Tokenization Gains Momentum but DeFi Adoption Remains a Bottleneck

Tokenization of real-world assets (RWAs) is advancing faster than expected, but its adoption in decentralized finance (DeFi) remains a major constraint, according to Standard Chartered's head of digital assets research, Geoff Kendrick.

Kendrick estimates that only about 3% of stablecoins and 10% of tokenized real-world assets are currently used in DeFi. He projects that these shares could rise to 30% by 2030, representing a dramatic shift in how tokenized assets flow through decentralized markets.

The largest category of tokenized RWAs is US Treasury instruments, with about $15 billion on-chain value, followed by private credit at around $6.2 billion. Tokenized stocks are still a small share overall but growth is accelerating, alongside broader market-structure pilots.

Tokenized commodities have shown resilience during market closures, with on-chain perpetuals seeing sharply higher weekend volumes in early 2026.