TLDR
- Standard Chartered predicts tokenized RWAs could grow to $2 trillion by 2028.
- Ethereum is expected to dominate the tokenized RWA market, led by stablecoins.
- Changpeng Zhao’s lawyer demands Sen. Warren retract claims made post-pardon.
- Ether.fi proposes a $50 million buyback plan to stabilize ETHFI token prices.
Standard Chartered’s head of digital assets research has made a bold prediction about the future of tokenized real-world assets (RWAs). The firm forecasts that the market capitalization of on-chain RWAs could soar to $2 trillion by 2028, growing more than 5,600% from the current $35 billion. This surge is expected to be driven primarily by Ethereum, which remains the dominant platform for tokenization.
Rising Potential of Tokenized Assets on Ethereum
Standard Chartered’s research suggests that Ethereum will play a central role in the tokenization of real-world assets. According to Geoffrey Kendrick, the bank’s head of digital assets research, tokenized money market funds and listed equities could each grow to $750 billion markets by 2028.
Additionally, other asset classes such as on-chain private equity, commodities, and corporate debt are also expected to see significant growth. Kendrick noted that Ethereum’s established reliability and network effects are key factors in its dominance in the RWA space.
Kendrick explained that the rise of stablecoins has created several critical conditions for the expansion of decentralized finance (DeFi), such as increased public awareness and on-chain liquidity. These developments have made it easier to facilitate on-chain lending and borrowing, particularly in fiat-pegged products.
However, Kendrick pointed out that a major risk to this forecast could be a lack of regulatory clarity in the U.S. If the U.S. government does not finalize clear regulations by the 2026 midterm elections, the growth of tokenized assets may be hindered.
Changpeng Zhao’s Lawyer Demands Retraction from Sen. Warren
In a separate development, the lawyer for former Binance CEO Changpeng Zhao has called on Senator Elizabeth Warren to retract statements made about Zhao following his pardon by President Trump. Last week, Warren criticized the pardon, alleging that Zhao had pleaded guilty to a criminal charge related to money laundering. Warren’s comments were made on the social media platform X, where she called the pardon a case of “blatant corruption.”
Zhao’s lawyer, Teresa Goody Guillén, issued a letter demanding that Warren apologize for her “defamatory statements.” Guillén stated that Zhao had never pled guilty to money laundering charges, contradicting Warren’s claims. Zhao, who has denied any lobbying for a pardon, also faces scrutiny regarding the ties between his former company, Binance, and Trump-backed DeFi project World Liberty Financial.
This legal dispute has added further attention to Zhao’s controversial pardon, which has raised questions about the political and financial connections influencing the move. Zhao’s legal team is reportedly considering a libel lawsuit against Warren if she does not issue the requested retraction.
Ether.fi DAO Proposes Token Buyback Plan Amid DeFi Trend
The Ether.fi DAO has proposed a $50 million buyback plan for its ETHFI token. If the proposal is approved, the Ether.fi Foundation would begin purchasing ETHFI tokens from the open market if the price falls below $3. The buyback program comes at a time when the ETHFI token has seen a significant drop in value, falling more than 89% from its peak in 2024.
Ether.fi is not alone in pursuing token buybacks. In fact, token repurchase programs have become a widespread trend in the DeFi sector, with projects like Aave, Uniswap, Hyperliquid, and Pump.fun having already implemented buyback schemes. These buybacks, which have totaled over $1.4 billion this year alone, are seen as a way to support token prices and reward loyal holders during periods of market volatility.
Ethereum’s Fusaka Upgrade Set for December
Ethereum developers have officially scheduled the Fusaka upgrade for December 3, 2025. Fusaka will be a significant hard fork designed to improve the security, sustainability, and scalability of the Ethereum network and its Layer 2 ecosystem. The upgrade has already passed multiple testnet deployments, including on the Hoodi, Holesky, and Sepolia testnets.
The Fusaka upgrade will introduce several Ethereum Improvement Proposals (EIPs), with a focus on streamlining the PeerDAS feature. This upgrade is part of Ethereum’s ongoing efforts to enhance its infrastructure and keep pace with the growing demand for decentralized applications (dApps) and financial services built on its blockchain.
