Boston Consulting Group thinks the tokenization of real-world assets is about to go from a niche experiment to a core pillar of global finance. The consulting giant’s latest report, “The Future of Digital Assets,” projects that tokenized RWAs could hit $88 trillion by 2035.

To put that number in perspective, the current estimated value of tokenized real-world assets sits at roughly $30 billion. BCG is projecting a leap from $30 billion to $88 trillion in under a decade.

The math behind the mega-forecast

According to BCG’s analysis, $88 trillion would represent approximately 16% of global investable assets. Tokenized RWAs already saw approximately 300% growth in 2025, providing a trajectory that, if sustained and accelerated by institutional adoption, could plausibly reach that scale.

The report breaks down the digital asset universe into three distinct buckets: crypto, digital money and stablecoins, and tokenized RWAs.

For asset managers, the revenue implications are staggering. BCG estimates that a manager overseeing $2 trillion in assets under management could generate $340 to $600 million in annual revenue from retail and wealth management tokenization alone. On the asset management side, that figure climbs to $1.2 to $2.5 billion.

Banks that ignore tokenization will pay a steep price

Non-adopting banks could face balance sheets up to 10% smaller by 2035 compared to peers that embrace digital assets. Revenue could decline by approximately 14%. And profits could crater by as much as 30%.

Banks that move early into digital asset infrastructure stand to capture new revenue streams. BCG identifies custody, issuance, and asset servicing as the key areas where proactive institutions can plant their flags.

The report categorizes banks into three strategic archetypes: the Defensive Integrator, the Scaled Participant, and the Infrastructure Shaper. Each represents a different level of commitment to digital asset adoption, from cautious bolt-on strategies to full-scale buildouts of tokenization infrastructure.

Institutional momentum is already building

May 2026 saw multiple tokenized fund launches from institutional players, adding real-world validation to the thesis that traditional finance is moving into tokenization.

The 300% growth in tokenized RWAs during 2025 was a signal that the regulatory, technological, and market infrastructure had finally converged enough to make institutional-grade tokenization viable.