Tokenized real-world assets are growing at a pace that has little to do with the broader crypto slump, according to a report out this week from CoinShares and Token Terminal. The two firms found that while aggregate spot DEX volumes fell about 70% between Q2 2025 and Q2 2026, RWA spot trading rose roughly 220% year over year. Ethereum continues to hold the market together, with nearly 70% of all RWA-backed lending happening on the network.
Ethereum keeps its grip on RWA spot trading
The report, which tracks on-chain activity across the tokenized asset market, shows Ethereum in a commanding position. Solana is the only other ecosystem with significant spot trading activity. Arbitrum, BNB Chain and Base — all operational for years — haven't developed meaningful RWA spot trading. The report attributes that gap to the concentration of liquidity and trading infrastructure on established networks.
Where RWA lending is happening
The lending side is even more concentrated. Ethereum holds nearly 70% of all real-world asset deposits across lending platforms and DEXs. Plasma ranks second, supported by Aave's expansion beyond Ethereum. Solana's growth is largely driven by Kamino, a native lending platform focused on productive uses for RWA collateral.
A market moving against the grain
The growth comes as the rest of DeFi shrinks. Total DeFi deposits declined by around 15% between Q2 2025 and Q2 2026. RWA deposits across lending platforms and decentralized exchanges more than tripled, rising from $2.3 billion to $7.4 billion. That divergence suggests tokenized asset adoption is continuing independently of broader crypto market conditions.
The next quarterly update from CoinShares and Token Terminal will show whether RWA growth can hold its pace against a still-slumping DeFi market.
