Tokenized real-world assets (RWAs) could collectively reach $2 trillion within the next three years as global capital and payments increasingly transition to blockchain-based systems, according to a new report from Standard Chartered.

The bank noted that the decentralized and “trustless” nature of DeFi could pose a serious challenge to traditional finance systems that rely on centralized intermediaries. It projected that growing use of DeFi in both payments and investment activities could push non-stablecoin RWAs to a $2 trillion market capitalization by 2028.

Of that amount, roughly $750 billion could move into money market funds, another $750 billion into tokenized U.S. stocks, $250 billion into tokenized U.S. funds, and the remaining $250 billion into less liquid sectors such as commodities, corporate debt, and tokenized real estate.

“Stablecoin liquidity and DeFi banking are important pre-requisites for a rapid expansion of tokenised RWAs,” said Geoff Kendrick, Standard Chartered’s global head of digital assets research. “We expect exponential growth in RWAs in the coming years.”

Rapid growth driven by stablecoin expansion

Based on data from RWA.xyz, reaching a $2 trillion valuation would represent more than a 57-fold increase from the current $35 billion total market size.

At the same time, the broader DeFi ecosystem continues to expand as stablecoin supply climbs to new records. As of October 3, the total stablecoin market surpassed $300 billion — a year-to-date increase of nearly 47%. Kendrick explained that the stablecoin boom is reinforcing this expansion: “In DeFi, liquidity begets new products, and new products beget new liquidity,” he wrote. “We believe a self-sustaining cycle of DeFi growth has started.”

Regulatory outlook remains the key risk

Despite the strong growth potential, Standard Chartered cautioned that regulatory uncertainty remains a major obstacle for the sector. The report warned that progress could slow if the Trump administration does not establish comprehensive cryptocurrency regulations before the 2026 midterm elections, potentially delaying mainstream adoption of tokenized real-world assets.

Sources:

https://cointelegraph.com/news/nakamoto-stock-collapses-95-after-563m-pipe-deals

https://www.bitget.com/amp/news/detail/12560605039930

https://app.rwa.xyz/