RWAs buck DeFi slowdown as tokenized assets gain traction: CoinShares

Real-world assets (RWAs) are gaining momentum as tokenized versions of traditional investments move beyond issuance and become active parts of onchain financial markets.RWA deposits across decentralized finance platforms more than tripled year over year to $7.4 billion in the second quarter of 2026, while total DeFi deposits fell about 15%, according to a joint report by CoinShares and Token Terminal published Thursday.CoinShares CEO Jean-Marie Mognetti said the divergence shows that RWA demand is being driven by practical use cases rather than broader market conditions. “When an asset class grows through a downturn in its host ecosystem, demand is being driven by financial utility, not by market cycles,” he said.The report suggested that the RWA market is entering a new phase, with investors using them as collateral, yield-generating instruments and trading products across onchain markets.Yield-bearing stablecoins and Treasuries lead RWA depositsYield-bearing stablecoins and tokenized Treasury products have emerged as the largest categories of RWA assets used across DeFi, according to the report.In Q2, Sky Protocol’s sUSDS led the category, giving holders exposure to a yield-gener...