Deposits of tokenized real-world assets (RWAs) on decentralized platforms more than tripled to $7.4 billion in the year ending Q2 2026, while overall DeFi deposits decreased by approximately 15% during the same period, according to a joint report by CoinShares and Token Terminal. This divergence highlights a notable trend in market activity within the decentralized finance space.
The report, covering the period from Q2 2025 to Q2 2026, indicates that trading volumes for tokenized RWAs rose by roughly 220%, contrasting with a 70% decline in aggregate spot volumes on decentralized exchanges. RWA positions now represent over a quarter of open interest on perpetual futures venues, signaling their growing significance in on-chain derivatives markets.
Analysis of tokenized assets shows a focus on traditional finance instruments such as Treasuries, gold, and stock market indices, rather than crypto-native assets. Tokenized Treasury and multi-strategy funds, private credit products, and delta-neutral strategies constitute the largest share of RWA deposits. Tokenized gold leads spot trading volume, while perpetuals activity concentrates in commodities, major stock indices, and technology stocks.
Nearly 70% of RWA deposits are held on lending venues built on Ethereum. However, application revenues have fallen across both lending and trading platforms over the past year. The report characterizes this trend as an “early stage of adoption” for hybrid finance models. Hyperliquid stands out as an exception, generating substantially more application revenue than other venues and surpassing Solana and Ethereum in revenue generation.
In February, tokenized real-world assets grew 8.7% to $24.8 billion, while DeFi’s total value locked fell 25% to $94.8 billion. The report likens the current scale of tokenization in global equity markets to stablecoins in 2019, suggesting that while growth is significant, overall market penetration remains modest.
BlackRock has expanded its offerings with additional tokenized money market funds and tokenized share classes for European money market funds. This move by a traditional finance player underscores the increasing integration between traditional and decentralized finance.
However, the analysis is limited to ‘distributed assets’—those transferable outside the issuing platform—excluding networks like Canton and Provenance. The report acknowledges uncertainties regarding the long-term impact of these trends on venue revenues and overall DeFi adoption, and whether the current scale of tokenization will lead to broader market acceptance.
This trend matters because the growth of tokenized real-world assets on decentralized platforms, even as the broader DeFi market contracts, indicates a notable activity in market focus and adoption within decentralized finance, with implications for asset management and blockchain utility. The figures come from The Growth of Hybrid Finance, published by CoinShares and Token Terminal.
Broader Context
Source materials place the factual news in this context: The figures come from The Growth of Hybrid Finance, published Thursday by asset manager CoinShares and on-chain data provider Token Terminal.
