Standard Chartered Sees $4T Tokenized Assets On-Chain by 2028

Standard Chartered published a report on May 18 forecasting $4 trillion of tokenized assets on blockchain networks by the end of 2028. The report was led by Geoff Kendrick, the bank’s global head of digital assets research, and projects roughly half of that value in stablecoins and half in tokenized real‑world assets (RWAs).

The report identifies three channels that could raise activity on decentralized finance protocols: more assets being tokenized and moved on‑chain, a larger share of those on‑chain assets being deposited into protocol markets, and increased lending against on‑chain holdings. The bank presents these channels as multiplicative drivers of protocol throughput and token prices.

The report emphasizes composability as an efficiency advantage of tokenized assets. Tokens can settle instantly, trade continuously and be issued without permission. A single on‑chain position can earn yield, serve as collateral for a loan and remain tradable, which the report says improves capital efficiency compared with traditional systems.

The report includes examples of institutional back‑end links with DeFi. It describes a bitcoin lending product that pairs a front‑end and custody service with a separate lending engine and capital pool. That product holds about $1.75 billion in loans across roughly 22,000 borrowers, according to the report.

Standard Chartered says institutional participants are likely to favor established platforms with clear risk metrics and professional governance. The report lists key risks that could slow adoption, including regulatory uncertainty, smart‑contract vulnerabilities, reliance on oracle price feeds, governance weaknesses and gaps in user experience.

The report states: “We forecast that there will be USD 4tn of tokenised assets on‑chain by end‑2028, half in stablecoins and half in non‑stablecoin RWAs.” It adds: “The transition from TradFi to DeFi is underway. DeFi protocols are the infrastructure native to tokenised assets — they are the exchanges, clearinghouses, lending desks, and asset managers of the tokenised world, running as autonomous software.”

Other industry analysis cited in the report projects different timeframes and market sizes: one projection puts tokenized assets at $1.6 trillion by 2030, while figures for on‑chain RWAs are reported in the tens of billions of dollars, with measures ranging from about $30 billion to roughly $37.5 billion.

The report outlines the conditions behind the $4 trillion forecast as continued tokenization of assets, higher on‑chain deposits into protocol ecosystems and growth in lending markets. It identifies regulatory clarity, stronger security practices and improved user experience as factors needed for broader institutional participation.