Treasuries and equities may bring billions of dollars onchain as the staples of portfolio construction, said Ka Yan Chan from UBS. The real game-changer will be market infrastructure players like the Fed or DTCC transforming the custody layer to a tokenized platform. In December 2025, the SEC issued a no-action letter to a subsidiary of DTCC enabling it to offer a new securities market tokenization service. More than $1.2 billion in capital moved onchain during the past 30 days, boosting the total across stablecoins and tokenized assets to over $323 billion, according to OnchainBenchmark. Geoff Kendrick from Standard Chartered predicts tokenized RWAs may reach $4 trillion by the end of 2028.
Source: Read the original article

