Morpho

DeFi

BlackRock

Standard

Passage

<p>Standard Chartered projects $4 trillion in tokenized assets onchain by 2028, with mature DeFi protocols as the main beneficiaries.</p>
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   <li>Standard Chartered forecasts $4 trillion in tokenized assets by end-2028, split evenly between stablecoins and real-world assets.</li>
   <li>Mature DeFi protocols with strong risk metrics will capture the bulk of the throughput, the bank said.</li>
   <li>Passage of the CLARITY Act is viewed as the most significant near-term catalyst for the shift from traditional rails.</li>
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<p>Standard Chartered projects that $4 trillion in tokenized assets will sit onchain by the end of 2028, evenly split between stablecoins and real-world assets. The forecast positions established DeFi protocols as the main winners.</p>
<p>You might also like: <a href="https://crypto.news/nydig-warns-us-crypto-market-structure-bill-could-fail-if-august-window-is-missed/" rel="noopener noreferrer nofollow"> NYDIG warns US crypto market-structure bill could ‘fail’ if August window is missed </a></p>
<p>Geoffrey Kendrick, the bank’s global head of digital assets research, <a href="https://www.theblock.co/post/401635/standard-chartered-projects-4t-in-tokenized-assets-by-end-2028-with-defi-protocols-primary-beneficiaries" rel="noopener noreferrer nofollow">said</a> DeFi’s composability allows the same asset to generate yield, serve as collateral, and trade for liquidity without traditional intermediaries.</p>
<h3 class="wp-block-heading" id="blackrock-buidl-anchors-the-thesis">BlackRock BUIDL anchors the thesis</h3>
<p>Kendrick cited <a href="https://crypto.news/blackrock-files-second-tokenized-fund-with-sec-doubling-down-on-securitize/" rel="noopener noreferrer nofollow">BlackRock’s</a> BUIDL fund as proof of concept. The $2.85 billion tokenized Treasury fund earns Treasury yield, converts to sBUIDL for DeFi compatibility, and serves as core reserve collateral for Ethena’s USDtb and Ondo’s OUSG.</p>
<p>Aave, the largest DeFi lending protocol, processed daily stablecoin lending volumes between $1.5 billion and $2 billion at its peak. Coinbase’s lending product with Morpho has reached $1.75 billion in loans.</p>
<h3 class="wp-block-heading" id="clarity-act-seen-as-key-catalyst">CLARITY Act seen as key catalyst</h3>
<p>Kendrick views passage of the <a href="https://crypto.news/clarity-act-edges-toward-senate-markup-as-stablecoin-fight-narrows-options-for-crypto-yield/" rel="noopener noreferrer nofollow">CLARITY Act</a> as the most significant near-term catalyst for accelerating the shift from traditional rails to DeFi. The bill cleared Senate Banking 15-9 on May 14 and now heads to a full floor vote.</p>
<p>The projection consolidates two forecasts Kendrick has maintained separately: a $2 trillion stablecoin target and a $2 trillion <a href="https://crypto.news/tokenized-u-s-treasuries-keep-rwa-lead-as-tokenized-equities-accelerate/" rel="noopener noreferrer nofollow">RWA</a> market, both by end-2028. The bank reaffirmed the RWA call in April despite recent DeFi exploits.</p>
<h3 class="wp-block-heading" id="defi-seen-as-primary-beneficiary">DeFi seen as primary beneficiary</h3>
<p>There are currently roughly 1,000 times more assets offchain than onchain, according to the note. Kendrick believes tokenizing institutional-grade assets is the most likely source of growth, with protocols that scale safely positioned to benefit most.</p>
<p>“TradFi operators moving assets onchain will favor established players with strong risk metrics,” Kendrick wrote. Aave, Compound, and Morpho are positioned to lead, with <a href="https://crypto.news/bitmine-eth-buying-slows-after-5-2-million-target/" rel="noopener noreferrer nofollow">Ethereum</a> remaining the dominant settlement layer.</p>
<p>Read more: <a href="https://crypto.news/bernstein-backs-circle-on-clarity-act-win/" rel="noopener noreferrer nofollow"> Bernstein Circle call cements CLARITY edge </a></p>

Standard Chartered sees $4T tokenized push

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