Standard Chartered projected that tokenization of Real-World Assets (RWAS) beyond Stablecoins could be considerably accelerated in the coming five years, driven by regulatory progress and a sharper focus on cases with a high impact, according to a 20 June report shared with CryptoSlate.
The bank’s report, entitled “RWA-Tokenization and growth option”, emphasized that although Stablecoins remain the dominant engine of Blockchain-based RWAS, efforts to continue to chase non-stable assets such as private credit, secure debts, private equity and raw materials.
According to the report, the gap largely stems from unequal regulations and early projects that are aimed at areas with a limited value of the acceptance of blockchain.
Focus shifts further than Stablecoins
Geoffrey Kendrick, head of Digital Assets Research at Standard Chartered, explained that the severe dependence on the industry of Stablecoins has overshadowed other tokenisation views that could transform illiquid and difficult to access markets.
Kendrick wrote:
“For a number of reasons, non-stable RWA-tokenization is lagging behind, and focus on incorrect areas that are underneath. As the regulatory clarity arises and if Tokenizers focus on the right areas, growth will come.”
The report has disabled Tokenized private credit as a remarkable early success, and called it as proof that Blockchain can unlock the real value by improving liquidity for assets that traditionally considered difficult to act.
It argued that the same logic can extend to the market for private equity and niche raw materials, where institutional investors are actively looking for better efficiency and transparency.
Regulatory patchwork continues to exist
Despite optimism, Standard Chartered warned that legal fragmentation remains an obstacle. Jurisdictions such as Singapore, Switzerland, the EU and Jersey have developed clearer rules for RWAS, but others leave, while the Know-Your-Customer (KYC) checks remain complicated adoption.
The bank’s research called for strategies for tokenization that emphasize “Differentiation areas of off-chain assets” instead of replicating what is already working well in traditional markets. By doing this, platforms and issuers can get a grip, even in uncertain regulatory environments.
The report emphasized that Tokenized private credit, structured debts and corporate bonds have begun to be steadily expanded, with projections that show an accelerated climb from 2025.
It also suggested that if players in the industry use lessons of private credit and build robust compliance frameworks, non-Stablecoin Rwas could arise as the next major wave in the digital asset sector.
