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Tokenized real-world assets surge as DeFi deposits contract
RWA deposits more than tripled to $7.4 billion in Q2 2026 even as total DeFi deposits fell about 15%, highlighting demand tied to specific onchain use cases.
Tokenized real-world assets are gaining momentum as activity shifts away from broader DeFi growth, according to a joint report by CoinShares and Token Terminal. In the second quarter of 2026, RWA deposits across decentralized finance platforms more than tripled year over year to $7.4 billion, while total DeFi deposits fell about 15%.
CoinShares CEO Jean-Marie Mognetti said the divergence indicates RWA demand is driven by practical use cases rather than wider market conditions. He framed it as an asset class expanding through a downturn in its surrounding ecosystem because investors are seeking financial utility.
The report said RWAs are increasingly being used as collateral, yield-generating instruments, and trading products within onchain markets. It identified yield-bearing stablecoins and tokenized Treasury products as the largest RWA categories used across DeFi, with Sky Protocol’s sUSDS leading the category in Q2.
On pricing and risk, the report said RWA products currently offer yields ranging from about 3.2% to 5.5%, with lower-risk Treasury-based products at the low end. It also noted gold-backed tokens and yield-bearing dollar products accounted for much of the trading activity on decentralized exchanges, including gold-backed stablecoins such as Tether Gold and Paxos Gold.
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