In brief
- Deposits of tokenized real-world assets into DeFi lending venues and exchanges more than tripled to $7.4 billion over the year to Q2, CoinShares and Token Terminal said.
- Total DeFi deposits fell by approximately 15% across the same period, while RWA spot trading volumes rose roughly 220%.
- Almost 70% of that collateral sits on lending venues built on Ethereum, with Plasma and Solana behind it.
Deposits of tokenized real-world assets into decentralized lending platforms and exchanges more than tripled over the past year, climbing from $2.3 billion to $7.4 billion, while total deposits across DeFi fell by approximately 15%.
The figures come from The Growth of Hybrid Finance, published Thursday by asset manager CoinShares and on-chain data provider Token Terminal. It is the pair's second joint report, covering the second quarter of 2025 through the second quarter of 2026, with all data supplied by Token Terminal.
The same divergence runs through three markets. Aggregate spot volumes on decentralized exchanges declined by around 70% over the period, while volumes in tokenized real-world assets rose by roughly 220%. On perpetual futures venues, both trading volumes and open interest in RWAs kept climbing through a broader slowdown that began in October 2025, and RWA positions now make up more than a quarter of on-chain perpetuals open interest.
Tokenized Treasury and multi-strategy funds including JTRSY, BUIDL and sUSDS account for the largest share, followed by private credit products such as JAAA, syrupUSDC and PRIME, and delta-neutral strategies like sUSDe. Tokenized gold leads spot trading volume. Perpetuals activity concentrates in oil and precious metals, the S&P 500 and Nasdaq-100, and technology and semiconductor stocks.
"Investors are not leaving traditional finance behind," CoinShares co-founder and CEO Jean-Marie Mognetti argued in a statement. "Look at what is actually being used on-chain," he added. "Treasuries, gold, the S&P 500, semiconductor stocks. Not one of them is a crypto asset."
