Data: RWA deposits soared to $7.4 billion, tripling year-on-year, and DeFi TVL shrank by nearly 15%

In comparison, according to reports from CoinShares and Token Terminal, as of Q2 2026, tokenized real asset (RWA) deposits on lending platforms and DEX reached 7.4 billion US dollars, more than tripling the 2.3 billion US dollars in the same period in 2025. Over the same period, the total amount of DeFi deposits dropped by about 15%. The growth was almost entirely driven by traditional financial products, including tokenized treasury bonds, gold tokens (such as XAUT, PAXG), and private equity loans. DEX spot trading volume fell 70%, but RWA trading volume bucked the trend and surged 220%. Ethereum accounts for nearly 70% of RWA deposits. CoinShares defines this as “hybrid finance” — traditional assets are moving up the chain at an accelerated pace rather than the victory of native crypto assets.