Tokenized RWAs Surge Past $7B Amid DeFi Slowdown

Despite a broader slowdown in crypto-native activity, tokenized real-world assets (RWAs) continued to expand their role across decentralized finance (DeFi) over the past year. According to a CoinShares report, while overall DeFi deposits fell about 15% between the second quarter of 2025 and the second quarter of 2026, RWA deposits across lending platforms and decentralized exchanges more than tripled from $2.3 billion to $7.4 billion.

This growth marks a shift beyond simple issuance, with tokenized assets increasingly being deployed as productive collateral across on-chain financial services. CoinShares noted that yield-bearing tokenized funds have become the dominant source of RWA collateral, accounting for much of the growth in RWA deposits.

Ethereum (ETH) maintained its lead as the primary blockchain for RWA-backed lending, hosting nearly 70% of all RWA deposits. On the other hand, Solana's (SOL) growth was largely driven by Kamino (KMNO). Established ecosystems continue benefiting from strong liquidity network effects.