Overview
- Standard Chartered combined its earlier calls into a single outlook that puts $4 trillion on chain by 2028, split evenly between stablecoins and tokenized real‑world assets.
- The bank says established DeFi protocols with strong risk controls will handle most of the flow, with Ethereum as the main settlement layer.
- It identifies the CLARITY Act as the key near‑term trigger, after the bill cleared the Senate Banking Committee and moved to a floor vote.
- As proof that institutions can operate on chain, the note highlights BlackRock’s $2.85 billion BUIDL fund, which tokenizes Treasuries and can be used as collateral in DeFi.
- The report underscores a large runway by noting roughly 1,000 times more assets sit off chain than on chain.