RWAs Outpace DeFi as Tokenized Assets Find New Uses: CoinShares
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
According to a joint report by CoinShares and Token Terminal, real-world assets (RWAs) in decentralized finance (DeFi) are gaining traction despite a broader DeFi slowdown. RWA deposits more than tripled year over year to $7.4 billion in Q2 2026 while total DeFi deposits fell about 15%. These tokenized assets are increasingly used as collateral, yield instruments, and for trading within onchain markets.
Why it matters
The report highlights that RWAs are growing due to practical financial utility rather than market cycles, suggesting they offer a stable avenue in onchain finance. This shift underscores a move toward asset classes backed by tangible financial products, potentially providing more resilient demand amid crypto market volatility. As RWAs expand into derivatives and leveraged trading, they may deepen DeFi market complexity and liquidity.
Key context
Recent DeFi trends show a contraction in overall deposits and decentralized exchange volumes, contrasted by significant growth in RWA deposits and trading volumes. Yield-bearing stablecoins and tokenized Treasury funds dominate RWA deposits, with products like Sky Protocol’s sUSDS and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) playing major roles. Gold-backed tokens and yield-bearing dollar products also drive notable trading activity. Furthermore, RWA exposure extends into perpetual futures trading on platforms such as tradeXYZ built on Hyperliquid.
Key numbers and entities
RWA deposits reached $7.4 billion in Q2 2026, more than tripling year over year. Total DeFi deposits fell approximately 15% in the same period. RWA spot trading volumes rose about 220% year over year, while overall DEX volumes declined by about 70%. Yields on RWA products range from approximately 3.2% to 5.5%. Notable entities include CoinShares, Token Terminal, Sky Protocol (sUSDS), BlackRock (BUIDL), Tether Gold (XAUt), Paxos Gold (PAXG), Ethena (sUSDe), and the perpetual futures platform tradeXYZ on Hyperliquid.
What remains unclear
The source does not flag any open questions or limitations in the data or analysis presented in the report.