Tokenized Asset Deposits Tripled to $7.4B as DeFi Shrank: CoinShares
Tokenized real-world assets are gaining share across DeFi even as broader DeFi activity weakens. Deposits of RWAs into lending and exchange platforms rose from $2.3 billion to $7.4 billion over the past year, while total DeFi deposits fell about 15%. Spot DEX volumes dropped roughly 70%, but RWA spot trading jumped about 220%. On perpetuals, RWA volumes and open interest kept rising, and RWAs now represent more than a quarter of on-chain perpetuals open interest. Activity is concentrated in tokenized Treasuries, money-market and multi-strategy funds, private credit, and delta-neutral products. Tokenized gold leads spot trading, while oil, precious metals, major equity indexes, and tech stocks dominate perpetuals. Most RWA deposits sit on Ethereum-based lending venues, with Plasma and Solana also growing. Despite rising usage, venue revenues remain weak across most platforms, suggesting early adoption. Hyperliquid is the main exception, generating the most application revenue. Overall tokenized RWA scale is still small relative to global markets.
