Gold, Treasuries and the S&P 500 led the growth, in a year when spot volumes on decentralized exchanges fell by roughly 70%.

RWAs expanded across lending, spot trading and derivatives as broader DeFi activity declined, according to a joint report by CoinShares and Token Terminal.

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.