by deep lending liquidity and borrower demand. Spot trading of tokenized assets rose about 220 % year over year, driven mainly by tokenized gold (XAUT, PAXG) and stable‑coin‑backed products such as sUSDe.

DeFi Deposit Decline and Crypto‑Native Volume Drop

Overall DeFi deposits fell around 15 %, a trend CoinShares attributes to withdrawals and lower crypto asset prices. Aggregate DEX trading volume for crypto‑native assets dropped roughly 70 % in the same period.

Perpetual Futures Outpace Spot Markets

RWA‑focused perpetual futures showed the strongest growth. TradeXYZ, operating through Hyperliquid, saw its RWA perpetual volume increase roughly twenty‑fold since launch, while crypto‑native perpetual activity weakened after October 2025. By Q3 2026, RWA perpetual DEX volume reached $365 billion, up 32 % quarter over quarter, with public equities contributing about $175 billion (48 % of total).

Revenue Landscape

Application revenue across lending and trading venues declined despite higher RWA activity, because crypto‑native borrowing and trading still dominate revenue streams. Hyperliquid generated the most application revenue among the venues examined.

Investor Participation

Institutional products such as BlackRock’s BUIDL held large balances, while tokenized equities attracted a broader base of smaller retail wallets, leading to the fastest holder growth among RWA categories. Tokenized stock market capitalization reached $3.5 billion, with BNB Chain, Ethereum and Solana accounting for roughly 70 % of the measured market.

Yield Profiles

Selected RWA strategies delivered yields between 3.2 % and 5.5 %, with tokenized Treasury funds at the lower end and private‑credit or delta‑neutral strategies at the higher end.