Standard Chartered Bank forecast in a report published on May 18 that tokenized assets on blockchain networks will reach $4 trillion by the end of 2028, with decentralized finance ( DeFi) protocols expected to become core infrastructure. Geoff Kendrick, global head of digital assets research, said the market will split evenly between stablecoins and tokenized real-world assets ( RWAs).

The report identifies three channels for higher DeFi throughput. More assets can move on-chain, a larger share of those assets can be deposited into DeFi, and lending against on-chain assets can increase. Standard Chartered said those drivers are multiplicative for protocol activity and token prices. Standard Chartered wrote:

“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.”

Composability is central to the bank’s view. Tokenized assets can settle instantly, trade continuously, support permissionless issuance, and serve several functions at once. A single position can earn yield, collateralize a loan, and remain liquid, improving capital efficiency compared with traditional financial systems.

Institutional links are already forming through DeFi back-end infrastructure. Standard Chartered cited Coinbase’s connection with Morpho through a bitcoin lending product. Coinbase provides front-end and custody services, while Morpho supplies lending logic, the liquidation engine, and the capital pool. The product has about $1.75 billion in loans across 22,000 borrowers.

Established protocols could benefit as traditional finance brings more assets on-chain. The bank said operators are likely to favor platforms with strong risk metrics and professional governance. It also highlighted regulatory uncertainty, smart contract risk, oracle dependencies, governance issues, and user-experience gaps as key risks. Standard Chartered added:

“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 tokenization data shows a broader institutional buildout. Binance Research projected tokenized assets could reach $1.6 trillion by 2030, with Treasury products, gold-backed commodities, and tokenized public equities among the clearest adoption areas. Chainalysis said RWAs were approaching $30 billion in assets under management, while separate market data showed the tokenized RWA market reached at least $34.5 billion in May, with reports also citing a $37.5 billion market capitalization figure, after roughly 100% year-over-year growth.

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