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MarketEditor’s PickCryptocurrency Market NewsDeFiReal World Asset (RWA) News
Aug 7, 2026
2min read
byKamina Bashir
forBeInCrypto
CoinShares and Token Terminal data covering Q2 2025–Q2 2026 show deposits of tokenized real-world assets (RWA) more than tripled from $2.3 billion to $7.4 billion year‑on‑year while total DeFi deposits fell about 15% and the on‑chain market value of tokenized assets exceeds $40 billion. The report notes tokenization is now structural and utility‑driven, with tokenized treasury and multi‑strategy funds (JTRSY, BUIDL, sUSDS) and platforms like Aave, Morpho and Kamino providing deep liquidity; crypto DEX spot volumes fell ~70% as RWA spot trading rose ~220%, signaling growing adoption and funding concentration in tokenized assets.
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In Brief
- RWA deposits across DeFi more than tripled to $7.4 billion year on year.
- Total DeFi deposits fell 15% over the same period, showing a clear split.
- CoinShares says tokenization is now structural, not tied to cycles.
Deposits of tokenized real-world assets across decentralized finance more than tripled to $7.4 billion over the past year, even as total funding in the sector declined.
CoinShares highlighted the split in its latest report with Token Terminal, noting that demand for tokenized assets is now driven by utility rather than by crypto market cycles.
Tokenized Assets Pull Away From the DeFi Slump
An earlier CoinShares report put the on-chain market value of tokenised assets above $40 billion. The new data measures how much of that is actually being used. The report covers on-chain activity from the second quarter of 2025 through the second quarter of 2026.
It showed that RWAdeposits climbed from $2.3 billion to $7.4 billion year-on-year. Deposits stayed concentrated in yield-bearing products.
Tokenized Treasury and multi-strategy funds, including JTRSY, BUIDL, and sUSDS, drove most of the growth. Aave (AAVE), Morpho (MORPHO), and Kamino (KMNO) held the deepest liquidity.
Tokenised Funds Emerging As The Primary Collateral Asset
Total DeFi deposits moved in the opposite direction. It fell roughly 15% as investors withdrew capital and token prices dropped. The pattern repeated in trading.
Crypto-native spot volumes on decentralized exchanges dropped about 70% over the year. RWA spot trading rose roughly 220% across the same window, though from a smaller base.
Why the Divergence Matters
Jean-Marie Mognetti, CoinShares co-founder and chief executive, frames the growth as a structural shift rather than a cyclical one. When an asset class expands amid a downturn in its host market, he argues, demand comes from utility rather than speculation.
“This divergence is the signal…tokenisation is structural, not cyclical,” he said.
The executive added that “we are still early.” Around $2.2 billion of the global equity market, worth over $100 trillion, has been tokenized, a figure that compares to stablecoins in 2019.
Whether the trend holds depends on the deepening of utility as more asset classes move on-chain. For now, the data show tokenized assets growing on their own trajectory, separate from the surrounding crypto market.
Source: cryptorank.io