RWA Defies DeFi Slump as Tokenized Deposits Surpass $7.4 Billion
The tokenized real-world assets (RWA) market has defied the downturn in DeFi, with deposits on decentralized platforms surpassing $7.4 billion in the second quarter of 2026 - more than triple the figure from the same period last year.
This growth stands out as a sign of sector maturity, according to Jean-Marie Mognetti, CEO of CoinShares: 'When an asset class grows during a downturn in its host ecosystem, demand is being driven by financial utility, not market cycles', he said.
The report from CoinShares and Token Terminal highlights the expansion of RWA deposits, with yield-bearing stablecoins and tokenized Treasury funds leading the way. Sky Protocol's sUSDS protocol was the top performer in this category, followed closely by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), which has positioned itself as a key source of onchain collateral in decentralized lending markets.
The growth of RWA is also reflected in derivatives markets, with perpetual futures on tokenized assets continuing to expand. The platform tradeXYZ, specialized in perpetual futures on RWA and built on Hyperliquid, saw its volume multiply roughly 20 times since launch, with activity concentrated in commodities, stock indices, and technology stocks.