Standard Chartered projects $2T tokenized asset boom by 2028
If DeFi becomes the global ledger for value, do central banks lose influence or simply adapt to the new rails?
Key Takeaways
What does Standard Chartered predict for tokenized real-world assets by 2028?
The bank projects RWAs will grow from $35 billion to nearly $2 trillion, driven by liquidity and innovation.
How are stablecoins influencing the shift toward blockchain-based finance?
Stablecoins, now over $308 billion in market cap, are accelerating mainstream adoption of decentralized financial infrastructure.
Standard Chartered is signaling a major shift in the global financial order.
The bank says decentralized finance is no longer a fringe experiment, but a rising counterweight to the traditional banking system, and it expects tokenized real-world assets to become the backbone of that transition.
In a recent analysis, Geoffrey Kendrick, head of digital assets research at Standard Chartered, projects that the total value of real-world assets (RWAs) issued on blockchain networks could soar to $2 trillion by 2028.
According to the report, the performance of stablecoins throughout 2025 will serve as a key catalyst.
It is expected to drive blockchain-based finance further into mainstream markets, extending its reach well beyond the crypto-native audience.
How much will tokenized RWAs grow by 2028?
Furthermore, the bank projects that non-stablecoin tokenized assets could grow from approximately $35 billion today to nearly $2 trillion by the end of 2028. This would place their market size on par with the projected stablecoin sector.
According to the report, tokenized money-market funds and publicly listed equities are expected to lead this growth, with each category potentially reaching around $750 billion in value.
The remaining expansion would be driven by tokenized versions of corporate debt, commodities, private equity, real estate, and other investment funds.
To reach the $2 trillion milestone, RWAs would need to grow more than 57-fold from their current $35 billion base. While ambitious, this leap now seems increasingly plausible given the accelerating pace of institutional adoption.
Stablecoin growth so far
Stablecoins have already surpassed $308 billion in market capitalization, led by Tether’s USDT and Circle’s USDC. Meanwhile, newer entrants like USDe, USDS, and DAI continue to enhance on-chain liquidity.
In parallel, companies such as Oracle and IPDN are joining the tokenization movement. Their involvement signals that tokenization is no longer an experimental trend; it has become a strategic priority.
Moreover, global banks, asset managers, and public companies are actively developing tokenized infrastructure for credit, treasury, and exchange services. This marks a rapid acceleration in the transition of traditional finance onto blockchain rails.
As a result, for the first time, the question is no longer if RWAs will move on-chain. But rather, how quickly the industry will reach the projected $2 trillion milestone.
