tl;dr
Standard Chartered predicts tokenized real-world assets (RWAs) could reach $2 trillion by 2028, driven by blockchain and DeFi adoption. The report highlights $750B in tokenized U.S. stocks, $750B in money-market funds, and $500B in private equity/commodities. Stablecoins and DeFi liquidity are criti...
**Tokenized Real-World Assets Could Reach $2 Trillion by 2028, Says Standard Chartered**
Investment bank Standard Chartered has predicted that tokenized real-world assets (RWAs) could surge to a cumulative value of $2 trillion within the next three years, driven by the growing adoption of blockchain technology and decentralized finance (DeFi). The bank’s report highlights a transformative shift in the financial landscape, as global capital and payments increasingly migrate to more efficient, trustless blockchain infrastructure.
According to the report, DeFi’s “trustless” structure—where transactions and agreements are enforced by code rather than centralized intermediaries—poses a significant challenge to traditional financial systems. Standard Chartered anticipates that this shift will catalyze a rapid expansion of tokenized RWAs, with the market capitalization potentially reaching $2 trillion by 2028.
The projected growth is underpinned by several key segments. Of the $2 trillion, $750 billion is expected to flow into tokenized U.S. stocks, another $750 billion into money-market funds, $250 billion into tokenized U.S. funds, and an additional $250 billion into less liquid private equity assets, including commodities, corporate debt, and tokenized real estate.
Geoff Kendrick, Standard Chartered’s global head of digital assets research, emphasized the critical role of stablecoins and DeFi in this expansion. “Stablecoin liquidity and DeFi banking are important pre-requisites for a rapid expansion of tokenized RWAs,” he stated. Kendrick also noted that DeFi is entering a self-sustaining growth cycle, where increased liquidity fuels the creation of new financial products, which in turn generate even more liquidity.
The report underscores the staggering potential growth of RWAs, which would represent a more than 57-fold increase from their current cumulative value of $35 billion, as reported by RWA.xyz. This growth is further supported by the record-breaking expansion of stablecoins, which surpassed $300 billion in total supply in October 2023, reflecting a 46.8% year-to-date increase.
Despite the optimism, Standard Chartered warned that regulatory uncertainty remains the biggest obstacle to the RWA sector’s progress. The report cautioned that without comprehensive crypto legislation from the U.S. government—particularly before the 2026 midterm elections—advancements in the space could face significant delays.
As the financial industry navigates this paradigm shift, the interplay between DeFi innovation, stablecoin adoption, and regulatory frameworks will shape the future of tokenized assets. With the promise of efficiency, transparency, and accessibility, RWAs are poised to redefine how capital flows and assets are managed in the digital age.