RWA deposits across lending platforms and decentralised exchanges reached $7.4B in Q2 '26, up from $2.3B between Q2 '25 and Q2 '26, according to CoinShares’ joint report with Token Terminal p
RWA deposits across lending platforms and decentralised exchanges reached $7.4B in Q2 '26, up from $2.3B between Q2 '25 and Q2 '26, according to CoinShares’ joint report with Token Terminal published 06 Aug 2026. The shift means deposits more than tripled over the period (CoinShares x Token Terminal).
The move stands out against the broader DeFi backdrop. Over the same window, total DeFi deposits fell by approximately 15%, while aggregate spot DEX volumes declined by approximately 70%. By contrast, RWA spot trading volumes increased by roughly 220% year on year (CoinShares x Token Terminal).
MetricCurrentPreviousChangePeriodAs ofSourceRWA deposits across lending platforms and decentralised exchanges$7.4B$2.3Bmore than tripledBetween Q2 '25 and Q2 '26Q2 '26 (reported in CoinShares report 06 Aug 2026)CoinShares x Token Terminal: State of Hybrid Finance 2026Total DeFi depositsfell by approximately 15%——Between Q2 '25 and Q2 '26Q2 '26 (reported in CoinShares report 06 Aug 2026)CoinShares x Token Terminal: State of Hybrid Finance 2026Aggregate spot DEX volumes (crypto‑native)declined by approximately 70%——Between Q2 '25 and Q2 '26Q2 '26 (reported in CoinShares report 06 Aug 2026)CoinShares x Token Terminal: State of Hybrid Finance 2026RWA spot trading volumesincreased by roughly 220% year on year——Between Q2 '25 and Q2 '26Q2 '26 (reported in CoinShares report 06 Aug 2026)CoinShares x Token Terminal: State of Hybrid Finance 2026Share of RWA deposits allocated to lending venues built on Ethereumalmost 70% of all RWA deposits——As of Q2 '26Q2 '26 (reported in CoinShares report 06 Aug 2026)CoinShares x Token Terminal: State of Hybrid Finance 2026
The CoinShares analysis covering one year of data from Q2 2025 to Q2 2026 shows tokenised RWA deposits scaling from $2.3B to $7.4B. This growth occurred while crypto-native activity softened, highlighting a compositional change in DeFi collateral toward tokenised real-world assets (CoinShares x Token Terminal).
On a chain basis, the report states that almost 70% of all RWA deposits are allocated to lending venues built on Ethereum. That concentration underscores Ethereum’s role as the primary settlement layer for RWA collateral today (CoinShares x Token Terminal).
CoinShares attributes the expansion to tokenised funds becoming the dominant collateral. Treasury and multi-strategy products, including examples such as JTRSY, BUIDL, and sUSDS, emerged as the primary assets underpinning RWA deposit growth. Their presence provided standardised, institution-friendly instruments that could be pledged across lending markets (CoinShares x Token Terminal).
Venue selection also mattered. With almost 70% of deposits on Ethereum-based lenders, liquidity and tooling coalesced around a single ecosystem, lowering operational friction for issuers and borrowers while concentrating activity where integrations and risk frameworks are most mature (CoinShares x Token Terminal).
Chart title: "RWA deposits are becoming a meaningful share of DeFi collateral"; image footnote: "Source: Token Terminal, CoinShares, data as of close 20 July 2026." — Source: CoinShares x Token Terminal: State of Hybrid Finance 2026 (chart hosted on a.storyblok.com)
The jump to $7.4B indicates rising adoption of tokenised collateral in DeFi and a relative rotation toward RWA-based activity as crypto-native volumes slowed. It also aligns with the reported increase in RWA spot trading volumes by roughly 220% year on year, suggesting deeper secondary-market engagement (CoinShares x Token Terminal).
On its own, the metric does not prove sustainable yield, net new capital entering DeFi, or broader regulatory acceptance. It cannot determine the risk quality of underlying assets, the distribution of deposits across individual protocols beyond the chain-level share, or the durability of flows if market conditions shift. Additional context from venue-level performance, collateral composition, and redemption behavior is needed.
The next observation window to watch is Q3 '26. Key gauges include whether RWA deposits continue to build on Ethereum or diversify to other chains; how RWA spot trading volumes evolve relative to aggregate spot DEX volumes; and whether total DeFi deposits remain lower or stabilise. Tracking the mix of tokenised Treasury and multi-strategy funds, including instruments like JTRSY, BUIDL, and sUSDS, will help clarify whether collateral breadth is widening or concentrations persist (CoinShares x Token Terminal).
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
