Conventional Assets Dominate Tokenized RWA Surge
Tokenized real-world assets (RWAs) have seen a significant surge in deposits over the past year, according to a new report from CoinShares and Token Terminal. From Q2 2025 to Q2 2026, these deposits more than tripled from $2.3 billion to $7.4 billion.
The growth in tokenized RWAs is driven almost entirely by conventional financial products, rather than crypto-native assets. Tokenized Treasury and multi-strategy funds such as JTRSY, BlackRock's BUIDL and sUSDS led the collateral side, followed by private credit products and delta-neutral strategies.
The report also notes that decentralized exchange (DEX) spot volumes declined roughly 70%, yet trading in tokenized real-world assets climbed about 220%. Gold tokens including XAUT and PAXG accounted for a significant share of this growth.
CoinShares CEO Jean-Marie Mognetti said, 'Look at what is actually being used on-chain: Treasuries, gold, the S&P 500, semiconductor stocks. Not one of them is a crypto asset.' He believes that investors are moving conventional assets onto infrastructure that settles in seconds and does not close at night, which he calls convergence, not disruption.