Tokenized RWA Deposits Triple to $7.4B as DeFi Deposits Fall 15%

Key Point

CoinShares and Token Terminal found tokenized RWA deposits into lending platforms and DEXs rose from $2.3 billion to $7.4 billion from Q2 2025 to Q2 2026. Total DeFi deposits fell approximately 15% over the same period. Overall DEX spot volumes declined roughly 70%, while tokenized RWA trading climbed about 220%. Gold tokens including XAUT and PAXG accounted for a significant share, and Ethereum accounts for nearly 70% of RWA deposits.

Market Sentiment

Cautiously Bullish, Risk-on, Flow-led, Rotation.

Reason: Tokenized RWA deposits more than tripled while total DeFi deposits fell, which points to selective demand for on-chain conventional assets.

Similar Past Cases

This type of adoption shift typically starts as a collateral and liquidity story before it becomes a broad market trend. The difference is that this growth was led by conventional financial products rather than crypto-native assets.

Ripple Effect

Rising RWA deposits could move more lending and trading activity toward platforms that support tokenized collateral. Weak broader DeFi deposits may limit spillover into crypto-native assets.

Opportunities & Risks

Opportunities: Investors can monitor whether RWA trading growth continues while broader DeFi deposits contract. Sustained divergence would support the Hybrid Finance thesis.

Risks: Investors can watch whether tokenized RWA growth remains concentrated in a few asset types. Narrow concentration would make the trend more vulnerable to product-specific demand shifts.