Summary

  • Deposits of tokenized real-world assets (RWAs) into decentralized finance (DeFi) platforms surged to $7.4 billion in the year leading up to Q2, according to CoinShares and Token Terminal.
  • In contrast, overall DeFi deposits dropped by about 15%, while trading volumes for RWAs skyrocketed by approximately 220%.
  • Nearly 70% of these deposits are on Ethereum-based lending platforms, with Plasma and Solana following behind.

According to a report from CoinShares and Token Terminal, deposits of tokenized real-world assets into decentralized lending platforms and exchanges have more than tripled from $2.3 billion to $7.4 billion over the past year. During this same timeframe, total deposits in the DeFi sector saw a decline of around 15%.

This data comes from "The Growth of Hybrid Finance," a report released on Thursday by CoinShares, an asset management firm, along with blockchain data provider Token Terminal. This marks the second collaborative report from the two, detailing trends from Q2 2025 to Q2 2026, with all data sourced from Token Terminal.

In the past year, real-world assets (RWAs) have transitioned from mere tokenization to becoming more actively traded in on-chain markets.

Along with @tokenterminal, we explore the expansion of Hybrid Finance in terms of deposits, trading, and derivatives, and what might characterize its next phase.… pic.twitter.com/D8kEvM1A6j

— CoinShares (@CoinSharesCo) August 6, 2026

This trend of divergence is evident across three key markets. Aggregate trading volumes on decentralized exchanges have plummeted by about 70%, while tokenized real-world asset trading volumes have surged by around 220%. Additionally, both trading volumes and open interest in RWAs on perpetual futures platforms have continued to rise amid a broader slowdown that started in October 2025, with RWA positions now constituting more than a quarter of the open interest in on-chain perpetuals.

Tokenized Treasury and multi-strategy funds such as JTRSY, BUIDL, and sUSDS dominate the market, followed by private credit products like JAAA, syrupUSDC, and PRIME, as well as delta-neutral strategies such as sUSDe. Tokenized gold currently leads in spot trading volume, while perpetual trading activity is concentrated in oil, precious metals, the S&P 500, Nasdaq-100, and tech and semiconductor stocks.

"Investors are not abandoning traditional finance," asserted CoinShares co-founder and CEO Jean-Marie Mognetti in a statement. "Examine what is actually being utilized on-chain," he emphasized. "Treasuries, gold, the S&P 500, and semiconductor stocks are all traditional assets, not crypto assets."

Ethereum's Dominance in Collateral

Close to 70% of RWA deposits are housed on lending platforms built on Ethereum. Plasma has emerged as the second-largest platform, aided by Aave's expansion beyond Ethereum, while Solana's growth is primarily driven by its native RWA lending platform, Kamino. The majority of deposits are concentrated on Aave, Morpho, and Kamino.

However, this increased activity has not yet translated into higher revenues for these platforms. Revenues from applications in both lending and trading have declined over the past year, indicating an early stage of adoption. Notably, Hyperliquid stands out as the only platform generating significantly more revenue than its trading or lending counterparts, surpassing both Solana and Ethereum to become the leading revenue-producing blockchain. As reported by Decrypt in July, real-world assets on Hyperliquid surpassed crypto for the first time in a single week, with SK Hynix being the most-traded stock.

This trend is not new; in February, tokenized real-world assets had increased by 8.7% in a month to reach $24.8 billion, while the total value locked in DeFi fell by 25% to $94.8 billion. This shift, according to 1inch co-founder Sergej Kunz, is attributed to lower DeFi yields compared to around 4% on tokenized Treasuries. BlackRock, which is mentioned in the report, recently launched two additional tokenized money market funds, quickly followed by the introduction of tokenized share classes for European money market funds totaling $311 billion in assets.