Tokenized RWAs Accelerate as CoinShares Sees DeFi Resurgence

Real-world assets (RWAs) are moving from experiment to utility, with tokenized versions of traditional investments increasingly showing up as collateral, yield sources, and trading instruments on-chain. According to a joint CoinShares and Token Terminal report published Thursday, RWA deposits across decentralized finance (DeFi) platforms more than tripled year over year to $7.4 billion in Q2 2026. Over the same period, total DeFi deposits declined by about 15%, underscoring a widening split between broad DeFi activity and RWA-specific demand. Key takeaways RWA deposits surged to $7.4B in Q2 2026, more than tripling year over year, even as overall DeFi deposits fell ~15%. Yield-bearing stablecoins and tokenized Treasuries are the largest RWA categories used as on-chain collateral and liquidity. RWA spot trading volumes rose ~220% year over year while overall DEX volumes fell about 70%. RWA derivatives activity is expanding, with RWA-focused perpetual futures seeing sharp growth since launch on tradeXYZ. RWA demand is pulling away from broader DeFi trends The report’s most striking datapoint is the contrast between RWA growth and the cooling of mainstream DeFi. CoinShares CEO Jean-Marie Mognetti framed the divergence as evidence that RWA demand is not solely dependent on wider market conditions. “When an asset class grows through a downturn in its host ecosystem, demand is being driven by financial utility, not by market cycles,” Mognetti said in connection with the findings. CoinShares and Token Terminal also characterize the shift as part of a broader transition: RWAs are increasingly being used for collateral, yield strategies, and trading exposure across onchain markets—rather than merely being issued and held. Yield-bearing stablecoins and tokenized Treasuries lead deployments Across DeFi platforms, the report identifies yield-bearing stablecoins and tokenized Treasury products as the dominant RWA asset types in active use. In Q2, Sky Protocol’s sUSDS was noted as the category leader. The token provides exposure to a yield-generating version of Sky Protocol’s USDS stablecoin, reflecting a growing pattern: traders and borrowers are increasingly looking for stable or cash-like instruments that can also generate returns. The report also points to tokenized Treasury funds as a major source of on-chain collateral. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is specifically mentioned as part of this broader category, suggesting that institutional-grade cash management structures are finding a role inside decentralized lending and borrowing. CoinShares and Token Terminal further state that yields across RWA products currently span roughly 3.2% to 5.5%. The report attributes the lower end of that range largely to Treasury-linked products, while higher-yield strategies are associated with additional risks. For participants, the practical takeaway is that “RWA yield” is not a single product feature—it is an outcome shaped by instrument type and underlying risk.