DeFi protocols become the biggest winners! Standard Chartered: "Tokenized assets" will reach $4 trillion in scale by 2028

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Global capital markets are witnessing an unprecedented "on-chain" migration. Standard Chartered predicts that by the end of 2028, the scale of "tokenized assets" running on blockchains globally will reach $4 trillion; and the biggest beneficiaries of this massive influx of capital will be those battle-tested DeFi protocols that already possess comprehensive risk control mechanisms. This forecast integrates two prior predictions from Geoffrey Kendrick, Standard Chartered's Global Head of Digital Assets Research: by the end of 2028, the supply of stablecoins will reach $2 trillion; meanwhile, the market size for tokenization of real-world assets (RWA) will also surge to $2 trillion. Magic that traditional banks cannot perform: DeFi's "composability" makes 1 + 1 = 3 Why is Standard Chartered so optimistic about DeFi's development prospects? Geoffrey Kendrick points the core argument toward blockchain's structural advantage — "Composability." He states that this is a kind of magic that enables capital efficiency to deliver "1+1=3," with no equivalent alternative to be found in the traditional finance (TradFi) system. On a shared blockchain ledger, the same capital position can "simultaneously" serve 3 functions: steadily earning passive income, serving as lending collateral, and maintaining full liquidity. "This is impossible in the off-chain traditional financial world," Geoffrey Kendrick explains. To achieve the same multi-functional use in traditional markets, investors must spread capital across different trading platforms and intermediaries, with each step requiring time and cost. Geoffrey Kendrick uses asset management giant BlackRock's tokenized U.S. Treasury money market fund "BUIDL," with a scale of $2.85 billion, as an example to perfectly illustrate this concept. This fund not only steadily earns approximately 4% U.S. Treasury yield, but can also be converted into tokens compatible with the DeFi ecosystem (sBUIDL), directly serving as collateral in major lending protocols, enabling 24-hour around-the-clock trading; it has even become a core reserve asset for stablecoin projects Ethena (USDtb) and Ondo (OUSG). This entire smooth operation requires no cumbersome bilateral system integration and can be completed automatically. Wall Street's massive offensive: treating DeFi as "underlying infrastructure" The report also points out that the scale of off-chain assets is currently 1,000 times that of on-chain assets. Geoffrey Kendrick believes that "institutional-grade asset tokenization" is very likely to be the main engine driving the next wave of market explosion. As traditional financial institutions actively move massive assets onto blockchains, those established DeFi protocols with strong risk control capabilities, capable of scaling safely and efficiently, will become the preferred partners in the eyes of traditional giants, and the token prices of these protocols will naturally rise accordingly. When traditional Wall Street operators begin to massively move assets on-chain, they will inevitably prioritize embracing those established DeFi protocols with robust risk metrics, which will also drive the token prices of these protocols higher. In fact, the trend of integration between traditional finance and DeFi has already emerged in the data. Taking Aave, currently the largest DeFi lending protocol, as an example, when compared to actual U.S. banks, Aave's asset scale already ranks 38th largest in the United States. The report mentions that the platform's daily on-chain stablecoin lending transaction volume currently reaches $1.5 billion to $2 billion, with the average single loan amount continuing to climb. Another highly emblematic case is the Bitcoin lending product jointly launched by Coinbase, the largest cryptocurrency exchange in the United States, and DeFi protocol Morpho. This clearly demonstrates how traditional financial institutions utilize DeFi as "back-end infrastructure," rather than spending massive sums to build from scratch. In this collaborative framework, Coinbase handles the front-line client interface and asset custody; Morpho provides the lending logic, liquidation engine, and capital pools at the underlying layer. Currently, this product's lending scale has reached $1.75 billion, attracting over 22,000 borrowers to use it. Although a DeFi hacking incident occurred in April this year and triggered brief market turbulence, Standard Chartered remains firmly optimistic that the RWA market scale will reach $2 trillion in the future. Standard Chartered believes that this industry is merely "encountering headwinds, but not collapsing." Looking ahead, Geoffrey Kendrick states that the recently promoted "Digital Asset Market Clarity Act (CLARITY Act)" in the United States will become the most weighty catalyst in the short term, expected to comprehensively accelerate the flow of global capital from the traditional financial system into the DeFi sector.

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