CoinShares CEO Jean-Marie Mognetti said the divergence shows that RWA demand is being driven by practical use cases rather than broader market conditions. <\/p>\n
\u201cWhen an asset class grows through a downturn in its host ecosystem, demand is being driven by financial utility, not by market cycles,\u201d he said.<\/p>\n
The report suggested that the RWA market is entering a new phase, with investors using them as collateral, yield-generating instruments and trading products across onchain markets.<\/p>\n
Yield-bearing stablecoins and Treasuries lead RWA deposits<\/h2>\n
Yield-bearing stablecoins and tokenized Treasury products have emerged as the largest categories of RWA assets used across DeFi, according to the report.<\/p>\n
In Q2, Sky Protocol\u2019s sUSDS led the category, giving holders exposure to a yield-generating version of its USDS stablecoin.<\/p>\n
Tokenized Treasury funds, including BlackRock\u2019s USD Institutional Digital Liquidity Fund (BUIDL), have also become a major source of onchain collateral, as investors use yield-bearing assets in decentralized lending markets.<\/p>\n
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The report said that RWA products currently offer yields ranging from about 3.2% to 5.5%, with lower-risk Treasury products at the bottom of the range and higher-yield strategies carrying additional risks.<\/p>\n
Gold and yield-bearing dollars drive RWA volumes<\/h2>\n
Gold-backed tokens and yield-bearing dollar products accounted for much of the RWA trading activity on decentralized exchanges (DEXs).<\/p>\n
CoinShares classified gold-backed stablecoins such as Tether Gold (XAUt) and Paxos Gold (PAXG) as tokenized gold products within its broader RWA category.<\/p>\n
Related: <\/strong><\/em>Gold hits 6-week highs on China demand as Bitcoin ignores fresh S&P 500 record<\/strong><\/em><\/a><\/p>\n These assets generated significant trading volume as investors traded around gold price swings, while yield-bearing dollar products such as Ethena\u2019s sUSDe also contributed to RWA spot activity.<\/p>\n RWA spot trading volumes rose roughly 220% year over year, even as overall DEX volumes fell about 70%. The divergence suggests tokenized assets are gaining traction as secondary markets, allowing investors to trade ownership rather than only buy assets directly from issuers.<\/p>\n Onchain exposure to RWAs is also expanding into derivatives markets, where traders can take leveraged positions without owning the underlying assets.<\/p>\n RWA perpetual futures trading has continued growing despite a broader slowdown in crypto-native derivatives markets. On tradeXYZ, an RWA-focused perpetual futures platform built on Hyperliquid, trading volume has increased roughly 20 times since launch, the report said.<\/p>\n Activity has concentrated around commodities, equity indexes such as the S&P 500 and Nasdaq-100, and technology stocks, while open interest has also continued rising.<\/p>\n Magazine: <\/strong><\/em>How Fake World Assets and onchain gacha became crypto\u2019s latest craze<\/strong><\/em><\/a><\/p>\n Related:<\/strong> Bitcoin price<\/a> \u00b7 BTC live chart<\/a> \u00b7 Ethereum price<\/a> \u00b7 ETH gas fee<\/a> \u00b7 Bitcoin price today<\/a> \u00b7 Top 10 cryptocurrencies<\/a><\/p>\n![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/pasted-image-2270.png\")
<\/p>\n<\/p>\nRWAs expand into leveraged markets<\/h2>\n