The market value of tokenized real-world assets (RWAs) could reach $2 trillion by the end of 2028, matching the size of the global stablecoin market, according to Standard Chartered analyst Geoff Kendrick.
In a report, the bank said decentralized finance (DeFi) is entering a new phase of expansion, driven by the explosive growth in stablecoins.Â
“We expect much more disruption; we see tokenized real-world assets (RWAs) reaching USD 2tn by end-2028, matching stablecoin market cap,” Kendrick wrote.
The analyst noted that the “2025 stablecoin boom has started to unleash the type of technology-driven disruption seen in other industries,” adding that wider stablecoin usage is allowing non-bank players to take on traditional banking roles in payments and savings.
According to Kendrick, stablecoin liquidity has created the conditions for rapid growth in DeFi-based lending and borrowing, historically dominated by Ethereum.Â
“Stablecoin liquidity and DeFi banking are important pre-requisites for a rapid expansion of tokenized real-world assets,” he stated.
Standard Chartered expects tokenized money-market funds and listed equities to each account for around $750 billion of the total RWA market by 2028, with funds and less liquid assets such as private equity, commodities and real estate making up the rest.
“In DeFi, liquidity begets new products, and new products beget new liquidity,” the analyst wrote, calling it a “self-sustaining cycle of DeFi growth.”Â
However, he cautioned that a lack of regulatory clarity in the U.S. remains the main risk, though they said this is “not our base case.”