Real-world asset tokenization is gaining ground while decentralized finance (DeFi) activity cools. According to a recent CoinShares report, tokenized assets like gold-backed stablecoins and yield-bearing dollar products have driven a sharp rise in trading volume across decentralized exchanges (DEXs). The 220% year-over-year jump in RWA spot trading stands in stark contrast to a 70% decline in overall DEX trading.
Gold-backed tokens—specifically Tether Gold (XAUt) and Paxos Gold (PAXG)—have been particularly active, as investors trade exposure to gold price swings. These tokens are part of a growing trend where traders seek exposure to traditional assets through blockchain-based structures, allowing for easier, more liquid access to markets like gold and the U.S. dollar.
Derivatives open new avenues for RWAs
Onchain RWA exposure is no longer limited to spot trading. Traders are now using perpetual futures to take leveraged positions in tokenized assets without owning the underlying. Platforms like tradeXYZ have seen trading volume surge 20 times over since their launch. These derivatives are increasingly concentrated around commodities and major equity indices like the S&P 500 and Nasdaq-100.
This trend points to a broader shift: RWA tokenization isn’t just about holding assets anymore. It's becoming a mechanism for liquidity, secondary market access, and even speculative trading. As open interest in RWA derivatives grows, so does the argument that tokenization is reshaping how investors engage with traditional financial instruments.