Geoff Kendrick, head of digital assets research at Standard Chartered, projects a 50-fold increase in non-stablecoin onchain assets over the next two to three years. This growth is expected to be driven by the tokenization of real-world assets, such as bonds and funds.
As of mid-2026, the market for these non-stablecoin assets was valued at $35 to 40 billion. Applying the 50x growth forecast, the bank anticipates this segment will reach between $1.75 trillion and $2 trillion, aligning with its previous estimate for the end of 2028.
The bank has adjusted its timeline for stablecoin growth, now expecting the market to reach $2 trillion by 2030, rather than the original 2028 target. This revision reflects changing market dynamics and the evolving regulatory environment.
Kendrick identifies decentralized finance protocols as primary beneficiaries of this shift. The bank anticipates that increased lending and asset composability will follow the implementation of US legislation, specifically the Clarity and GENIUS Acts.
