Ethereum accounted for 69.2 percent of measured RWA deposits, with Aave, Morpho and Kamino among key lending venues.
Tokenised Treasury products were among the major sources of RWA collateral
Photo Credit: Unsplash/Jakub Żerdzicki
The total value of deposits for tokenised real-world assets has increased by over three times to reach $7.4 billion (roughly Rs. 71,003 crore) during the period between Q2 2025 and Q2 2026, despite a drop in the total amount of DeFi deposits by about 15 percent, as per CoinShares and Token Terminal. “Finance is not being disrupted but rewired” has been cited as the firm's thesis by its CEO, Jean-Marie Mognetti, in connection with tokenised assets, DeFi lending, trading venues and high-performance blockchains. The statement represents CoinShares' interpretation of the data, while the underlying usage figures come from Token Terminal.
From Q2 2025 to Q2 2026, the RWA deposits through lending platforms and decentralised exchanges increased from $2.3 billion (roughly Rs. 22,069 crore) to $7.4 billion (roughly Rs. 71,003 crore). During this time, the total amount of deposits in DeFi has dropped by approximately 15 percent. CoinShares partially attributed the reduction in DeFi to withdrawals and the drop in crypto asset prices. Tokenised Treasury and Multi Strategy products were the main providers of RWA Collateral. According to the report, JTRSY, BUIDL of BlackRock, and sUSDS were some of the major players, followed by Private Credit products such as JAAA, syrupUSDT, syrupUSDC, and PRIME.
Tokenised assets are moving beyond issuance.
Recent developments around Hyperliquid and Morpho show more activity moving into trading and lending.
Our latest Hybrid Finance research with @tokenterminal looks at how that shift was already taking shape onchain.
See the data… pic.twitter.com/nfKy5gzsQw
Collateral with yield was limited to Aave, Morpho, and Kamino. According to CoinShares, investors will be able to earn money by holding some of the above-mentioned tokens and, at the same time, use them for borrowing. The amount of RWA deposits through Ethereum reached 69.2 percent. Plasma came second due to Aave extending its reach outside of Ethereum. Kamino also contributed to Solana taking part in the market.
Similarly, spot activity had shown divergence. Total DEX trading volume, which continues to consist mainly of crypto-native tokens, declined by about 70 percent. RWA spot volume, on the other hand, saw an increase of roughly 220 percent in the same period. Activity was largely driven by tokenised gold and funds. CoinShares identified XAUT and PAXG as two big drivers, while sUSDe volumes rose following the transition of liquidity from Uniswap v3 to Uniswap v4. Tokenised stocks were already on their way to making up an increasingly large part.
However, more up-to-date information from Token Terminal reveals that equity trading activity kept growing past the CoinShares cutoff. On September 8, Token Terminal estimated the value of tokenised equities at a market capitalisation of $3.19 billion (roughly Rs. 30,620 crore), with 6.3 percent being deposited into DeFi and $9.7 billion (roughly Rs. 93,072 crore) being traded in DEXs over the past month.
The rise in tokenised equity activity has also prompted new products aimed at giving investors access to these assets. In August, Bitwise launched three automated portfolios of Coinbase tokenised stocks available to qualifying investors outside the US through self-custody and rebalancing at a 0.15 percent methodology fee. According to Bitwise's announcement, Automated Token Portfolios (ATPs) by the exchange will enable qualifying users to copy professionally managed stock portfolios into their wallets.
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