Crypto

RWA On-Chain Deposits More Than Triple Amid DeFi Decline

Guavy AI Editorial Team Published August 7, 2026

Instruments

PAXG

Tokenized real-world assets (RWAs) have seen significant growth in on-chain capital flows, despite a decline in total DeFi deposits. According to a joint report by CoinShares and Token Terminal, RWA-related lending platforms and decentralized exchanges saw their deposits rise to $7.4 billion in the second quarter of 2026 from $2.3 billion in the same period last year.

This growth is largely driven by traditional financial products, such as tokenized Treasuries and multi-strategy funds like BlackRock's BUIDL, JTRSY, and sUSDS, which accounted for a large share of RWA deposits. Private credit products and delta-neutral strategies followed.

Trading volumes also showed a similar divergence, with spot trading volume on decentralized exchanges falling about 70% overall, while RWA trading volume climbed about 220%. Gold-backed tokens XAUT and PAXG led the increase in RWA trading volume.

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