Key takeaways
What does Standard Chartered predict for real-world tokenized assets by 2028?
The bank projects RWA will grow from $35 billion to nearly $2 trillion, driven by liquidity and innovation.
How are stablecoins influencing the shift towards blockchain-based finance?
Stablecoins, which now have a market capitalization of more than $308 billion, are accelerating the widespread 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 growing counterweight to the traditional banking system. and expects real-world tokenized assets to become the backbone of that transition.
In a recent analysis, Geoffrey Kendrick, head of digital asset research at Standard Chartered projects that the total value of real-world assets (RWA) issued on blockchain networks could rise 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 push blockchain-based finance even further into mainstream markets, extending its reach far beyond the crypto-native audience.
How much will tokenized RWA grow by 2028?
Additionally, the bank projects that non-stablecoin tokenized assets could grow from roughly $35 billion today to nearly $2 trillion by the end of 2028. This would put its market size on par with the projected stablecoin sector.
According to the report, tokenized money market funds and publicly traded stocks are expected to lead this growth, with each category potentially reaching a value of around $750 billion.
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, RWA would need to grow more than 57 times from its current base of $35 billion. 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, new entrants like USDe, USDS, and DAI continue to improve on-chain liquidity.
At the same time, companies like Oracle and IPDN are joining the tokenization movement. Their participation indicates that tokenization is no longer an experimental trend; has become a strategic priority.
Additionally, 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 from traditional finance to blockchain rails.
As a result, for the first time, the question is no longer whether RWAs will move up the chain. But rather, how quickly the industry will reach the projected $2 trillion milestone.
