Deutsche Bank Sees Tokenized Assets Hitting $4 Trillion By 2035 After Market Quadruples To $39 Billion

Deutsche Bank has released a research assessment projecting that the market for tokenized real-world assets, excluding stablecoins, could reach $4 trillion by 2035. This forecast follows a period of rapid expansion, with the market growing from approximately $10 billion in January 2025 to $39 billion by September 2026. By intentionally excluding stablecoins from its methodology, the bank aims to isolate the growth of securities, funds, and private credit from payment-focused tokens. The bank views this growth as a transition from experimental pilots to essential global financial infrastructure, contingent on regulatory clarity and improved interoperability. While other institutions like Citi and Standard Chartered have offered more aggressive projections, Deutsche Bank characterizes its $4 trillion estimate as a conservative base case. The bank is simultaneously developing its own digital-asset custody services and tokenized deposit solutions to facilitate this institutional shift. This report underscores the increasing focus of major global lenders on integrating blockchain technology into traditional capital markets to improve settlement efficiency and reduce costs.