Standard Chartered predicts a sharp acceleration in the tokenization of real-world assets (RWAs) beyond stablecoins over the next five years, driven by improving regulation and a pivot toward high-value use cases.
The forecast was detailed in the bank’s June 20 report, “RWA Tokenisation — A Growth Opportunity,” shared with CryptoSlate.
While stablecoins remain the largest component of blockchain-based RWAs, the report notes that tokenization of other assets — such as private credit, securitized debt, private equity, and commodities — has lagged behind, with a current market size of just $2 billion. According to the bank, this disparity is largely due to fragmented regulations and early-stage efforts focusing on sectors where blockchain offers limited tangible value.
Geoffrey Kendrick, head of digital assets research at Standard Chartered, emphasized that over-reliance on stablecoins has stifled innovation in other promising areas. He pointed to the potential of blockchain to bring liquidity and transparency to markets that have historically been opaque and difficult to access.
“Non-stablecoin RWA tokenization has lagged for a number of reasons — regulatory uncertainty and focus on wrong areas being amongst them,” Kendrick stated. “However, as regulatory clarity emerges and if tokenizers focus on the right areas, then growth will come.”
The report highlights tokenized private credit as an early example of success. By improving tradability and efficiency in this traditionally illiquid asset class, blockchain technology has already begun to prove its utility beyond stablecoin applications.
Standard Chartered also sees strong potential for tokenization in private equity and niche commodities markets, where institutional investors are actively seeking greater transparency and operational efficiency. The bank believes that with the right regulatory framework and strategic focus, the sector could unlock significant capital flows in the coming years.
