Tokenized Assets Defy DeFi Downturn with $7.4B Surge

RWAs (tokenized real-world assets) have seen significant growth in the second quarter of 2026, despite the broader slowdown across the DeFi ecosystem. According to a joint report by CoinShares and Token Terminal, RWA deposits on decentralized platforms reached $7.4 billion, more than triple the figure from the same period last year.

This growth has been driven by financial utility, not market cycles, as investors seek stable returns in a downturn. Jean-Marie Mognetti, CEO of CoinShares, noted that when an asset class grows during a downturn, demand is being driven by financial utility. The report describes this stage as a transition toward more active use of tokenized assets.

Yield-bearing stablecoins and tokenized Treasury funds have led the way in RWA growth, with yields ranging from 3.2% to 5.5%. Gold-backed tokens such as Tether Gold (XAUt) and Paxos Gold (PAXG) also saw significant trading volumes on decentralized exchanges.

The expansion of RWA has also impacted derivatives markets, with perpetual futures on tokenized assets growing despite the decline in traditional crypto derivatives. The platform tradeXYZ, specialized in perpetual futures on RWA, multiplied its volume roughly 20 times since launch.