DeFi Lending Market Shifts Toward Tokenized Real-World Assets
Tokenized real-world assets are gaining traction in decentralized finance (DeFi) lending platforms. According to a report from CoinShares and Token Terminal, deposits of tokenized real-world assets more than tripled between Q2 2025 and Q2 2026, rising from $2.3 billion to $7.4 billion.
This growth outpaces the broader DeFi market, which saw total deposits decline by about 15% over the same period. The report attributes this shift in demand to real financial use rather than swings in crypto prices.
Tokenized Treasury and multi-strategy funds accounted for the largest share of growth, with products like Janus Henderson Anemoy Treasury Fund (JTRSY) and BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) leading the charge. Private credit products also gained ground, driven by yield-bearing stablecoins like sUSDS from Sky.
Ethereum remains dominant in DeFi collateral, hosting almost 70% of all real-world asset deposits. However, newer networks like Plasma and Solana are gaining traction, with Kamino driving growth on the latter platform.