RWAs buck DeFi slowdown as tokenized assets gain traction: CoinShares
Real-world assets are becoming active parts of onchain markets, not just issuance products. RWA deposits on DeFi platforms rose more than 3x year over year to $7.4 billion in Q2 2026, even as total DeFi deposits fell about 15%. This suggests demand is being driven by financial utility rather than broader crypto market cycles. The biggest RWA categories are yield-bearing stablecoins and tokenized Treasuries, which are increasingly used as collateral and yield products in DeFi lending. RWA yields currently range roughly from 3.2% to 5.5%. Trading activity is also growing. Gold-backed tokens and yield-bearing dollar assets drove much of the RWA spot volume, while RWA spot trading rose about 220% year over year despite a sharp drop in overall DEX volume. RWAs are also expanding into leveraged derivatives, with perpetual futures volume rising quickly on RWA-focused platforms, especially for commodities, equity indexes, and major tech stocks.
