Standard Chartered forecasts that the value of on-chain tokenized assets will reach $4 trillion by the end of 2028, with stablecoins and real-world assets (RWA) each accounting for approximately $2 trillion. Geoffrey Kendrick, head of digital asset research at Standard Chartered, highlighted that mature DeFi protocols with strong risk metrics and scalability will be the primary beneficiaries. He emphasized the "composability" of DeFi as a key advantage for institutional asset tokenization. The report also noted that Aave's current on-chain stablecoin lending volume ranges from $1.5 billion to $2 billion daily, while the Bitcoin lending product by Coinbase and Morpho is valued at about $1.75 billion.