should be specific and factual. Output JSON.

For lead, then

and

Etc. Word count target 450-700. I'll aim for ~550. Now, ensure no AI tics. Avoid "it's worth noting", "furthermore", etc. Use contractions. Let's draft. Lead: Real-world asset deposits in DeFi more than tripled to $7.4 billion over the past year, even as the broader sector shrank. That's the headline finding from a new CoinShares report compiled with Token Terminal, which tracks on-chain activity from Q2 2025 through Q2 2026. Then: The report shows RWA deposits climbed from $2.3 billion a year earlier. Total DeFi deposits fell roughly 15% as investors pulled capital and token prices dropped. Crypto-native spot volumes on decentralized exchanges tumbled about 70% over the same stretch. RWA spot trading, meanwhile, rose roughly 220% — from a smaller base. Section 1: The divergence. H2: "A widening gap" or "The divergence is the signal" - but that's a quote. Use "Why RWA broke from the pack" or something. Let's use "The RWA divergence". Section 2: "Yield products lead the way" - describe deposits concentrated in yield-bearing products, mention JTRSY, BUIDL, sUSDS, and liquidity on Aave, Morpho, Kamino. Section 3: "Still early" - mention $40B on-chain value, $2.2B tokenized equity, comparison to stablecoins, Mognetti quote "We are still early." Ending: Whether the trend holds depends on the deepening of utility as more asset classes move on-chain. Now, write in human style. Vary sentence lengths. Use short sentences. Let me write the full content. I'll also need to generate slug, subtitle, meta description, keywords, focus keyword. Focus keyword: "RWA deposits DeFi" or "tokenized assets DeFi" etc. Let's produce JSON. Check that we don't have any fabricated numbers. We have all from facts. Now, write the content. I'll write as:

Real-world asset deposits in DeFi more than tripled to $7.4 billion over the past year, even as the broader sector shrank. That's the headline from a new CoinShares report compiled with Token Terminal, which tracks on-chain activity from Q2 2025 through Q2 2026.

The RWA divergence

RWA deposits climbed from $2.3 billion a year earlier. Total DeFi deposits fell roughly 15% as investors pulled capital and token prices dropped. Crypto-native spot volumes on decentralized exchanges tumbled about 70% over the same stretch. RWA spot trading, meanwhile, rose roughly 220% — though from a smaller base.

CoinShares co-founder and CEO Jean-Marie Mognetti frames the gap as a structural shift rather than a cyclical one. "This divergence is the signal…tokenisation is structural, not cyclical," he said.

Yield products lead the way

The growth is concentrated in yield-bearing products. Tokenized Treasury and multi-strategy funds — including JTRSY, BUIDL, and sUSDS — drove most of the increase. The deepest liquidity sits in Aave, Morpho, and Kamino, according to the report.

Still early

An earlier CoinShares report put the on-chain market value of tokenized assets above $40 billion. The new data measures how much of that is actually being used, not just issued. Around $2.2 billion of the global equity market — worth over $100 trillion — has been tokenized, a scale comparable to stablecoins in 2019. Mognetti added: "We are still early."

Whether the trend holds depends on the deepening of utility as more asset classes move on-chain.