- Deposits of tokenized real-world assets into DeFi lending venues and exchanges more than tripled to $7.4 billion over the year to Q2, according to a report from CoinShares and Token Terminal.
- Total DeFi deposits fell by approximately 15% across the same period, while RWA spot trading volumes rose roughly 220%.
- Almost 70% of that collateral sits on lending venues built on Ethereum, with Plasma and Solana behind it.
- Hyperliquid generated substantially more application revenue than any other trading or lending venue, overtaking Solana and Ethereum as the top revenue-generating chain.
A new report from asset manager CoinShares and on-chain data provider Token Terminal shows that deposits of tokenized real-world assets into decentralized lending platforms more than tripled to $7.4 billion over the past year, while total DeFi deposits fell by approximately 15%. The Growth of Hybrid Finance report, covering the second quarter of 2025 through the second quarter of 2026, highlights a stark divergence: aggregate spot volumes on decentralized exchanges declined by around 70%, while volumes in tokenized real-world assets rose by roughly 220%.
Tokenized Treasury and multi-strategy funds such as JTRSY, BUIDL and sUSDS account for the largest share of deposits, followed by private credit products and delta-neutral strategies. Tokenized Gold leads spot trading volume, while perpetuals activity concentrates on oil, precious metals, the S&P 500 and Nasdaq-100, and technology stocks. “Investors are not leaving traditional finance behind,” said CoinShares co-founder and CEO Jean-Marie Mognetti in a statement. “Look at what is actually being used on-chain. Treasuries, gold, the S&P 500, semiconductor stocks. Not one of them is a crypto asset.”
Almost 70% of RWA deposits sit on lending venues built on Ethereum, with Plasma emerging as the second-largest network, supported by Aave’s expansion beyond Ethereum. Solana’s growth has been largely driven by native RWA lending platform Kamino, according to the report. CoinShares tweeted that real-world assets have moved beyond tokenisation into increasingly active onchain markets.
Scale remains modest, with around $2.2 billion of a global equity market worth more than $100 trillion tokenized, a position the report likens to stablecoins in 2019. The analysis covers only distributed assets that can be moved to wallets outside the issuing platform, leaving networks such as Canton and Provenance outside its scope.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
