Tokenized real-world asset deposits more than tripled in a year as DeFi deposits fell
CoinShares and Token Terminal report tokenized real-world asset deposits more than tripled in a year while total DeFi deposits fell about fifteen percent.
Why it matters
Tokenized assets absorbed deposits while crypto-native DeFi activity contracted, which shifts weight toward the issuers, chains and lending venues holding that collateral. Both sets of numbers come from one outlet each, and the commodity figures are attributed only to unnamed sources, so nothing here is independently corroborated.
Key facts
CoinShares and Token Terminal report that tokenized real-world asset deposits more than tripled over a year while total DeFi deposits fell about fifteen percent.
Reported by Crypto.News
RWA spot trading volume rose roughly two hundred twenty percent year over year while aggregate DEX volume fell seventy percent.
Reported by Crypto.News
Ethereum hosted nearly seventy percent of RWA deposits, which the report links to established lending liquidity and borrower demand.
Reported by Crypto.News
CoinShares CEO Jean-Marie Mognetti said finance is not being disrupted but rewired, linking tokenized assets with DeFi lending, trading venues and high-performance blockchains.
Reported by Crypto.News
Tokenized stock market capitalisation grew beyond the level recorded in CoinShares' June snapshot by September.
Reported by Crypto.News
TradeXYZ RWA perpetual volume grew sharply after launch while crypto-native derivatives activity weakened overall.
Reported by Crypto.News
Crypto News reported, without naming its sources, that Aave held about fifty-one million dollars in tokenized commodity deposits across its V2, V3 and V4 deployments.
Reported by Crypto News (CryptoNews.net)
Aave founder Stani Kulechov added millions of dollars in AAVE liquidity to the Uniswap exchange, according to Crypto News.
Reported by Crypto News (CryptoNews.net)
What happened
CoinShares, in a Hybrid Finance report it produced with Token Terminal dated Aug. 6, reported that tokenized real-world asset deposits more than tripled over a year while total DeFi deposits fell about fifteen percent. The same report put RWA spot trading volume up roughly two hundred twenty percent year over year, aggregate decentralized exchange volume down seventy percent, and Ethereum hosting nearly seventy percent of RWA deposits, and it showed tokenized stock market capitalisation growing past the level in CoinShares' June snapshot by September. CoinShares CEO Jean-Marie Mognetti described the firm's thesis as finance is not being disrupted but rewired, and the report leaves Canton and Provenance out of its main analysis, so its totals do not cover the whole tokenized asset market. Crypto News, publishing three days later and citing no named sources, reported separately that Aave held about fifty-one million dollars of tokenized commodity deposits across its V2, V3 and V4 deployments, that Aave together with Uniswap made up the large majority of that reported total, and that Aave founder Stani Kulechov had added millions of dollars in AAVE liquidity to Uniswap. The two reports share no figure, so no number in this account is confirmed by both outlets, and each rests on a single reporter.
How the story developed
- First report
First report by Crypto.News
CoinShares report shows RWA deposits tripling to $7.4B
- Official statement
CoinShares and Token Terminal issue Hybrid Finance report on tokenized assets
The report covers tokenized funds, stocks and commodities across lending, spot markets and perpetual futures, and excludes Canton and Provenance from its main analysis.
- Update
Crypto.News reports the tripling of tokenized RWA deposits
First report in the evidence set, dated Sept. 24, carrying the CoinShares and Token Terminal growth figures and the Mognetti quote.
- Update
Crypto News reports Aave and Uniswap concentration in tokenized commodity deposits
A separate, single-source report citing unnamed sources on tokenized commodity deposits on Aave and Uniswap, plus Kulechov's liquidity addition to Uniswap. It shares no figure with the CoinShares data.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 24 Sept 2026, 11:07 UTC: Crypto.News — 1 independent source, 1 reports
- 27 Sept 2026, 02:17 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
Affected entities
Also mentioned: Binance, Solana, Hyperliquid, Nasdaq
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | CoinShares report shows RWA deposits tripling to $7.4B | Original | |
| Crypto News (CryptoNews.net) Aggregator | Aave’s RWA footprint expands as commodity deposits hit $133M | Syndicated |
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