Kendrick wrote:
“Non-stablecoin RWA tokenization has lagged for a number of reasons — regulatory uncertainty and focus on wrong areas being amongst them. However, as regulatory clarity emerges and if tokenizers focus on the right areas, then growth will come.”
The report singled out tokenized private credit as a notable early success, citing it as proof that blockchain can unlock real value by improving liquidity for assets traditionally considered difficult to trade.
It argued that the same logic can extend to private equity and niche commodities markets, where institutional investors are actively seeking better efficiency and transparency.
Despite the optimism, Standard Chartered cautioned that regulatory fragmentation remains an obstacle. Jurisdictions such as Singapore, Switzerland, the EU, and Jersey have developed clearer rules for RWAs, but others lag, while know-your-customer (KYC) checks continue to complicate cross-border adoption.
The bank’s research called for tokenization strategies that emphasize “areas of differentiation from off-chain assets” rather than replicating what already works well in traditional markets. By doing so, platforms and issuers could gain traction even in uncertain regulatory environments.
The report highlighted that tokenized private credit, structured debt, and corporate bonds have begun to expand steadily, with projections showing an accelerated climb starting from 2025.
