Tokenized Assets Surge to $7.4 Billion Amid Weakening Crypto Activity

The value of tokenized real-world asset (RWA) deposits has more than tripled to $7.4 billion between Q2 2025 and Q2 2026, according to a CoinShares report produced with Token Terminal. This growth occurred despite a 15% decline in total DeFi deposits over the same period.

The report highlights the increasing adoption of tokenized assets in lending, spot markets, and perpetual futures. Tokenized funds, stocks, and commodities are gaining traction, while crypto-native activity is weakening.

Tokenized Treasury and multi-strategy products supplied much of the RWA collateral, with JTRSY, BlackRock's BUIDL, and sUSDS among the largest contributors. Private-credit products also played a significant role in providing RWA deposits.

The report notes that Ethereum accounted for almost 70% of measured RWA deposits, followed by Plasma and Kamino. Tokenized trading is growing, with spot activity increasing roughly 220% over the same Q2-to-Q2 period.