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Points of Focus
- Tokenized RWA deposits across lending platforms and DEXs rose from $2.3 billion to $7.4 billion year-on-year.
- Total DeFi deposits fell about 15% over the same period, while RWA spot trading volume increased roughly 220%.
- Nearly 70% of RWA deposits sit in Ethereum lending venues, with tokenized funds providing most of the collateral growth.
Tokenized real-world assets (RWAs) are being used more often as collateral and traded on decentralized exchanges, according to new CoinShares and Token Terminal research published Aug. 6.
RWA deposits across lending protocols and decentralized exchanges (DEXs) more than tripled from $2.3 billion to $7.4 billion between Q2 2025 and Q2 2026. Total decentralized finance (DeFi) deposits fell about 15% during the same period as withdrawals and lower crypto prices reduced capital across the wider market.
The new data tracks activity after issuance as banks and asset managers continue expanding tokenized products. A recent North American survey found 84% of financial institutions view tokenization as a strategic priority, while BlackRock has added tokenized money-market products alongside its BUIDL fund.
RWA collateral keeps growing
CoinShares defines the assets in the report as transferable tokenized funds, stocks, and commodities. The analysis excludes represented assets on networks such as Canton and Provenance that cannot move freely into the lending and trading venues measured by Token Terminal.
Tokenized Treasury and multi-strategy funds account for much of the $7.4 billion deposited in DeFi. The report names JTRSY, BlackRock’s BUIDL, and sUSDS among the largest contributors, followed by private-credit products and delta-neutral strategies.
Yield-bearing collateral can continue generating income while supporting borrowing activity. Recent products have widened the available asset base, including tokenized auto-loan exposure brought onchain through Figure and fixed-rate lending structures built around Morpho.
Ethereum takes most of RWA lending
Almost 70% of RWA deposits tracked in the report are allocated to Ethereum lending venues. Aave and Morpho account for much of that activity, while Plasma ranks second and Solana has grown through Kamino.
The concentration reflects where borrowers can already find established liquidity. It also gives Ethereum an early lead as tokenized assets enter credit markets. That lead could become harder to challenge as more issuers seek existing pools of borrowers and liquidity.
Trading activity is also rising
Aggregate spot DEX volume fell about 70% year-on-year, while RWA spot volume rose roughly 220% from a smaller base. Tokenized gold and funds generated most of the activity, with tokenized equities beginning to take a larger share.
Ethereum and Solana accounted for most RWA spot volume. RWA perpetual futures also grew during the broader slowdown, with TradeXYZ volume increasing about 20-fold since launch, according to CoinShares.
A relatively small group of assets, lending venues, and blockchains still accounts for most deposits and trading. The next stage will depend on whether more tokenized products develop enough liquidity to function as collateral, trade actively, and attract borrowers after issuance.
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