Investment bank Standard Chartered has forecasted that tokenized real-world assets (RWAs) could achieve a cumulative market capitalization of $2 trillion by 2028, as global capital and payments increasingly shift to more efficient blockchain-based systems. This prediction, detailed in a Thursday report shared with Cointelegraph, highlights the growing challenge that decentralized finance (DeFi) poses to traditional financial systems due to its "trustless" structure.
The projected $2 trillion mark represents a massive 57-fold growth from the current RWA market value of approximately $35 billion, based on data from RWA.xyz. Geoff Kendrick, Standard Chartered's global head of digital assets research, emphasized the critical role of stablecoins and DeFi, stating, "Stablecoin liquidity and DeFi banking are important pre-requisites for a rapid expansion of tokenised RWAs. We expect exponential growth in RWAs in the coming years."
The breakdown of the $2 trillion projection includes $750 billion allocated to tokenized money-market funds, another $750 billion to tokenized US stocks, $250 billion to tokenized US funds, and $250 billion to less liquid segments such as private equity, commodities, corporate debt, and tokenized real estate. This expansion is underpinned by a self-sustaining growth cycle in DeFi, where increased stablecoin liquidity fuels new financial products, which in turn attract more capital.
Stablecoins have already demonstrated robust growth, with total supply hitting a record over $300 billion on October 3, reflecting a 46.8% year-to-date increase. Kendrick noted that this trend reinforces the DeFi ecosystem, creating a virtuous cycle where liquidity begets innovation and adoption. However, the report cautions that regulatory uncertainty, particularly in the United States, remains a significant threat. Progress could be hampered if comprehensive crypto legislation is not enacted before the 2026 midterm elections.
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