Standard Chartered Report: How Stablecoins and RWA Tokenization Reshape Corporate Cross-Border Payments

Standard Chartered’s Global Stablecoin Research Report indicates that stablecoins are evolving from an intermediary tool for cryptocurrency trading to a new settlement instrument within the digital financial system, and are beginning to integrate into corporate cross-border payments and liquidity management.

The global issuance of stablecoins has surpassed $320 billion, with total transaction volume exceeding $28 trillion in the first quarter of 2026, setting a new quarterly record.

More importantly, the primary users of stablecoins are expanding from retail traders to multinational corporate finance teams, with their use shifting from speculative holding to daily cash management. Cross-border supplier payments, internal financial transfers, and cross-market liquidity management constitute the core scenarios of current institutional applications.

Why RWA Tokenization Is Seen as the Next Structural Growth Driver in Digital Finance

As stablecoin infrastructure gradually matures, the tokenization of real-world assets (RWA) has become the next core narrative in digital finance. Standard Chartered predicts that by 2028, the market value of tokenized RWAs will reach approximately $2 trillion.

Currently, excluding stablecoins, the total on-chain RWA market size has exceeded $25 billion, nearly quadrupling compared to a year ago. Boston Consulting Group estimates that by 2030, the global tokenized asset market could surpass $16 trillion.

RWA tokenization and stablecoins form a mutually supportive growth cycle: when enterprises hold stablecoin balances on-chain, they naturally prefer to keep short-term investments in tokenized form on the chain, enabling real-time switching between liquidity and yield.

What Structural Gaps Exist Between USD Stablecoins and Non-USD Stablecoins

A notable structural feature of the current stablecoin market is that currency concentration is much higher than that of the underlying trade system. The USD accounts for about 50% of global cross-border payments, while USD stablecoins account for over 98% of the stablecoin market capitalization.

This indicates a structural space of about 48 percentage points in multi-currency allocation within the stablecoin market. Data from Visa and Dune Analytics shows that from January 2023 to February 2026, transfer transaction volume of non-USD stablecoins surged over 1,600%, reaching $10 billion.

The report from Standard Chartered points out three major structural factors driving demand for non-USD stablecoins: accessibility — as a digital alternative in regions with underdeveloped banking systems; speed — 24/7 availability reducing cross-timezone liquidity friction; stability — rapid settlement shortening the exposure time to highly volatile currencies.

Which Structural Factors Are Driving the Scale Adoption of Non-USD Stablecoins

The report identifies three key structural factors: infrastructure efficiency, consistency in cross-border settlement mechanisms, and regional trade momentum.

Infrastructure efficiency depends on the maturity of target markets in blockchain payment channels, custody compliance, and fiat currency exchange channels. The consistency of cross-border settlement mechanisms involves payment regulatory frameworks and anti-money laundering standards across different jurisdictions.

For example, in Taiwan, according to Standard Chartered’s “Local Currency Stablecoin Demand Potential Ranking,” Taiwan scored 47.8 points, comparable to Singapore and Hong Kong. The critical role of Taiwanese enterprises in supply chains and their ongoing demand for cross-border fund management create mature conditions for practical stablecoin applications.

What Real-World Applications of Stablecoins Have Been Achieved in Corporate Payment Scenarios

In corporate financial management, stablecoins are mainly used in three core scenarios: cross-border supplier payments, internal financial transfers, and cross-market liquidity management. Traditional cross-border settlement typically takes 2 to 3 business days, whereas stablecoins can enable near-instant settlement.

According to Triple-A founder estimates, the operational capital required for cross-border payment businesses can be reduced to one-tenth of traditional methods using stablecoins. By 2025, consumer stablecoin transaction volume with merchants is expected to grow by 128% year-over-year.

More notably, the proportion of stablecoin transactions within a single country has increased from about 50% in 2024 to nearly 75% in 2026. This indicates that stablecoins are evolving from a tool focused on cross-border value transfer to a universal payment infrastructure covering various domestic and international payment scenarios.

How Tokenized Deposits Position Themselves in a Two-Tier Currency System

Tokenized deposits are the digital representation of traditional commercial bank deposits on the blockchain, representing the issuing bank’s direct liabilities, and are still subject to existing banking regulatory frameworks. They, along with stablecoins and central bank digital currencies (CBDCs), form a broader on-chain cash stack within the financial system.

Globally, JPMorgan has launched the Kinexys platform for programmable payments and real-time foreign exchange settlement; BNY Mellon has initiated tokenized deposit services for collateral management. In Europe, the UK is testing the application of pound tokenized deposits in online marketplace payments.

Tokenized deposits offer a “middle ground”: they retain the regulatory protections of traditional bank deposits while achieving more efficient settlement through blockchain technology. Interoperability remains the biggest challenge for widespread adoption of tokenized deposits.

How Institutional Entry and Regulatory Clarity Are Jointly Reshaping the Development Trajectory of Stablecoins and RWAs

2026 is seen as a critical turning point for RWA tokenization, driven by the speed of institutional entry and the clarity of regulatory frameworks. Over half of the top 20 global asset management firms plan to launch tokenized products.

Following the implementation of the US GENIUS Act, stablecoin trading volume has accelerated significantly, with an adjusted trading volume of about $4.5 trillion in the first quarter of 2026. The European MiCA framework has also sustained demand for non-USD stablecoins.

Chinese regulators are adopting a “permissive but regulated” approach, conditionally allowing domestic assets to issue asset-backed securities tokens abroad, bringing RWAs into the asset securitization regulatory framework. The mutual reinforcement of regulatory clarity and institutional participation is pushing stablecoins and RWAs from frontier exploration toward large-scale implementation.

Summary

Standard Chartered’s global stablecoin report reveals an emerging new form of digital finance: stablecoins and RWA tokenization are moving from conceptual stages to practical applications, gradually embedding into corporate cross-border payments and liquidity management. In the first quarter of 2026, total stablecoin transaction volume exceeded $28 trillion, with non-USD stablecoin transfer volume surging over 1,600%. Stablecoins are evolving into a foundational financial infrastructure for enterprise operations, while RWA tokenization is building a broader asset tokenization system on top of on-chain cash. The combined effect of institutional participation and regulatory clarity is driving the digital financial system from experimental edges toward mainstream adoption. The integration of stablecoins and RWAs is redefining settlement logic in the global financial system.

FAQ

Q: What are the latest data points from Standard Chartered’s report on the global stablecoin market?

The global issuance of stablecoins has surpassed $320 billion, with total transaction volume exceeding $28 trillion in the first quarter of 2026, setting a new quarterly record. (Data as of May 15, 2026)

Q: How large is the market share gap between USD stablecoins and non-USD stablecoins?

USD stablecoins account for over 98% of market capitalization, while USD accounts for about 50% of global cross-border payments, leaving a structural gap of approximately 48 percentage points.

Q: What is the projected market size for RWA tokenization?

Standard Chartered predicts that by 2028, the market size of tokenized RWAs will reach about $2 trillion. Currently, on-chain RWA (excluding stablecoins) has exceeded $25 billion.

Q: What are the main application scenarios of stablecoins in enterprise payments?

The main three are: cross-border supplier payments, internal corporate financial transfers, and cross-market liquidity management.

Q: What are Standard Chartered’s strategic moves in the RWA and stablecoin fields?

Through SC Ventures, they incubated Libeara (which has supported over $1 billion in on-chain assets) and strategically invested in GSR to accelerate the scaling of digital asset infrastructure.