Deutsche Bank sees tokenised assets market reaching $4 trillion by 2035

Deutsche Bank’s research institute projects the market for tokenized financial assets to grow from approximately $25 billion in 2024 to between $3 trillion and $4 trillion by 2035. Excluding stablecoins, the sector has already expanded from $10 billion in January 2025 to $39 billion, with U.S. Treasuries currently representing the largest segment at $15 billion. BlackRock leads the Treasury segment with $2.83 billion in assets, followed closely by Ondo and Circle. The report emphasizes that the next phase of industry growth will focus on market infrastructure, highlighting upcoming initiatives like the DTCC’s tokenization service for stocks and Treasuries. Despite this growth, regulatory hurdles persist, such as the failure of the Digital Asset Market Clarity Act, which may delay comprehensive market structure rules until 2027. Deutsche Bank identifies risks including potential liquidity runs and contagion from broader crypto markets, yet maintains that tokenization will modernize rather than replace traditional banking. This forecast underscores a significant institutional shift toward digital ledger technology for asset settlement and management.