Standard Chartered Explores $23 Billion Non-Stablecoin RWA Market Amid Broader Tokenization Shift

Standard Chartered is positioning itself at the forefront of the real-world asset (RWA) tokenization wave, with a strategic focus on the $23 billion non-stablecoin segment. While competitors flock to the newly regulated stablecoin market, the London-based bank identifies private equity and liquid commodities as the next frontier for blockchain-based asset representation.

The bank's research division notes that non-stablecoin RWAs currently represent just 10% of the stablecoin-dominated tokenization market. However, improved regulatory clarity and the search for assets that genuinely benefit from blockchain characteristics—such as enhanced liquidity, reduced settlement times, and lower costs—are driving institutional interest beyond stablecoins.

"Tokenization efforts must target assets where on-chain representation solves real problems," said Geoff Kendrick, Standard Chartered's head of digital assets research. The bank highlights private credit as an early success case, while noting that tokenizing already-liquid assets like Gold or US equities has shown limited traction due to marginal on-chain advantages.