A new projection from Standard Chartered estimates that by the end of 2028, around $4 trillion worth of assets will exist on blockchain networks. This figure includes both stablecoins and tokenized real-world assets, each contributing about half of the total. The bank highlights that established decentralized finance platforms are poised to benefit the most from this growth.
Geoffrey Kendrick, who leads digital assets research at Standard Chartered, points out that DeFi’s composability allows the same asset to be used for earning yield, as collateral, and for liquidity without relying on traditional intermediaries. This flexibility is a key advantage over conventional finance.
The bank uses BlackRock’s BUIDL fund as a prime example of the trend. This $2.85 billion tokenized Treasury fund generates returns from government bonds, converts to sBUIDL for use in DeFi, and serves as core collateral for Ethena’s USDtb and Ondo’s OUSG. Meanwhile, Aave—the largest DeFi lending protocol—has seen daily stablecoin lending volumes between $1.5 billion and $2 billion at its peak, and Coinbase’s lending product with Morpho has reached $1.75 billion in loans.
Kendrick believes the CLARITY Act is the most important near-term catalyst for moving assets from traditional systems to DeFi. The bill passed the Senate Banking Committee by a vote of 15-9 on May 14 and now moves to a full floor vote. If enacted, it could accelerate adoption significantly.
The $4 trillion projection consolidates two earlier forecasts from Kendrick: a $2 trillion stablecoin market and a $2 trillion tokenized real-world asset market, both by 2028. The bank reaffirmed the RWA forecast in April despite recent security incidents in DeFi.
Currently, there are roughly 1,000 times more assets held off-chain than on-chain, according to the report. Kendrick argues that tokenizing institutional-grade assets is the most likely growth driver, and protocols that can scale safely will capture the most value. He writes, “TradFi operators moving assets onchain will favor established players with strong risk metrics.” Aave, Compound, and Morpho are seen as leaders, with Ethereum remaining the dominant settlement layer.