RWA deposits climbed from $2.3 billion to $7.4 billion while total DeFi deposits fell 15%.RWA spot trading rose roughly 220% year over year as aggregate DEX volume dropped 70%.Ethereum hosted nearly 70% of RWA deposits, supported by established lending liquidity and borrower demand.TradeXYZ RWA perpetual volume increased roughly twentyfold since launch despite weaker crypto-native derivatives activity overall.Tokenized stock market capitalization reached $3.5 billion by September, extending growth beyond CoinShares’ June snapshot.