RWAs Defy DeFi Slowdown with Tripled Deposits in Q2

Real-world assets (RWAs) are gaining traction in decentralized finance (DeFi), bucking the slowdown in the sector. According to a joint report by CoinShares and Token Terminal, RWA deposits across DeFi platforms more than tripled year-over-year to $7.4 billion in Q2 2026, while total DeFi deposits fell about 15%.

CoinShares CEO Jean-Marie Mognetti attributed the divergence to practical use cases driving demand for RWAs, rather than market conditions. He said, 'When an asset class grows through a downturn in its host ecosystem, demand is being driven by financial utility, not by market cycles.'

The report found that yield-bearing stablecoins and tokenized Treasury products are leading RWA deposits, with Sky Protocol's sUSDS emerging as the top category. These assets offer yields ranging from 3.2% to 5.5%, with lower-risk Treasury products at the bottom of the range.

RWAs are also expanding into derivatives markets, where traders can take leveraged positions without owning the underlying assets. Onchain exposure to RWAs is increasing in perpetual futures trading, despite a broader slowdown in crypto-native derivatives markets.