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Tokenized RWA deposits on DeFi surge to $7.4B as spot volumes fall

Tokenized real-world assets deposits more than tripled to $7.4 billion over the year to Q2, while total DeFi deposits declined about 15% and spot trading volumes on decentralized exchanges fell roughly 70%.

Reported · Written up by our desk · Market Structure

Deposits of tokenized real-world assets into DeFi lending and trading venues more than tripled over the past year to reach $7.4 billion through Q2, according to CoinShares and Token Terminal, as activity shifted away from broad DeFi spot trading. Decrypt reports that the joint analysis found total DeFi deposits fell about 15% over the same period.

The divergence was visible across trading data. Decrypt said decentralized exchange spot volumes dropped about 70%, while tokenized real-world asset spot volumes rose roughly 220%.

On perpetual futures venues, Decrypt reported that both trading volume and open interest in RWAs continued to climb through a wider slowdown that began in October 2025. RWA positions now account for more than a quarter of on-chain perpetuals open interest.

Almost 70% of RWA collateral sits on lending venues built on Ethereum, with Plasma and Solana trailing behind. Decrypt also said tokenized Treasury and multi-strategy products including JTRSY, BUIDL and sUSDS lead by share, while tokenized gold leads RWA spot trading volume.

Latest closeGold $4,292.00 ▲1.1%|Ethereum $1,921.00 ▲1.0%|Solana $73.98 ▲1.9%

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