Key Takeaways
- • Standard Chartered projects $4 trillion in tokenized assets by end-2028, with $2 trillion representing non-stablecoin assets, driven by institutional adoption of blockchain technology and decentralized finance protocols.
- • Ethereum and DeFi protocols including Aave identified as primary beneficiaries of the tokenization boom, with Standard Chartered setting a $100 price target for Uniswap (UNI) governance token by end-2030.
- • Stablecoin market serves as foundational layer, having reached $308 billion in 2025, enabling liquidity onchain and powering expansion of tokenized money-market funds projected at $750 billion of the $2 trillion market.
- • Grayscale and Standard Chartered align on regulatory beneficiaries, naming Ethereum, Solana, BNB Chain, and Canton as leading blockchains positioned to capture institutional capital as regulatory clarity improves under frameworks like the CLARITY Act.
- • Tokenized real-world assets projected to comprise $2 trillion by 2028, split across $750 billion in money-market funds, $750 billion in tokenized equities, and $250 billion in tokenized funds plus private equity, commodities, corporate debt, and real estate.
Summary
Standard Chartered's digital assets research team, led by Geoffrey Kendrick, forecasts a $2 trillion expansion in tokenized real-world assets (excluding stablecoins) by 2028, representing a 5,600% increase from current levels. This projection reflects accelerating institutional adoption of blockchain technology and decentralized finance, with major financial institutions including BlackRock, State Street, and Deutsche Bank actively entering the tokenization space. The bank projects total tokenized assets—inclusive of stablecoins—will reach $4 trillion by end-2028, split equally between stablecoin and real-world asset categories.
Kendrick attributes the tokenization boom to three structural drivers: surging awareness in developed markets, increased onchain liquidity, and expansion of onchain lending mechanisms. The stablecoin market, which reached approximately $308 billion in 2025, serves as the critical platform enabling this expansion. Tokenized money-market funds powered by stablecoins are projected to comprise $750 billion of the $2 trillion non-stablecoin market, with an additional $750 billion in tokenized equities and $250 billion in tokenized funds, alongside illiquid segments spanning private equity, commodities, corporate debt, and real estate.
Standard Chartered identifies Ethereum and key DeFi protocols such as Aave as the primary winners from this market expansion, reflecting their dominant positions in transaction volume and liquidity provision. The bank has set an ambitious $100 price target for the Uniswap (UNI) governance token by end-2030, highlighting confidence in DeFi protocol valuations amid institutional capital inflows. This projection exposes structural advantages accruing to leading decentralized protocols as traditional financial instruments migrate onchain.
Grayscale's analysis aligns with Standard Chartered's sector assessment, identifying Ethereum, Solana, BNB Chain, and Canton as the blockchains most likely to benefit from regulatory clarity initiatives such as the CLARITY Act. These four chains lead in tokenized asset supply and stablecoin adoption, positioning them to capture disproportionate institutional capital allocation as regulatory frameworks stabilize. Market participants acknowledge that political risk—specifically the US midterm elections in 2026—presents a potential headwind to regulatory progress and momentum in the tokenization sector.
Kendrick attributes the tokenization boom to three structural drivers: surging awareness in developed markets, increased onchain liquidity, and expansion of onchain lending mechanisms. The stablecoin market, which reached approximately $308 billion in 2025, serves as the critical platform enabling this expansion. Tokenized money-market funds powered by stablecoins are projected to comprise $750 billion of the $2 trillion non-stablecoin market, with an additional $750 billion in tokenized equities and $250 billion in tokenized funds, alongside illiquid segments spanning private equity, commodities, corporate debt, and real estate.
Standard Chartered identifies Ethereum and key DeFi protocols such as Aave as the primary winners from this market expansion, reflecting their dominant positions in transaction volume and liquidity provision. The bank has set an ambitious $100 price target for the Uniswap (UNI) governance token by end-2030, highlighting confidence in DeFi protocol valuations amid institutional capital inflows. This projection exposes structural advantages accruing to leading decentralized protocols as traditional financial instruments migrate onchain.
Grayscale's analysis aligns with Standard Chartered's sector assessment, identifying Ethereum, Solana, BNB Chain, and Canton as the blockchains most likely to benefit from regulatory clarity initiatives such as the CLARITY Act. These four chains lead in tokenized asset supply and stablecoin adoption, positioning them to capture disproportionate institutional capital allocation as regulatory frameworks stabilize. Market participants acknowledge that political risk—specifically the US midterm elections in 2026—presents a potential headwind to regulatory progress and momentum in the tokenization sector.
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