RWAs buck DeFi slowdown as tokenized assets gain traction: CoinShares

Real-world asset (RWA) deposits in decentralized finance surged to $7.4 billion in the second quarter of 2026, more than tripling year-over-year despite a 15% decline in total DeFi deposits. According to a joint report by CoinShares and Token Terminal, this divergence highlights a shift toward financial utility over speculative market cycles. Investors are increasingly utilizing tokenized assets like Sky Protocol’s sUSDS and BlackRock’s BUIDL fund as collateral and yield-generating instruments. The market is maturing beyond simple issuance, with RWA spot trading volumes rising 220% while broader decentralized exchange volumes fell by 70%. Gold-backed tokens like Tether Gold and Paxos Gold, alongside yield-bearing dollar products such as Ethena’s sUSDe, have become primary drivers of this secondary market activity. Furthermore, RWA perpetual futures are gaining traction, evidenced by a 20-fold increase in trading volume on the Hyperliquid-based platform tradeXYZ. This growth across lending, spot trading, and derivatives indicates that tokenized assets are becoming essential components of onchain financial infrastructure. The trend underscores a transition where investors prioritize stable, yield-bearing, and diversified onchain exposure over traditional crypto-native assets.