Tokenized real-world assets triple to $7.4B as DeFi deposits sink 15%

Something unusual is happening inside decentralized finance. While traders keep pulling money out of the sector overall, one corner of it keeps growing anyway. Deposits tied to tokenized real-world assets have more than tripled over the past year, climbing to $7.4 billion, even as total DeFi deposits shrank by double digits. That split, according to a new report from CoinShares and Token Terminal, isn’t a fluke. It looks like a structural change in how capital moves on-chain.

Key takeaways

• RWA deposits in DeFi tripled year over year, rising from $2.3 billion to $7.4 billion, according to CoinShares and Token Terminal.
• Total DeFi deposits fell roughly 15% over the same period as investors withdrew capital and token prices dropped.
• Tokenized Treasury and multi-strategy funds such as JTRSY, BUIDL, and sUSDS drove most of the growth.
• Aave, Morpho, and Kamino held the deepest liquidity pools for these tokenized assets.
• CoinShares CEO Jean-Marie Mognetti calls the trend structural rather than cyclical, noting only $2.2 billion of the $100 trillion global equity market has been tokenized so far.

Tokenized Real-World Asset Deposits Soar Amid DeFi Downturn

RWA deposits climbed from $2.3 billion to $7.4 billion year over year while the broader DeFi market lost ground, marking one of the sharpest divergences seen in on-chain finance data so far. The contrast is the whole story here: one segment of DeFi is expanding fast while the rest of it contracts.

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