Tokenised funds, stocks and commodities saw greater use as collateral even while broader decentralised finance activity weakened.
Tokenised assets can be deposited as collateral to borrow stablecoins.
Photo Credit: Unsplash/Shubham Dhage
The RWA deposits on decentralised lending and trading platforms have grown to $7.4 billion (roughly Rs. 70,463 crore) in Q2 2026, up over three times compared to $2.3 billion (roughly Rs. 21,901 crore) reported in the same quarter a year back, as per a recent report by CoinShares. The growth came against the backdrop of total DeFi deposits falling by around 15 percent from Q2 2025 to Q2 2026. Tokenised asset spot trading also increased by about 220 percent, but overall decentralised exchange volumes fell by around 70 percent.
According to CoinShares, this divergence further validates its belief that tokenisation has become “structural, not cyclical.” It indicates increased utilisation of tokenised assets when the crypto markets are underperforming. At the same time, these numbers cannot be taken as evidence that demand is independent of market cycles. This report is about distributed tokenised funds, stocks and commodities, which are transferable to external wallets. The report does not include mainly represented assets on networks like Canton and Provenance. Hence, the report does not provide data for all institutional tokenisation projects.
The on-chain valuation of the tokenised funds, stocks, and commodities was already over $40 billion (roughly Rs. 3,80,880 crore) even before the last report was published. The amount of $7.4 billion (roughly Rs. 70,463 crore) deposited in lending protocols and decentralised exchanges is an additional indicator of assets being utilised after their issuance. Investors can deposit tokens representing an investment as collateral and borrow stablecoins without having to sell the investment. Yield-generating collateral will keep generating returns while supporting a loan, which helps reduce the cost associated with locking capital.
Growth came from tokenised Treasury and multi-strategy assets. Some of the biggest contributors include JTRSY, BlackRock's BUIDL, and Sky's sUSDS, as per CoinShares. The private credit assets consist of JAAA, PRIME, syrupUSDC and syrupUSDT. There were also delta-neutral products such as those by Ethena's sUSDe that contributed. The risks associated with the investments were different from the Treasury funds since the returns depended on derivatives funding, collateral management, and counterparty exposure, among other factors.
RWAs have certainly picked up a lot this year. As per a report shared in June by Token Terminal, the RWA tokens market continued to grow despite a downturn in the cryptocurrency market, while the value of financial assets held on-chain had risen by 37 percent over the last half year due to the transition of traditional financial products onto blockchain platforms. As per the data, the segment is dominated by tokenised funds that take up about 79.8 percent of the overall market capitalisation. The second-largest portion belongs to commodities with a share of 16.6 percent, with tokenised stocks being third on the list at just 3.8 percent.
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