Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, stated that it is expected that by the end of 2028, the total size of on chain tokenized assets will reach $4 trillion, with stablecoins and real-world assets (RWAs) each accounting for $2 trillion. Kendrick emphasizes the "composability" advantage of DeFi, stating that it can improve asset efficiency. Standard Chartered uses BlackRock's BUIDL product as an example to demonstrate the multiple uses of tokenized assets in DeFi. The report points out that the scale of off chain assets is about 1000 times that of on chain assets, and institutional level asset tokenization may become a growth core. At present, the daily trading volume of stablecoin lending on the chain reaches 1.5 billion to 2 billion US dollars, and the loan scale of Coinbase and Morpho's Bitcoin lending product is about 1.75 billion US dollars, covering 22000 borrowers.
