RWA deposits hit $7.4B in Q2 2026, CoinShares and Token Terminal report. Spot volumes rose 220% even as DEX trading dropped 70%. Yield-bearing stablecoins and tokenized Treasuries lead the category.
Tokenized real-world assets have moved beyond simple issuance. RWA deposits across decentralized finance platforms more than tripled year over year to $7.4 billion in the second quarter of 2026, even as total DeFi deposits fell about 15%, according to a joint report by CoinShares and Token Terminal published Thursday.
CoinShares CEO Jean-Marie Mognetti said the divergence signals that RWA demand is tied to practical use rather than broader market momentum.
“When an asset class grows through a downturn in its host ecosystem, demand is being driven by financial utility, not by market cycles,” he said.
Yield-bearing stablecoins and tokenized Treasury products have emerged as the largest RWA categories on DeFi platforms. Sky Protocol's sUSDS led the category in Q2, giving holders exposure to a yield-generating version of its USDS stablecoin. Tokenized Treasury funds, including BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), have become a major source of onchain collateral as investors use yield-bearing assets in decentralized lending markets.
The report said RWA products currently offer yields from about 3.2% to 5.5%, with lower-risk Treasury products at the bottom of the range and higher-yield strategies carrying additional risks.
Gold-backed tokens and yield-bearing dollar products accounted for much of the RWA trading activity on decentralized exchanges. CoinShares classified Tether Gold (XAUt) and Paxos Gold (PAXG) as tokenized gold within its broader RWA category. Ethena's sUSDe also contributed to RWA spot activity. Overall RWA spot trading volumes rose roughly 220% year over year, while DEX volumes fell about 70% over the same period. The divergence suggests tokenized assets are gaining traction as secondary markets where investors can trade ownership rather than buy directly from issuers.
Onchain RWA exposure is expanding into derivatives. RWA perpetual futures trading has continued growing despite a broader slowdown in crypto-native derivatives markets. On tradeXYZ, an RWA-focused perpetual futures platform built on Hyperliquid, trading volume has increased roughly 20 times since launch, the report said. Activity has concentrated around commodities, equity indexes such as the S&P 500 and Nasdaq-100, and technology stocks. Open interest has continued rising.
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