CoinShares report shows RWA deposits grow to $7.4 billion

2025年第二季度至2026年第二季度：代币化现实世界资产存款激增，DeFi整体呈萎缩态势

根据CoinShares与Token Terminal联合发布的数据，在2025年第二季度至2026年第二季度期间，尽管去中心化金融（DeFi）总存款下降了约15%，但代币化现实世界资产（RWA）的存款额却实现了超过三倍的增长，从23亿美元飙升至74亿美元。这一数据凸显了RWA领域在加密市场周期性波动中的强劲韧性。

RWA存款逆势增长，DeFi总体承压

报告指出，RWA存款的大幅攀升主要得益于借贷协议和去中心化交易所（DEX）中抵押品的增加。相比之下，同期总DeFi存款缩水约15%。CoinShares将部分DeFi存款的下降归因于投资者撤资以及加密货币资产价格的普遍下跌。然而，代币化资产正逐渐超越单纯的发行阶段，Hyperliquid和Morpho等平台的最新发展表明，更多活动已转向交易和借贷环节。

在RWA抵押品方面，代币化国债和多策略产品占据了主导地位。报告中提及的主要贡献者包括JTRSY、贝莱德（BlackRock）的BUIDL以及sUSDS。紧随其后的是私人信贷产品，如JAAA、syrupUSDT、syrupUSDC和PRIME。此外，Delta中性产品sUSDe也为存款池提供了重要补充。收益型抵押品主要集中在Aave、Morpho和Kamino等平台上。CoinShares指出，投资者可以在使用这些资产作为借贷抵押品的同时继续获得收益，从而降低了抵押的机会成本。

Ethereum主导RWA生态，交易量分化显著

在基础设施层面，Ethereum网络承载了近70%的已测量RWA存款，这得益于其成熟的借贷流动性和强劲的借款人需求。Plasma在报告中排名第二，受益于Aave向以太坊以外网络的扩展；而Kamino则支撑了Solana在该领域的市场份额。

现货交易数据呈现出明显的分化趋势。尽管以原生加密资产为主的聚合DEX交易量同比大幅下降了约70%，但RWA现货交易量却在同一时期增长了约220%。虽然RWA现货交易的基数较小，但其增长速度惊人。其中，代币化黄金和基金是主要的交易驱动力，XAUT和PAXG被视为主要贡献者。随着流动性从Uniswap v3迁移至Uniswap v4，sUSDe的交易量也显著增加。到测量期末段，代币化股票开始占据更大的份额。

More recent data shows that equity activity has maintained growth since then. As of September 8, the market value of tokenized stocks measured by Token Terminal reached US$3.19 billion, of which 6.3% was deposited on the DeFi platform, and the transaction volume on DEX in the first 30 days reached US$9.7 billion. On the Base Network, 30-day trading volume of tokenized stock DEX subsequently reached US$730.9 million, and single-day activity hit the US$100 million mark.

The perpetual contract market is expanding faster than spot

In the derivatives field, the RWA perpetual contract market has shown amazing growth potential. TradeXYZ, an RWA-focused trading venue (operated based on Hyperliquid), has seen trading volume increase approximately twenty-fold since its launch. At the same time, perpetual contract activity for native crypto assets has weakened since October 2025. Commodities, stock indices and technology stocks make up the bulk of derivatives trading volume, with oil and precious metals producing high-frequency changes of hands, while the S & P 500 and Nasdaq 100 contracts provide index exposure to traders. Semiconductor stocks are another active sector.

The size of open contracts grows simultaneously with trading volume. CoinShares pointed out that despite the huge volume of commodity trading, equity indices and semiconductor stocks account for a larger proportion of open positions. SK Hynix became one of TradeXYZ's main trading markets after listing.

The latest data in September confirmed the continuation of this trend beyond the second quarter. CryptoRank reported that as of September 22, the total open interest in perpetual DEX has reached US$19 billion, of which RWA contracts account for approximately 24% of the total open interest, a significant increase from 6% at the beginning of 2026. The number of RWA markets across sustainable DEX has exceeded 1,000. Two days later, Q3 RWA perpetual DEX transaction volume reached US$365 billion, a month-on-month increase of 32%. Among them, public equity contributed approximately US$175 billion, accounting for nearly 48%.

Changes in revenue structure and increased retail participation

Despite increased RWA activity, CoinShares found that overall revenue from lending and trading applications declined between the second quarter of 2025 and the second quarter of 2026. Native crypto lending and transactions still generate the majority of platform revenue, causing RWA growth to fail to offset declines in activity in other areas. Hyperliquid generates the highest application revenue among the included platforms, relying on its derivatives trading activities and its ability to simultaneously operate exchanges and underlying settlement infrastructure. In contrast, Morpho, as the second-largest lending platform, lacks a rate extraction mechanism at the agreement level, which limits the capture of direct income.

In terms of investor composition, institutional products and retail products show significant differences. For example, BlackRock's BUIDL has an average wallet balance of tens of millions of dollars, while xStocks has a smaller balance and is more consistent with retail participation characteristics. The report warns that a wallet does not necessarily represent a single investor. Despite this, tokenized stocks recorded the fastest holder growth in the RWA category, largely due to smaller investment thresholds. Institutional products attract large amounts of money from fewer wallets.

In terms of yields, CoinShares measures yields on selected RWA strategies ranging from 3.2% to 5.5%. Tokenized treasury bonds are at the lower end, while private credit, lending markets, treasury and Delta-neutral financing strategies provide higher returns with different risk characteristics. As of September 22, the market value of tokenized stocks measured by CryptoRank has reached US$3.5 billion, with the BNB chain leading with a market value of approximately US$1 billion, followed by Ethereum and Solana, which account for approximately 70% of its measured total market value.