CoinShares says tokenized real-world asset deposits tripled to $7.4 billion

Tokenized real-world asset deposits across DeFi lending venues and exchanges more than tripled year over year to $7.4 billion by the second quarter of 2026 even as total DeFi deposits fell about 15%, a joint report from CoinShares and Token Terminal said, pointing to a rotation toward yield-bearing and lower-volatility onchain products rather than a broad sector recovery. The firms said RWA spot trading volumes rose about 220% while aggregate decentralized exchange volumes fell roughly 70%, and that RWA positions now account for more than a quarter of on-chain perpetual futures open interest despite a broader slowdown in perpetuals that began in October 2025. Tokenized Treasury and multi-strategy funds including JTRSY, BUIDL and sUSDS made up the largest share of deposits, followed by private credit products such as JAAA, syrupUSDC and PRIME and delta-neutral strategies like sUSDe, while tokenized gold led spot trading volume. Nearly 70% of RWA collateral sat on lending venues built on Ethereum, with Plasma second and Solana's growth driven largely by Kamino, while deposits remained concentrated on Aave, Morpho and Kamino. CoinShares co-founder and CEO Jean-Marie Mognetti said investors are not abandoning traditional finance but are bringing assets such as Treasuries, gold, the S&P 500 and semiconductor stocks onchain. The report said application revenues still fell across lending and trading venues, suggesting adoption remains early, though Hyperliquid stood out by generating substantially more application revenue than any other venue studied and overtaking Solana and Ethereum as the top revenue-generating chain. CoinShares and Token Terminal said scale remains modest, with about $2.2 billion of a global equity market worth more than $100 trillion tokenized, and the analysis covered only distributed assets that can move to wallets outside the issuing platform.