According to BeInCrypto, CoinShares, in collaboration with Token Terminal, released a new report showing that the total value of tokenized real-world assets (RWA) deposited in DeFi grew from $2.3 billion to $7.4 billion over the past year (Q2 2025 to Q2 2026), more than tripling year-over-year, while total DeFi deposits declined by approximately 15% during the same period. The growth was concentrated in yield-generating products, including tokenized government bonds and multi-strategy funds (such as JTRSY, BUIDL, and sUSDS), with Aave, Morpho, and Kamino providing the deepest liquidity. Meanwhile, on-chain RWA spot trading volume increased by approximately 220% year-over-year, while spot trading volume of native crypto assets on decentralized exchanges fell by about 70%.
DeFi total deposits drop 15% as RWA deposits surge to $7.4 billion
TechFlowShare
Summary
DeFi total deposits declined 15% year-over-year, while RWA deposits reached $7.4 billion, according to on-chain data from CoinShares and Token Terminal. Tokenized treasuries and multi-strategy funds such as JTRSY and BUIDL drove the growth. Aave, Morpho, and Kamino provided the deepest liquidity. On-chain RWA spot trading volume surged 220%, while DEX native crypto trading dropped 70%. Altcoins to watch include RWA-linked tokens as the sector gains momentum.
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