Standard Chartered Sees 50x Growth in Onchain Assets
Geoff Kendrick projects non-stablecoin tokenized assets will expand 50-fold over the next two to three years.
Updated on Nov. 3, 2026 in Investing
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Geoff Kendrick, Standard Chartered's global head of digital assets research, forecast at the SALT Conference that non-stablecoin onchain assets will grow 50-fold over two to three years. The forecast targets tokenized assets such as bonds and funds recreated as tokens on a blockchain.
Why it matters
The projection implies a rapid expansion of tokenized real-world assets from a base of roughly $35 to $40 billion. Standard Chartered also moved its $2 trillion stablecoin milestone from 2028 to 2030, signaling a more cautious timeline.
The forecast applies a 50x multiple to a mid-2026 base of $35 to $40 billion in non-stablecoin real-world assets, implying $1.75 trillion to $2 trillion, compared with stablecoins near $300 to $320 billion. The extraction does not detail how the multiple was derived beyond the composability argument.
The players
Standard Chartered
A London-headquartered international bank with a large presence in Asia, Africa and the Middle East, which has built digital asset custody services and tokenized deposits.
Geoff Kendrick
Standard Chartered's global head of digital assets research, who has issued the bank's public forecasts on tokenization and stablecoin growth.
The details
Kendrick argues that composability will drive growth, allowing a tokenized bond to serve as loan collateral in one application and feed a yield product in another. Standard Chartered's earlier framework had projected $2 trillion in tokenized real-world assets and $4 trillion in total tokenized assets by end-2028.
Timeline
Mid-2026: non-stablecoin real-world asset market valued at $35 to $40 billion.
November 3, 2026: Kendrick makes the 50x forecast at the SALT Conference.
End-2028: prior $2 trillion tokenized asset estimate target.
2030: revised target for the $2 trillion stablecoin milestone.
Market Dynamics
The forecast revises Standard Chartered's earlier framework, which projected $2 trillion in tokenized real-world assets by end-2028 and $4 trillion in total tokenized onchain assets. The bank now places its $2 trillion stablecoin milestone in 2030 instead.
Investors tracking tokenized bonds and funds should watch whether the projected growth from roughly $35 to $40 billion materializes over the next two to three years. The shift in the stablecoin milestone to 2030 suggests planning horizons may need to lengthen.
The takeaway
Forecasts of rapid growth in tokenized assets depend on composability and regulatory clarity, both still unresolved. Readers should weigh bank projections against the current base of roughly $35 to $40 billion before adjusting investment expectations.
Further reading
Explore more on Investing to see how tokenized assets fit into broader portfolio strategies.
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