Real‑World Asset Deposits Triple to $7.4 B While Overall DeFi Activity Slumps

Deposits of tokenized real‑world assets (RWAs) on decentralized finance (DeFi) platforms grew to $7.4 billion in the second quarter of 2026, according to a CoinShares report produced with Token Terminal. This represents a more than three‑fold increase from $2.3 billion in the same quarter of 2025.

Growth amid a broader market slowdown

While total DeFi deposits declined about 15% year over year and overall decentralized exchange (DEX) volume contracted roughly 70%, RWA‑related activity expanded sharply. Spot trading volume for tokenized assets rose about 220% and the RWA market captured a growing share of on‑chain collateral.

Ethereum dominates RWA collateral

Nearly 70% of the $7.4 billion in RWA deposits was allocated to Ethereum‑based lending venues such as Aave and Morpho. Plasma ranked second, followed by Solana platforms like Kamino. The concentration reflects network effects where borrowers seek deep liquidity and lenders prefer markets with established demand.

Key asset categories

• Tokenized Treasury and multistrategy funds drove most of the deposit growth, with products such as JTRSY, BlackRock’s BUIDL and Sky’s sUSDS among the largest contributors.
• Private‑credit tokens (e.g., JAAA, PRIME, syrupUSDC, syrupUSDT) and delta‑neutral products like Ethena’s sUSDe also added significant capital.
• Tokenized equities reached an estimated $2.2 billion in on‑chain value, a modest share compared with the global stock market.
• Tokenized gold products (XAUT, PAXG) accounted for a large portion of spot trading activity.

Perpetual futures market expands

TradeXYZ, a platform focused on RWA perpetual futures, reported roughly twenty‑fold volume growth after launch, with trading concentrated on oil, precious metals, major indices and technology stocks. Open interest rose alongside volume, indicating sustained leveraged exposure.

Revenue and outlook

Despite the RWA surge, application revenues across lending and trading protocols fell year over year, as crypto‑native activity continued to dominate earnings. CoinShares projects that the next 18 months will be shaped by utility expansion, consolidation, monetization and product specialization, but acknowledges that higher deposits do not automatically translate into profitable applications.

Key metrics

• RWA deposits Q2 2026: $7.4 billion
• RWA deposits Q2 2025: $2.3 billion
• Spot trading volume increase for tokenized assets: +220% YoY
• Overall DEX volume change: –70% YoY
• Ethereum share of RWA collateral: ~70%
• Estimated on‑chain value of tokenized funds, stocks and commodities (pre‑deposit): >$40 billion
• Yield range for studied RWA products: 3.2%–5.5%