Tokenized Real-World Assets Surge as DeFi Deposits Contract

The report, a collaboration between CoinShares and Token Terminal, highlights a fundamental shift in on-chain activity. While crypto-native trading and lending volumes faltered, interest in tokenized funds, commodities, and equities intensified. Ethereum remains the primary hub for this transition, hosting nearly 70% of RWA deposits, with protocols like Aave, Morpho, and Kamino serving as the primary engines for yield-bearing collateral.

Spot market dynamics mirrored this divergence. Aggregate decentralized exchange (DEX) volume for crypto-native assets plummeted by 70%, yet RWA spot trading surged by 220%. This activity was driven largely by tokenized gold products like XAUT and PAXG, alongside emerging demand for tokenized stocks. By September 2026, the market capitalization for tokenized equities reached $3.5 billion, with significant momentum observed on networks like Base and BNB Chain.

Derivatives markets demonstrated even more aggressive expansion. TradeXYZ, operating via Hyperliquid, saw its perpetual futures volume grow twentyfold since its launch, significantly outpacing crypto-native derivatives. Commodities and technology stocks, particularly semiconductor equities, anchored much of this turnover. CoinShares CEO Jean-Marie Mognetti framed the trend as a "rewiring" of financial infrastructure, where traditional assets leverage high-performance blockchains to lower opportunity costs for investors who utilize their holdings as collateral in decentralized lending markets.