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Standard Chartered CEO Bill Winters predicted that virtually all financial transactions will eventually settle on blockchain networks, positioning Hong Kong HKD stablecoins as key infrastructure for the shift to digital finance.
Speaking in Hong Kong, Winters said the bank expects tokenized assets including money market funds, equities, and stablecoins to comprise a $2 trillion market by 2028, with tokenized money market funds alone reaching $750 billion.
“Our belief, which I think is shared by the leadership of Hong Kong, is that pretty much all transactions will settle on blockchains eventually, and that all money will be digital,” he said.
Winters praised Ethereum for its resilience, noting that the network has operated for more than a decade without downtime — a feat he considers foundational for the future of tokenization.
“Ethereum’s uptime and ecosystem maturity make it the most suitable environment for tokenized assets,” Winters noted.
He projected that by 2028, tokenized money market funds, equities, and HKD stablecoins could represent the lion’s share of a $2 trillion tokenized market. The bank expects tokenized money market funds alone could reach $750 billion, fueled by stablecoin adoption and greater regulatory clarity in decentralized finance (DeFi) markets.
Standard Chartered has already partnered with Animoca Brands and HKT to develop a Hong Kong dollar-backed stablecoin following the region’s updated digital asset regulations announced in August. This collaboration marks one of the first large-scale financial integrations of HKD stablecoins into mainstream banking.
Standard Chartered isn’t alone in its bullish outlook on blockchain. Robinhood CEO Vlad Tenev recently described tokenization as a “freight train” headed for mass adoption across global markets within the next five years. Similarly, BlackRock CEO Larry Fink called tokenization “a revolution in investing,” predicting that everything from stocks to real estate will soon exist on-chain.
Financial messaging network Swift also revealed that global institutions are working on a blockchain-based shared digital ledger to modernize international transactions.
Currently, around 90% of the world’s central banks are researching or piloting digital currencies, aiming to align with the emerging blockchain economy driven in part by HKD stablecoins and similar projects.
According to Geoffrey Kendrick, Standard Chartered’s Head of Digital Assets Research, stablecoins have been instrumental in preparing the financial ecosystem for large-scale tokenization.
In a recent report, Kendrick wrote, “Stablecoins have laid the groundwork (via increased awareness, liquidity, and lending/borrowing on-chain) for other asset classes, from tokenized MMFs to tokenized equities, to move on-chain at scale.”
Kendrick’s remarks echo Winters’ conviction that HKD stablecoins will play a key role in advancing on-chain financial products, especially in markets where regulatory support and technological readiness converge — like Hong Kong.
As blockchain technology evolves from a niche innovation to a critical financial infrastructure, HKD stablecoins are being positioned as a key enabler for cross-border digital trade. Winters noted that these digital assets could “unlock fresh opportunities in international settlements,” reducing delays and costs associated with traditional payment systems.
He added that the collaboration between financial regulators and innovators in Hong Kong could turn the city into a global hub for tokenized finance, reinforcing Asia’s leadership in blockchain adoption.
“What’s happening in Hong Kong is a balancing act between innovation and regulation,” Winters said. “It’s exactly what global investors need to see.”
Over the past few years, Standard Chartered has expanded its footprint in the digital asset ecosystem, developing platforms for tokenized securities and digital custody.
Analysts believe the bank’s early move into HKD stablecoins and tokenization could position it at the center of a new era in financial technology.
As blockchain-based systems gain momentum, HKD stablecoins are set to become more than just another crypto instrument — they are emerging as the backbone of next-generation finance, merging regulatory trust with technological innovation.
From Ethereum’s stability to Standard Chartered’s forward-looking partnerships, the momentum behind HKD stablecoins underscores a pivotal shift in global finance.
As the world’s top banks and tech firms embrace blockchain, the fusion of digital currencies, tokenized assets, and decentralized finance points to one clear outcome: the future of money is digital — and HKD stablecoins are leading the charge.
