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Tokenized real-world assets grow as DeFi lending collateral
From Q2 2025 to Q2 2026, total DeFi deposits fell about 15%, while tokenized real-world asset deposits rose from $2.3 billion to $7.4 billion.
Tokenized real-world assets are increasingly being used as collateral in decentralized finance, even as overall DeFi lending activity has declined, according to a report from CoinShares and Token Terminal.
The report said deposits across DeFi platforms fell by about 15% between the second quarter of 2025 and the second quarter of 2026. Over the same period, tokenized real-world asset deposits more than tripled, rising from $2.3 billion to $7.4 billion.
It attributed the shift to demand for real financial use rather than changes in crypto prices. Tokenized Treasury and multi-strategy funds led the gains, including products such as the Janus Henderson Anemoy Treasury Fund (JTRSY) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
The report also found collateral concentration by blockchain, with Ethereum hosting almost 70% of real-world asset collateral deposited in DeFi lending. It cited Plasma as the second-largest ecosystem, and said Solana’s growth has been driven largely by Kamino, noting that borrowers tend to seek venues with deep liquidity.
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