CoinShares reports a significant rise in real-world assets to $7.4 billion, while DeFi deposits fell by 15%, highlighting a shift in market dynamics.
From April to June 2026, the volume of real-world assets (RWAs) on lending platforms and decentralized exchanges surged to $7.4 billion, a notable rise from $2.3 billion the previous year, according to a joint report by CoinShares and Token Terminal.
Over the past year, RWAs have transitioned from mere tokenization to active on-chain markets.
In collaboration with @tokenterminal, we explore the evolution of Hybrid Finance in deposits, trading, and derivatives, and what may shape its future.
— CoinShares (@CoinSharesCo) August 6, 2026
During this period, deposits in decentralized finance (DeFi) experienced a decline of about 15%. CoinShares CEO Jean-Marie Mognetti noted that this trend underscores a growing demand for assets with financial utility beyond what market cycles can explain.
The analysis draws from Token Terminal data, primarily covering the second quarter of 2025 through the second quarter of 2026, with updates as of July 20.
RWAs Gain Traction as Collateral
By the end of Q2 2026, RWAs represented around 6% of total deposits in DeFi, up from approximately 1.7% the previous year. This growth was driven by tokenized treasury and investment funds like JTRSY and BUIDL, yield-bearing tokens such as sUSDS, and various private lending products.
The attractiveness of RWAs lies in their ability to generate income even when used as collateral, minimizing opportunity costs compared to traditional, non-yielding collateral options.
Nearly 70% of RWA deposits were on lending platforms within Ethereum, with Plasma gaining traction due to Aave's implementation, while Solana's growth is linked to the Kamino protocol.
The report's methodology included a wide range of assets, indicating that the rise to $7.4 billion is not solely due to traditional financial instruments moving onto the blockchain; it also includes products created within the cryptocurrency space.
Spot Trading of RWAs Increases Dramatically
RWA spot trading on decentralized exchanges saw a year-over-year increase of approximately 220%, contrasting sharply with a 70% decline in overall DEX turnover during the same timeframe. In Q2 2026, RWA trading volume reached about $6.3 billion, representing less than 2% of total DEX turnover.
Tokenized gold (XAUT and PAXG) and the yield-bearing token sUSDe were the primary assets traded. Although the share of tokenized equities is on the rise, it remains less significant than funds and commodity assets.
Most spot trading activity is concentrated on Ethereum and Solana, while other platforms like Arbitrum and BNB Chain are still developing their trading volumes.
There has also been significant growth in the perpetual futures market, with turnover for traditional assets surpassing $200 billion in Q2, comprising nearly 32% of total volume. TradeXYZ within the Hyperliquid ecosystem saw its trading volume increase nearly twentyfold since its launch, focusing on oil, precious metals, and tech stocks.
DeFi Economics Remain Challenged
Despite the rise in RWA transactions, revenue from lending and trading within DeFi applications fell from Q2 2025 to Q2 2026. The increase in RWA activity has not been sufficient to offset declines in cryptocurrency trading and lending.
Hyperliquid emerged as the top-performing application, attributed to high trading volumes and revenue from its exchange and proprietary settlement infrastructure. The yields on examined products ranged from 3.2% to 5.5%, with private lending and financing strategies offering higher returns than tokenized treasury funds.
CoinShares reports that the market capitalization of tokenized stocks is approximately $2.2 billion, while the broader global equity market exceeds $100 trillion, likening the current RWA segment's development to the early days of stablecoins in 2019.
In July, RWAs accounted for over half of Hyperliquid's weekly trading volume for the first time, with a turnover of $25.1 billion. Furthermore, Bernstein analysts reported a 40% increase in the total value of tokenized assets since the start of the year, bringing it to $51 billion.
