Geoff Kendrick, Standard Chartered’s global head of digital assets research, expects non-stablecoin tokenized assets to expand 50-fold over the next two to three years. Based on a market estimated at $35 billion to $40 billion in mid-2026, his projection points to a total of $1.75 trillion to $2 trillion, matching the bank’s target for the end of 2028. The main driver is the tokenization of real-world assets, including bonds, funds, and other traditional instruments, as financial institutions migrate activity onto blockchains. Kendrick also identifies decentralized finance protocols as potential beneficiaries because composability could allow tokenized bonds to serve as loan collateral and integrate with other applications. However, Standard Chartered has postponed its $2 trillion stablecoin milestone from 2028 to 2030, underscoring that the forecast depends on institutional adoption, regulatory clarity, and faster progress in legislation such as the Clarity and GENIUS Acts.
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