RWA Surges 3x Amidst DeFi Contraction...Breaks $7.4 Billion with 220% Increase in Trading Volume

▲ RWA/AI generated image

While funds in the decentralized finance (DeFi) market have shrunk, Real World Asset (RWA) deposits have more than tripled in one year. The deposit volume surged to $7.4 billion. This shows that the demand for tokenized assets is growing rapidly, separate from the cryptocurrency market downturn.

According to the crypto-focused media outlet BeInCrypto on August 7 (local time), RWA deposits in the DeFi market increased from $2.3 billion in Q2 2025 to $7.4 billion in Q2 2026. During the same period, total DeFi deposits decreased by approximately 15%. Data compiled by CoinShares and Token Terminal showed a clear divergence in fund flows between RWA and cryptocurrency-based assets.

The growth of RWA has focused on tokenized products that offer returns. Tokenized US Treasuries and multi-strategy funds such as JTRSY, BUIDL, and sUSDS led the increase in deposits. Aave (AAVE), Morpho (MORPHO), and Kamino (KMNO) were identified as the protocols with the most abundant liquidity. Earlier, CoinShares reported that the market size of on-chain tokenized assets had exceeded $40 billion.

A gap also emerged in trading volume. Spot trading volume for cryptocurrency-based assets on decentralized exchanges decreased by approximately 70% over one year. In contrast, RWA spot trading volume increased by about 220% during the same period. Although the starting point for RWA trading volume was relatively small, it showed a trend opposite to the overall stagnation of the DeFi market.

Jean-Marie Mognetti, co-founder and CEO of CoinShares, stated, “The signal sent by this divergence is clear. Tokenization is not a cyclical phenomenon but a structural change.” Mognetti also emphasized, “It is still in its early stages.” Among the global stock market, which exceeds $100 trillion, the tokenized portion is only about $2.2 billion, and CoinShares compared the current situation to the stablecoin market in 2019.

CoinShares' analysis indicates that the expansion of the RWA market is linked more to the increase in real-world use cases than to rising cryptocurrency prices. Even during a period when total DeFi deposits and cryptocurrency spot trading contracted, RWA deposits and trading volume simultaneously increased. BeInCrypto reported that as more asset classes move on-chain, tokenized assets are showing a different growth trend from the existing cryptocurrency market.

[Article Key Summary]

-RWA deposits more than tripled from $2.3 billion to $7.4 billion in one year.

-During the same period, total DeFi deposits decreased by approximately 15%, and cryptocurrency-based spot trading volume decreased by approximately 70%.

-RWA spot trading volume increased by about 220%, showing a distinctly different trend from the cryptocurrency market downturn.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*