Tokenized Real-World Assets Surge to $7.4B Amid DeFi Downturn

Tokenized real-world assets (RWAs) have seen a significant surge in Q2 2026, reaching $7.4 billion in deposits across decentralized finance platforms, more than tripling year over year according to a joint report from CoinShares and Token Terminal.

This growth is notable as overall DeFi deposits declined by about 15% over the same period, highlighting a widening split between broad DeFi activity and RWA-specific demand.

The largest categories of RWAs used as on-chain collateral and liquidity are yield-bearing stablecoins and tokenized Treasuries, with Sky Protocol's sUSDS being the category leader in Q2.

RWAs are increasingly being used for collateral, yield strategies, and trading exposure across on-chain markets, rather than merely being issued and held.