Investment bank Standard Chartered projects that the real-world asset (RWA) market could reach $2 trillion by 2028, a level that would rival the current size of the stablecoin market. Analysts at the bank say that an increasing share of global capital and payments is moving onto blockchain-based systems, driving rapid growth across DeFi and tokenized asset markets. “Stablecoin liquidity and DeFi banking are important pre-requisites for a rapid expansion of tokenised RWAs,” said Jeff Kendrick, Global Head of Digital Assets at Standard Chartered. According to RWA.xyz, the current market capitalization of tokenized real-world assets is about $35.5 billion — but Standard Chartered expects this to grow more than 57-fold within three years. Where the $2 Trillion Could Come From The report breaks down the forecasted $2 trillion market as follows: $750 billion in money market funds $750 billion in tokenized U.S. equities $250 billion in tokenized U.S. funds $250 billion in less liquid assets such as private equity, commodities, corporate debt, and real estate A Coinbase study earlier this year revealed that the RWA segment expanded 245-fold year-over-year, reaching $21 billion in April 2025. Meanwhile, CoinGecko data shows that tokenized U.S. Treasury securities surged 544.8%, totaling $5.6 billion. As of early October 2025, stablecoin market capitalization surpassed $300 billion, a 47% increase since the beginning of the year. “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,” Kendrick added. Regulatory Hurdles and the Rise of Gold-Backed Tokens Despite the upbeat forecast, Standard Chartered cautioned that regulatory uncertainty remains the biggest risk for the sector. The bank warned that progress could stall if the Trump administration does not introduce comprehensive crypto legislation before the 2026 midterm elections. Amid the growing focus on real-world assets, Tether Gold (XAUT) has shown record growth. By the end of Q3 2025, its market capitalization surpassed $2.1 billion, making it the largest tokenized gold-backed asset in the market. According to Tether, October 2025 marked a turning point for the tokenized asset industry, as more investment funds, fintech firms, and government agencies adopt blockchain-based asset management models. Gold prices also reached historic highs in 2025, driven by inflationary pressures, geopolitical uncertainty, and strong central-bank demand. “Tether Gold proves that real assets can exist effectively on-chain without compromise,” said Paolo Ardoino, CEO of Tether. It’s worth noting that Binance Research’s 2024 report projected the RWA market to reach $12 billion, while Real Vision analyst Jamie Coutts estimated it could climb to $1.3 trillion by 2030 — both forecasts now dwarfed by Standard Chartered’s new $2 trillion outlook.
