Standard Chartered projects that on-chain tokenized assets will reach $4 trillion by 2028, with an equal split between stablecoins and real-world assets (RWAs). The bank's global head of digital assets research, Geoffrey Kendrick, highlights the role of decentralized finance (DeFi) protocols in this growth, emphasizing their ability to facilitate asset migration onto blockchains through composability. Kendrick cites BlackRock’s BUIDL Treasury fund as a successful example of tokenization in practice. The bank's research underscores the potential of DeFi to transform capital markets by replacing traditional intermediaries with blockchain-based solutions. Kendrick identifies the CLARITY Act, which recently advanced in the Senate, as a key catalyst for this transition. He also notes that established DeFi protocols like Aave, Compound, and Morpho are well-positioned to benefit from institutional adoption, with Ethereum expected to remain the primary settlement layer. This shift could significantly alter the landscape of financial markets, enhancing liquidity and yield generation through tokenized assets.