Standard Chartered sees major RWA growth on Ethereum, CZ challenges Sen. Warren, and more

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Standard Chartered Predicts Tokenized Real-World Assets Could Reach $2 Trillion by 2028

The digital asset landscape is rapidly evolving and according to new research from Standard Chartered, onchain real-world assets (RWAs) could experience explosive growth over the next few years.

In a recent analyst note, the bank’s head of digital assets research, Geoffrey Kendrick, projected that the market cap for tokenized RWAs could rise roughly 5,600% from about $35 billion today to $2 trillion by 2028.

Ethereum Expected to Dominate the RWA Market

Kendrick predicts that the vast majority of these assets will be tokenized on the Ethereum network (ETH), citing its historical reliability, liquidity, and strong developer ecosystem.

He added that tokenized money market funds and listed equities could each grow into $750 billion markets, with other segments like onchain private equity, commodities, and corporate debt also seeing substantial expansion.

“Stablecoins have created several necessary preconditions for a broader expansion of DeFi,” Kendrick said, pointing to increased public awareness, onchain liquidity, and lending activity around fiat-pegged assets.

However, Kendrick also cautioned that regulatory uncertainty in the U.S. could pose a risk to growth — particularly if lawmakers fail to pass clear digital asset legislation before the November 2026 midterm elections. Still, he maintained that such a setback is “not our base case.”

CZ’s Lawyer Demands Retraction from Sen. Elizabeth Warren Over ‘Defamatory’ Remarks

In another major crypto headline, Changpeng Zhao’s (CZ) legal team is demanding that Senator Elizabeth Warren retract statements she made following his presidential pardon by Donald Trump.

According to a letter sent by Teresa Goody Guillén, Zhao’s attorney, the senator’s comments were “defamatory.” Warren had previously criticized the pardon on X (formerly Twitter), calling it an act of “blatant corruption” and reminding the public that Zhao had pleaded guilty to money-laundering violations.

The letter requests an immediate retraction and apology, asserting that Warren’s claims misrepresented Zhao’s legal situation following his pardon.

Earlier this week, Fox News journalist Charles Gasparino reported that Zhao is considering filing a libel suit against the senator.

While Zhao has denied lobbying for the pardon, questions persist about the relationship between Binance and World Liberty Financial, a Trump-linked DeFi initiative.

Japan’s First State-Linked Bitcoin Mining Project Launches with Canaan Partnership

Meanwhile, Canaan, one of the world’s leading bitcoin mining hardware manufacturers, has announced a deal in Japan that marks the country’s first publicly disclosed state-linked mining project.

According to the company, its hydro-cooled Avalon A1566HA servers will be deployed in collaboration with a major Japanese utility to support a grid-stability research project.

While Canaan did not reveal the partner’s name, industry reports suggest that a subsidiary of Tokyo Electric Power Company (TEPCO) Japan’s largest utility had previously explored using surplus solar and wind energy to mine bitcoin.

Canaan stated that its servers will help stabilize regional power-grid loads by dynamically adjusting hashrate and voltage, allowing for real-time energy balancing through controlled overclocking and underclocking.

Market Snapshot

• Bitcoin (BTC) rebounded near $110,000, boosted by a thaw in U.S.–China relations despite continued ETF outflows.

• Ether.fi (ETHFI) DAO has proposed a $50 million token buyback plan to support its ecosystem.

• Coinbase and Strategy both reported strong Q3 earnings, with analysts maintaining bullish outlooks.

Final Thoughts

From Standard Chartered’s bold $2 trillion projection for onchain assets to CZ’s legal pushback and Japan’s innovative mining initiative, the crypto industry continues to prove it’s far from static. With growing institutional interest and state-level experimentation, blockchain’s next phase seems to be one of global integration both in finance and infrastructure.

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