Tokenized real-world assets hit $7.4B on DeFi platforms
Tokenized real-world asset deposits tripled to $7.4 billion in Q2 2026 while total DeFi deposits fell about 15%.
A joint report from CoinShares and Token Terminal shows tokenized real-world asset deposits on decentralized finance platforms rose to $7.4 billion in the second quarter of 2026, more than three times the level a year earlier. The report covers onchain balances and trading activity while noting total DeFi deposits fell roughly 15% over the same period.
Yield-bearing dollar stablecoins and tokenized Treasury products comprised the largest share of RWA deposits. Sky Protocol’s sUSDS led the yield-bearing stablecoin category in Q2 by offering a yield on a dollar-pegged token. Tokenized Treasury funds, including BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), provided significant onchain collateral used in decentralized lending and borrowing markets.
The report placed typical RWA yields between about 3.2% and 5.5%, with Treasury-linked products toward the lower end and higher-yield strategies carrying greater risk. Market participants used these yield-bearing instruments in lending protocols to secure loans and to earn returns.
Spot trading of tokenized assets expanded even as overall decentralized exchange volume declined. CoinShares and Token Terminal recorded RWA spot trading volumes rising about 220% year over year, while total DEX volumes fell roughly 70%. Gold-backed tokens such as Tether Gold (XAUt) and Paxos Gold (PAXG) saw heavy trading as investors reacted to movements in the price of gold, and yield-bearing dollar tokens like Ethena’s sUSDe drove additional spot activity.
Onchain derivatives tied to RWAs grew as perpetual futures allowed traders to take leveraged positions without holding the underlying tokens. TradeXYZ, an RWA-focused perpetual futures venue built on Hyperliquid, reported trading volume increased about 20-fold since its launch. Trading has focused on commodities, equity indexes including the S&P 500 and Nasdaq-100, and technology stocks, with open interest rising on those platforms.
Jean-Marie Mognetti, chief executive of CoinShares, commented on the divergence between RWA growth and falling DeFi deposits: “When an asset class grows through a downturn in its host ecosystem, demand is being driven by financial utility, not by market cycles.”
Real-world assets are traditional investments such as Treasuries, commodities or dollar deposits that have been tokenized for use on blockchain networks. The report’s Q2 2026 figures document institutional and retail activity in DeFi protocols and decentralized markets involving tokenized RWAs.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
