DeFi 101
Originally published by Standard Chartered Global Research on October 30, 2025, by Geoff Kendrick, Global Head of Digital Assets Research.
This primer contrasts centralized traditional finance with trustless, transparent DeFi and argues that the 2025 stablecoin boom has kicked off DeFi's disruption of TradFi in payments and savings. Standard Chartered projects non-stablecoin tokenized real-world assets reaching US$2 trillion by end-2028 (up from ~US$35 billion today), split across tokenized money-market funds, listed equities, funds, and less-liquid assets, and cites Allium data on the surge in on-chain stablecoin lending. The main risk to the thesis is US regulatory clarity failing to materialize before the November 2026 midterms.
(Standard Chartered client research; no public link available.)