CoinShares Report Shows Tokenized Real-World Asset Deposits Triple to $7.4B as DeFi Declines

tokenized real-world assets CoinShares report DeFi decline $7.4 billion stablecoin Treasury

A joint report by CoinShares and Token Terminal found that deposits of tokenized real‑world assets (RWAs) on blockchain platforms grew to $7.4 billion in the second quarter of 2026, more than three times the level a year earlier. At the same time, total deposits in decentralized finance (DeFi) fell about 15% year‑over‑year, highlighting a sharp divergence between overall DeFi activity and demand for tokenized assets.

The report notes that yield‑bearing stablecoins and tokenized U.S. Treasury products dominate the RWA segment, with Sky Protocol’s USDS identified as the leading stablecoin and BlackRock’s USD Institutional Digital Liquidity Fund cited among tokenized Treasury offerings. Spot‑trading volume for RWAs rose roughly 220% YoY, while overall decentralized‑exchange volume dropped around 70%.

Around 70% of RWA collateral is built on the Ethereum network, underscoring the platform’s continued dominance. CoinShares CEO Jean‑Marie Mognetti attributed the growth to the financial utility of tokenized assets rather than broader market cycles, suggesting a shift of capital toward lower‑volatility, yield‑generating on‑chain products.

Entities: BlackRock · Blockchain technology · CoinShares · Ethereum · Jean‑Marie Mognetti · Real‑World Asset Tokenization · Sky Protocol · Token Terminal · Web3 finance · decentralized finance (DeFi) · money market funds

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 4 SOURCES] Overall DeFi deposits declined about 15% year‑over‑year in the same period. (CoinShares and Token Terminal report)
[● 2 SOURCES] Spot‑trading volume of tokenized RWAs increased roughly 220% YoY while overall DEX volume fell about 70%. (CoinShares and Token Terminal report)
[● 4 SOURCES] Tokenized real‑world asset deposits on‑chain reached $7.4 billion in Q2 2026. (CoinShares and Token Terminal report)
[○ 1 SOURCE] Sky Protocol’s USDS was the leading yield‑bearing stablecoin RWA in Q2 2026. (CoinShares report)
[● 2 SOURCES] Jean‑Marie Mognetti said RWA growth is driven by financial utility, not market cycles. (CoinShares CEO Jean‑Marie Mognetti)
[● 2 SOURCES] Yield‑bearing stablecoins and tokenized U.S. Treasury products are the largest categories of tokenized RWAs. (CoinShares report)
[○ 1 SOURCE] Approximately 70% of tokenized RWA collateral is built on the Ethereum network. (CoinShares report)
[○ 1 SOURCE] BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is cited as a tokenized Treasury offering. (CoinShares report)