Money is not leaving the blockchain network; it is simply shifting to safer assets. Between the second quarter of 2025 and the second quarter of 2026, deposits of tokenized real-world assets, or Real World Assets (RWA), on decentralized finance (DeFi) platforms tripled. The figure ballooned from $2.3 billion to $7.4 billion.
This figure stands in stark contrast to the condition of the overall DeFi sector. “The Growth of Hybrid Finance” report, released Thursday by CoinShares and Token Terminal, shows that total DeFi deposits actually fell by 15% over the same period. This decline was most pronounced in decentralized exchanges (DEXs), where spot trading volume plunged 70%.
In contrast, tokenized RWA trading volume surged 220%. This trend highlights that capital is seeking safe havens while the broader crypto market has been sluggish since October 2025. This shift has extended to the perpetual markets, where RWA volume and open interest continue to rise. RWAs now account for more than 25% of on-chain perpetual open interest.
Old Assets in New Places
What is this new money chasing? The answer is not altcoin tokens, but rather the oldest financial instruments. Treasuries dominate through products like JTRSY, BUIDL, and sUSDS. The private credit sector has also attracted capital via JAAA, syrupUSDC, and PRIME, alongside the delta-neutral strategy led by sUSDe. In the spot market, gold controls the volume.
“Investors are not leaving traditional finance behind,” said CoinShares CEO Jean-Marie Mognetti in the report. He emphasized the reality on the ground that the most actively used assets on-chain today are Treasuries, gold, and even the S&P 500, rather than native crypto assets.
Most of this capital movement flows into a single ecosystem: Ethereum. Nearly 70% of RWA deposits are locked in Ethereum-based lending platforms. The report names protocols such as Aave, Morpho, and Kamino as the main leaders reaping the largest benefits.
What Remains Untapped
Amid this shift of funds, Hyperliquid has emerged as an exception. The report notes it as the only platform to post revenue growth. It has surged past Solana and Ethereum, ranking as the highest revenue-generating chain.
However, the current RWA capitalization is only a tiny fraction of its market potential. Out of a total global equity market worth $100 trillion, the report notes that only $2.2 billion has been tokenized. The position of RWAs today is compared to that of stablecoins in 2019 - a utility preparing to dominate mainstream liquidity in the years to come.
The DeFi ecosystem is beginning to be evaluated by new benchmarks. These multi-billion dollar figures prove that on-chain infrastructure is slowly shifting from merely serving altcoins to becoming a gateway for real-world asset traffic. Reported by Decrypt.
Read also: What Is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
