Standard Chartered has released a new forecast regarding the development of the tokenized real assets (RWA) market, predicting that its total capitalization will reach $2 trillion by 2028. This level is comparable to the current scale of the stablecoin market.
This is reported by Business • Media
Exponential growth of tokenized assets and DeFi
The bank’s experts emphasize that an increasing share of global capital and payment operations is moving into blockchain ecosystems, contributing to the active development of the DeFi and RWA sectors. Analysts note that the growing liquidity of stablecoins and innovative DeFi solutions are stimulating a new growth cycle for tokenized assets.
“The liquidity of stablecoins and DeFi banking are crucial prerequisites for the rapid expansion of the tokenized asset market. We expect exponential growth in the RWA sector in the coming years,” said Jeff Kendrick, global head of digital assets at Standard Chartered.
As of October 2025, according to data from RWA.xyz, the capitalization of tokenized real assets stands at $35.5 billion. If the bank’s forecast is realized, this figure will increase by more than 57 times by 2028.
Standard Chartered predicts that of the total $2 trillion:
- $750 billion will be allocated to money market funds;
- another $750 billion will go to tokenized U.S. equities;
- $250 billion will be for tokenized American funds;
- $250 billion will be for less liquid assets such as private equity, commodities, corporate debt, and real estate.
Rapid growth of RWA and the impact of stablecoins
The tokenized real asset sector, according to a report by Coinbase, has grown 245 times in a year and reached $21 billion in April 2025. According to CoinGecko, the segment of tokenized treasury securities has increased by 544.8%, with their market value reaching $5.6 billion.
At the same time, the market capitalization of stablecoins exceeded $300 billion at the beginning of October 2025, which is 47% higher compared to the beginning of the year. Bank analysts emphasize that this factor is a driver of sustainable DeFi development.
“In DeFi, liquidity creates new products, and new products create new liquidity. We believe that a self-sustaining growth cycle of DeFi has begun,” he wrote.
Standard Chartered highlights the risks: regulatory uncertainty remains the main challenge for further growth in the RWA sector. The bank notes that the lack of an effective legal framework from the administration of former U.S. President Donald Trump until the midterm elections in 2026 could slow down market development.
Among tokenized assets, the stablecoin Tether Gold (XAUT) leads, with a capitalization exceeding $2.1 billion by the end of the third quarter of 2025. This makes XAUT the largest tokenized asset backed by gold. October 2025 was a defining month for the industry: more and more investment funds, fintech companies, and government entities are implementing blockchain technologies for asset management.
The rise in gold prices in 2025 to historic highs is attributed to inflationary pressures, geopolitical risks, and increased demand from central banks and large investors.
“Tether Gold proves that real assets can effectively exist on-chain without compromises,” said Paolo Ardoino, CEO of Tether.
According to the Binance Research report for 2024, the market capitalization of the RWA sector reached $12 billion. Meanwhile, leading analyst Jamie Coutts from Real Vision forecasts further market growth to $1.3 trillion by 2030.