Key facts
- Tokenized real-world asset deposits in DeFi platforms increased from $2.3 billion to $7.4 billion over the past year.
- Total DeFi deposits decreased by approximately 15% during the same period.
- Spot trading volumes for tokenized real-world assets saw a rise of about 220%.
- Ethereum hosts nearly 70% of the collateral for tokenized real-world assets.
- Tokenized Treasuries, private credit, and delta-neutral strategies are the most common RWA collateral types.
- BlackRock has expanded its offerings with new tokenized money market funds.
Deposits of tokenized real-world assets (RWAs) into decentralized finance (DeFi) lending venues and exchanges have more than tripled over the past year, reaching $7.4 billion by the second quarter of 2026, according to a report by CoinShares and Token Terminal. This surge occurred while total DeFi deposits declined by approximately 15% over the same period.
The report, "The Growth of Hybrid Finance," highlights a significant divergence in on-chain markets, with RWA spot trading volumes increasing by roughly 220%, contrasting with a 70% decline in aggregate spot volumes on decentralized exchanges. RWA positions now constitute over a quarter of open interest on perpetual futures venues, with activity concentrating in oil, precious metals, and stock indices like the S&P 500 and Nasdaq-100.
Ethereum remains the dominant blockchain for RWA collateral, hosting nearly 70% of deposits. Plasma and Solana follow, with Plasma benefiting from Aave's expansion and Solana's growth driven by native RWA platforms like Kamino. Deposits are primarily concentrated on platforms such as Aave, Morpho, and Kamino.
Despite the growth in RWA activity, application revenues on most lending and trading platforms have fallen, indicating an early stage of adoption. Hyperliquid is noted as an exception, generating substantial revenue and seeing RWA trading outpace crypto on its platform for a week, with chipmaker SK Hynix being a frequently traded stock.
CoinShares co-founder and CEO Jean-Marie Mognetti stated that investors are not abandoning traditional finance but are utilizing on-chain markets for assets like Treasuries, gold, and stock indices. This trend was also evident in February, when tokenized RWAs grew 8.7% while DeFi's total value locked fell 25%. BlackRock has continued to expand its tokenized offerings, launching additional money market funds.