RWA Deposits Surge to $7.4B in Q2 2026 Amid DeFi Slowdown

RWA deposits in DeFi surged to $7.4 billion in Q2 2026, a more than threefold increase year over year, while overall DeFi deposits fell about 15%.

This growth indicates that users are seeking financial utility from RWA products, according to CoinShares CEO Jean-Marie Mognetti. He notes that when an asset class expands despite its host ecosystem softening, it suggests demand for functional use cases rather than a broadly improving market.

RWA spot trading on decentralized exchanges rose about 220% year over year, even as overall DEX volumes dropped roughly 70%. Yield-bearing stablecoins and tokenized Treasury products are currently the largest RWA categories used onchain, with Sky Protocol's sUSDS and BlackRock's BUIDL being prominent examples.

RWAs are also extending into derivatives, with perpetual futures trading showing continued growth despite a broader slowdown. This trend suggests that RWAs may attract a wider range of participants, introducing additional risks associated with leverage and derivatives exposure.