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. The report points to BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) among the products being used in decentralized lending markets, where yield-generating assets can play a role in collateral strategies.

CoinShares and Token Terminal further suggest that the RWA landscape currently spans a broad yield spectrum. The report states that RWA products offer yields ranging from about 3.2% to 5.5%, with Treasury-oriented products toward the lower end of that range and higher-yield strategies carrying additional risks.

For investors and DeFi participants, the key takeaway is structural: tokenized Treasuries and yield-bearing stablecoins are not just “wrapped exposure,” but assets designed to plug into DeFi systems where liquidity, collateral management, and yield accounting can be operationally valuable—particularly when broader deposit trends are weakening.

Gold tokens and yield dollars power DEX activity

The report also describes where RWAs show up most clearly in day-to-day trading. On decentralized exchanges, gold-backed tokens and yield-bearing dollar products account for a large share of RWA trading activity.

CoinShares classifies gold-backed stablecoins such as Tether Gold (XAUt) and Paxos Gold (PAXG) as tokenized gold within its RWA reporting framework. The report indicates that these products generate significant trading volume as market participants trade around gold price swings, effectively turning gold exposure into an onchain, secondary-market instrument.

On the dollar side, yield-bearing products such as Ethena’s sUSDe are also described as contributing to RWA spot activity. While RWAs are often discussed in terms of long-horizon investment access, the report emphasizes how trading behavior on DEXs increasingly resembles active market participation—an important distinction from one-time minting and holding.

Supporting that view, the report notes that RWA spot trading volumes rose roughly 220% year over year. This occurred even while overall DEX volumes fell by about 70%, reinforcing the idea that RWAs are gaining traction as tradable assets with a growing secondary-market role, rather than riding broader DEX tailwinds.

RWAs are moving into leveraged derivatives

Beyond spot trading and lending collateral, the report highlights an expansion of RWA exposure into derivatives—particularly perpetual futures, where traders can take leveraged positions without owning the underlying tokenized asset.

RWA perpetual futures trading, the report says, has continued growing despite a broader slowdown in crypto-native derivatives markets. It points to an RWA-focused perpetual futures venue on tradeXYZ, built on Hyperliquid, where trading volume has increased by roughly 20 times since launch.

The report adds that activity has concentrated around commodities and equity index exposure, citing products tied to the S&P 500 and Nasdaq-100, along with technology stocks. Open interest has also been rising, suggesting that participation is not limited to brief bursts of speculation.

For traders and market makers, this matters because derivatives liquidity can change how RWAs are priced and hedged across onchain markets. As leveraged instruments become more common, RWAs may attract a wider range of participants—though it also introduces additional risks typical of leverage and derivatives exposure.

What to watch next

With RWA deposits accelerating while broader DeFi deposits contract, the next question is whether this pattern persists beyond Q2 2026 and whether growth remains concentrated in yield-bearing stablecoins and tokenized Treasuries—or broadens further into other real-world categories. Traders and DeFi users should also watch how expanding derivatives access affects liquidity, hedging behavior, and the risk profile of onchain RWA strategies.