Standard Chartered expects $2 trillion in tokenized assets by 2028
Date: 2025-10-30 Author: Henry Casey Categories: BUSINESS
Investment bank Standard Chartered has released an updated forecast, according to which the volume of tokenized real-world assets (RWA) could reach $2 trillion by 2028. This figure would put the sector on par with the current stablecoin market. The bank's report, published in Cointelegraph, emphasizes that more and more global companies and financial institutions are adopting blockchain-based wealth management models, accelerating the development of DeFi and tokenization.
According to Jeff Kendrick, head of digital assets at Standard Chartered, the key drivers of growth are stablecoin liquidity and the development of decentralized finance. He noted that these elements create the foundation for exponential expansion of the tokenized asset market.
According to RWA.xyz, the total market capitalization of tokenized assets currently stands at $35.5 billion, with projected growth by 2028 representing a more than 50-fold increase.
The bank breaks down the expected $2 trillion as follows:
- approximately $750 billion will be accounted for by money market funds;
- another $750 billion will be accounted for by tokenized US stocks;
- $250 billion will be accounted for by tokenized US funds;
- the remaining $250 billion will be comprised of less liquid categories, including private equity, commodities, corporate bonds, and real estate.
Reports from other analytics platforms confirm the sector's rapid growth. According to Coinbase, RWA volume has increased 245-fold in a year, reaching $21 billion by April 2025. Meanwhile, CoinGecko recorded a 544.8% increase in the tokenized treasury market to $5.6 billion.
Meanwhile, the total stablecoin market capitalization exceeded $300 billion in early October 2025, up 47% from the beginning of the year. Kendrick emphasized that this has become the foundation for a "self-reinforcing cycle" of DeFi development: liquidity creates new products, and products create new liquidity.
Despite positive expectations, the bank warns of risks. Regulatory uncertainty remains the main challenge. The report states that if the Trump administration fails to pass comprehensive cryptocurrency legislation before the 2026 midterm elections, the sector's growth may slow.
At the same time, interest in tokenized assets backed by gold has increased. Thus, the Tether Gold (XAUT) stablecoin exceeded $2.1 billion in market capitalization by the end of Q3 2025, becoming the largest gold-backed token. Tether CEO Paolo Ardoino noted that XAUT demonstrates the effectiveness of on-chain models for real-world assets without compromising their reliability.
The rise in gold prices, driven by geopolitical and inflationary factors, has increased capital inflows into tokenized instruments. More and more investment funds and government agencies are considering the transition to blockchain solutions as a strategic step toward increasing transparency and efficiency.
