Standard Chartered Predicts $2 Trillion Tokenized Asset Market by 2028

The market for tokenized real-world assets (RWAs) - excluding stablecoins - could surge to $2 trillion by 2028, up from roughly $35 billion today, according to a new report from Standard Chartered Bank.

The projection represents a potential 5,600% increase as traditional financial products increasingly move onchain.

Stablecoins Paved the Way for Broader Tokenization

“Stablecoins have laid the groundwork for other asset classes — from tokenized money market funds to tokenized equities — to scale onchain,” said Geoffrey Kendrick, head of digital assets research at Standard Chartered. Kendrick highlighted that stablecoins have boosted awareness, liquidity, and onchain lending, all of which now support the tokenization of more complex financial instruments.

Kendrick expects Ethereum to remain the dominant platform for this growth, citing its decade-long uptime record and reliability. “The fact that other chains are faster or cheaper is irrelevant, in our view,” he said.

Standard Chartered estimates that by 2028, tokenized money market funds and listed equities will each account for about $750 billion of the total $2 trillion market, while tokenized funds and less liquid assets such as private equity, commodities, and real estate will make up the remaining $500 billion.

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DeFi’s Next Phase: Lending and RWAs

According to Kendrick, decentralized finance (DeFi) is entering a new stage of development. “Stablecoins have created the preconditions for a broader expansion of DeFi,” he said, pointing to increased liquidity and lending activity in fiat-pegged products as key drivers.

He argued that lending and tokenized RWAs are the two areas where DeFi can meaningfully disrupt traditional finance (TradFi). If these assets become tradable on decentralized exchanges, “this may provide an opportunity for disruption to stock exchanges,” Kendrick added.

The report notes that recent U.S. legislation – including the GENIUS Act passed in July 2025 — has already provided regulatory clarity for stablecoins, accelerating institutional and retail adoption. The upcoming Digital Asset Market Clarity Act, expected by early 2026, could further legitimize asset tokenization, DeFi lending, and decentralized trading.

Kendrick cautioned, however, that the main risk would be if U.S. regulatory clarity fails to materialize before the 2026 midterm elections. Still, he called that “not our base case,” maintaining that a self-sustaining cycle of DeFi growth has already begun.

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