Tokenized RWAs help offset DeFi slowdown, CoinShares says

Real-world assets are moving from the “issuance” phase into onchain utility, with activity on decentralized finance platforms increasingly tied to tokenized yield and collateral rather than general DeFi momentum. According to a joint report from CoinShares and Token Terminal released Thursday, RWA deposits across DeFi more than tripled year over year to $7.4 billion in Q2 2026, even as total DeFi deposits declined by about 15%. CoinShares CEO Jean-Marie Mognetti said the split between rising RWA balances and weakening broader DeFi inflows points to demand rooted in functional use cases. In his view, when a category expands while its host ecosystem softens, it is typically because users want financial utility—not because market conditions are broadly improving. Key takeaways RWA deposits in DeFi surged to $7.4 billion in Q2 2026, while overall DeFi deposits fell about 15% year over year. Yield-bearing stablecoins and tokenized Treasury products are currently the largest RWA categories used onchain, including Sky Protocol’s sUSDS and BlackRock’s BUIDL. RWA spot trading on decentralized exchanges rose about 220% year over year, even though overall DEX volumes dropped roughly 70%. Gold-backed tokens and yield-oriented dollar products are central to RWA activity, with traders responding to price moves and yield strategies. RWA exposure is extending into derivatives: RWA perpetual futures volumes have continued rising despite a broader slowdown, including on an RWA-focused platform built on Hyperliquid. RWA deposits rise while DeFi liquidity contracts The most notable signal in CoinShares and Token Terminal’s report is the divergence between RWA growth and the broader health of DeFi lending and staking liquidity. While total DeFi deposits fell by about 15% year over year, RWA deposits expanded sharply—more than tripling to $7.4 billion in Q2 2026. This pattern matters because it suggests that RWA onboarding is not simply an extension of generalized risk appetite across crypto. If investors were responding mainly to a favorable overall market cycle, RWA and non-RWA flows would likely track each other more closely. Instead, the report frames RWA growth as being driven by “financial utility” such as collateral value, yield generation, and tradable access to real-world exposure. CoinShares’ CEO characterized the dynamic as an asset class expanding through a downturn in its host ecosystem—an interpretation consistent with the report’s broader conclusion that RWAs are transitioning into a more durable role inside onchain markets. Why yield-bearing tokens and Treasuries are winning Within RWAs, the report identifies yield-bearing stablecoins and tokenized Treasury products as the dominant categories showing meaningful onchain usage. In Q2, Sky Protocol’s sUSDS led the category, giving holders exposure to a yield-generating version of its USDS stablecoin. Tokenized Treasury funds are also highlighted as a major source of onchain collateral.