On-chain real-world assets (RWA) have been growing faster this year than the entire DeFi sector.
A report on Hybrid Finance jointly released by CoinShares and Token Terminal shows that from Q2 2025 to Q2 2026, RWA deposits in lending protocols and decentralized exchanges increased more than threefold—from $2.3 billion to $7.4 billion. Meanwhile, total DeFi deposits actually shrank by about 15% over the same period.
The most obvious split is in trading volume: overall DEX spot trading volumes fell by roughly 70%, while RWA-related trading rose by about 220%. The driving forces are very concrete: tokenized Treasuries (BlackRock’s BUIDL, sUSDS, etc.), tokenized gold (XAUT, PAXG), and private credit products—nearly 70% of RWA deposits are still on Ethereum.
The report’s conclusion is particularly interesting: finance isn’t being overthrown—it’s being rewired. Real-world assets are moving from mere “issuance” toward real-world usage in lending, trading, and collateralization.
Data as of: 2026-09-24 22:00 (UTC+8)
For learning purposes only; not investment advice.
A report on Hybrid Finance jointly released by CoinShares and Token Terminal shows that from Q2 2025 to Q2 2026, RWA deposits in lending protocols and decentralized exchanges increased more than threefold—from $2.3 billion to $7.4 billion. Meanwhile, total DeFi deposits actually shrank by about 15% over the same period.
The most obvious split is in trading volume: overall DEX spot trading volumes fell by roughly 70%, while RWA-related trading rose by about 220%. The driving forces are very concrete: tokenized Treasuries (BlackRock’s BUIDL, sUSDS, etc.), tokenized gold (XAUT, PAXG), and private credit products—nearly 70% of RWA deposits are still on Ethereum.
The report’s conclusion is particularly interesting: finance isn’t being overthrown—it’s being rewired. Real-world assets are moving from mere “issuance” toward real-world usage in lending, trading, and collateralization.
Data as of: 2026-09-24 22:00 (UTC+8)
For learning purposes only; not investment advice.
