A new CoinShares and Token Terminal report found that the tokenized real-world asset space has surged while the broader DeFi sector has contracted.
Deposits of tokenized RWAs into lending platforms and DEXs more than tripled from Q2 2025 to Q2 2026, from $2.3 billion to $7.4 billion.
Meanwhile, total DeFi deposits fell by approximately 15% over the same period.
According to the report, that growth was driven almost entirely by conventional financial products rather than crypto-native assets.
Tokenized Treasury and multi-strategy funds such as JTRSY, BlackRock’s BUIDL and sUSDS led the collateral side, followed by private credit products and delta-neutral strategies.
