Tokenized Assets Surge Past Crypto in DeFi Adoption

Deposits of tokenized real-world assets into decentralized lending platforms and exchanges have more than tripled over the past year, according to a report from CoinShares and Token Terminal. The figure rose from $2.3 billion in Q2 2025 to $7.4 billion in Q2 2026, while total DeFi deposits fell by approximately 15% over the same period.

RWAs have become increasingly active on-chain markets, with spot trading volumes rising by roughly 220%. Almost 70% of RWA collateral sits on lending venues built on Ethereum, with Plasma and Solana behind it. Tokenized Treasuries and multi-strategy funds account for the largest share of RWAs.

CoinShares co-founder Jean-Marie Mognetti noted that investors are not leaving traditional finance behind, as evidenced by the use of tokenized assets such as Treasuries, gold, and semiconductor stocks on-chain. However, application revenues fell across both lending and trading platforms over the year, an early stage of adoption.