TL;DR
- RWA deposits on DeFi platforms surpassed $7.4 billion in the second quarter of 2026, more than triple the figure from the previous year.
- Spot trading volume of tokenized assets grew 220% year-over-year, while overall DEX volumes fell approximately 70%.
- Perpetual futures on RWA also expanded, with platforms like tradeXYZ recording volumes roughly 20 times higher since launch.
Tokenized real-world assets (RWA) cemented their expansion in the second quarter of 2026 with growth that stands in contrast to the broader slowdown across the DeFi ecosystem.
According to a joint report by CoinShares and Token Terminal, RWA deposits on decentralized platforms surpassed $7.4 billion, more than triple the figure from the same period last year, while total DeFi deposits fell approximately 15%.
Jean-Marie Mognetti, Chief Executive Officer of CoinShares, interpreted this divergence as a sign of sector maturity. “When an asset class grows during a downturn in its host ecosystem, demand is being driven by financial utility, not market cycles”, he said. The report describes this stage as a transition toward more active use of tokenized assets: as collateral, yield-generating instruments and trading products in onchain markets.
RWA Lead Where the DeFi Market Retreats
Among the strongest-performing products are yield-bearing stablecoins and tokenized Treasury funds. Sky Protocol‘s sUSDS protocol led the category during the quarter, followed by BlackRock‘s USD Institutional Digital Liquidity Fund (BUIDL), which positioned itself as a key source of onchain collateral in decentralized lending markets. Yields on these products ranged between approximately 3.2% and 5.5%, with Treasury instruments at the more conservative end and higher-return strategies taking on additional risk.
Trading reflected the same momentum. Gold-backed tokens such as Tether Gold (XAUt) and Paxos Gold (PAXG) generated significant volumes on decentralized exchanges, driven by volatility in the metal’s price. Yield-bearing stablecoins such as Ethena‘s sUSDe also contributed to spot activity. Overall, RWA spot trading volume grew 220% year-over-year, while general DEX volumes retreated close to 70%.
Derivatives Broaden the Reach of Asset Tokenization
The expansion also impacted derivatives markets. Perpetual futures on tokenized assets continued to grow despite the decline in traditional crypto derivatives. The platform tradeXYZ, specialized in perpetual futures on RWA and built on Hyperliquid, multiplied its volume roughly 20 times since launch. Activity concentrated in commodities, stock indices such as the S&P 500 and the Nasdaq-100, and technology stocks, with open interest rising steadily.
