RWAs are growing onchain. But are people actually using them?
According to CoinShares and TokenTerminal tokenized RWA deposits across DeFi lending platforms and DEXs jumped from $2.3B to $7.4B between Q2 2025 and Q2 2026, while total DeFi deposits fell around 15%.
That’s a pretty interesting contrast.
Gold tokens like $PAXG and $XAUT are seeing increased activity. RWA spot trading volume grew around 220% YoY, while overall DEX spot volume fell roughly 70%. RWAs aren't just being issued. People are trading them.
Tokenized funds like BlackRock’s BUIDL and tokenized Treasury products bring traditional assets onchain. Depending on the product and protocol, some can also be used as collateral in lending markets. That's where tokenization starts offering practical utility.
Private credit is another use case. @MapleFinance and @Centrifuge are building in this space, while @OndoFinance, Superstate and @Brickken are part of the broader RWA movement.
But higher yields come with risks. Borrowers can default, repayments can be delayed, and liquidity isn't guaranteed. Tokenization changes how assets are represented and transferred, not the risks attached to them.
There's also a difference between holding a token and owning the underlying asset. The legal structure, rights attached to the token, and redemption options matter. Easy transfers onchain don't guarantee easy exits.
For me, the real test isn't how much value gets tokenized. It's whether people actually buy, hold, trade and use these assets.
Growing deposits are encouraging, but lasting demand, real utility and reliable redemption matter more than headline numbers.
That's what I'll be watching as the RWA market develops.
Sources:
https://coinshares.com/insights/research-data/token-terminal-hybrid-finance-q2-report/
https://coinshares.com/insights/research-data/token-terminal-hybrid-finance-q1-report/
According to CoinShares and TokenTerminal tokenized RWA deposits across DeFi lending platforms and DEXs jumped from $2.3B to $7.4B between Q2 2025 and Q2 2026, while total DeFi deposits fell around 15%.
That’s a pretty interesting contrast.
Gold tokens like $PAXG and $XAUT are seeing increased activity. RWA spot trading volume grew around 220% YoY, while overall DEX spot volume fell roughly 70%. RWAs aren't just being issued. People are trading them.
Tokenized funds like BlackRock’s BUIDL and tokenized Treasury products bring traditional assets onchain. Depending on the product and protocol, some can also be used as collateral in lending markets. That's where tokenization starts offering practical utility.
Private credit is another use case. @MapleFinance and @Centrifuge are building in this space, while @OndoFinance, Superstate and @Brickken are part of the broader RWA movement.
But higher yields come with risks. Borrowers can default, repayments can be delayed, and liquidity isn't guaranteed. Tokenization changes how assets are represented and transferred, not the risks attached to them.
There's also a difference between holding a token and owning the underlying asset. The legal structure, rights attached to the token, and redemption options matter. Easy transfers onchain don't guarantee easy exits.
For me, the real test isn't how much value gets tokenized. It's whether people actually buy, hold, trade and use these assets.
Growing deposits are encouraging, but lasting demand, real utility and reliable redemption matter more than headline numbers.
That's what I'll be watching as the RWA market develops.
Sources:
https://coinshares.com/insights/research-data/token-terminal-hybrid-finance-q2-report/
https://coinshares.com/insights/research-data/token-terminal-hybrid-finance-q1-report/