CoinShares data shows tokenized real-world asset deposits into DeFi lending platforms and DEXs grew from $2.3 billion in Q2 2025 to $7.4 billion in Q2 2026, a more than 3x increase, even as broader DeFi TVL contracted 15% over the same period. The divergence indicates institutional capital is selectively rotating into yield-bearing, regulated-asset-backed DeFi positions rather than speculative protocols.
For Armada's crypto desk, tokenized T-Bills are an accepted collateral type, and this data confirms the asset class is achieving meaningful scale in institutional lending contexts. The rapid growth increases secondary market liquidity for this collateral but also introduces concentration and smart contract risk questions. Armada should revisit LTV ratios and liquidation assumptions for tokenized T-Bill collateral in light of evolving DeFi market depth.