CoinShares report shows RWA deposits tripling to $7.4B
RWA Signal Insight
InfrastructureTokenized real-world asset (RWA) deposits surged from $2.3 billion to $7.4 billion between Q2 2025 and Q2 2026, even as total DeFi deposits contracted by approximately 15%. According to a report by CoinShares and Token Terminal, this growth was driven by increased usage of tokenized funds, stocks, and commodities across lending protocols and decentralized exchanges. Major contributors to this collateral include BlackRock’s BUIDL, JTRSY, and various private credit products like JAAA and syrupUSDT. Ethereum remains the dominant network, hosting nearly 70% of RWA deposits, while platforms like Hyperliquid and Morpho have seen significant activity in derivatives and lending. Spot trading volume for RWAs grew by 220% during the period, with tokenized gold and equities leading the expansion. Perpetual futures also experienced massive growth, particularly on venues like TradeXYZ, where RWA-focused contracts now account for a significant portion of open interest. This shift indicates that finance is being rewired to integrate traditional assets into high-performance blockchain environments, despite crypto-native activity experiencing a downturn.
Key points
- RWA deposits in DeFi grew to $7.4 billion, tripling year-over-year despite a 15% DeFi decline.
- Ethereum hosts nearly 70% of RWA deposits, with Plasma and Solana also supporting market growth.
- RWA spot trading volume increased 220%, while crypto-native DEX volume fell by 70%.
- RWA perpetual contracts reached 24% of total open interest on DEXs by September 2026.
Background
CoinShares is a prominent digital asset investment firm that provides research and financial products, while Token Terminal is a data analytics platform that tracks the financial performance of blockchain protocols. These entities collaborate to analyze the intersection of traditional finance and decentralized infrastructure, often referred to as Hybrid Finance. Their research focuses on how real-world assets are utilized within on-chain lending and trading ecosystems.