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.
Source: Kyle Chassé/X
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.
