A major global bank just put a $100 price target on a DeFi token trading around $2.71. That’s not a typo.

Standard Chartered initiated coverage of Uniswap’s UNI token on June 15 with what can only be described as a very ambitious forecast. The bank projects UNI could reach $100 by the end of 2030, roughly a 40x increase from current levels. The thesis rests on one big bet: that tokenized real-world assets will flood into decentralized finance over the next several years, and Uniswap will be the venue where much of that activity happens.

The numbers behind the call

Geoff Kendrick, head of digital assets research at Standard Chartered, laid out a detailed roadmap with interim price targets along the way. The bank expects UNI to hit $6.50 by the end of 2026, $20 by the end of 2027, $40 by 2028, and $65 by 2029, before reaching the $100 target in 2030.

According to the report, Standard Chartered expects tokenized assets in DeFi to grow from roughly $340 billion today to $4 trillion by the end of 2028. The proportion of tokenized assets that actually participate in DeFi is projected to rise from about 3.5% currently to 30% by 2030. That shift would push total value locked across DeFi to approximately $2.7 trillion, a 37-fold increase from where things stand today.

Under this scenario, the bank expects UNI to outperform both Bitcoin and Ethereum through the end of the decade.

Why Uniswap specifically

Since tokenized stocks launched on Uniswap in June 2026, over $9.1 billion has been swapped through the protocol’s RWA pools, with more than 2.6 million transactions processed across those same pools.

BlackRock’s tokenized BUIDL fund became tradable via UniswapX in February 2026. A fee switch implemented in 2025 introduced token burns, effectively reducing UNI’s circulating supply over time.

UNI currently trades around $2.71 with a market cap of approximately $1.68 billion. Reaching Standard Chartered’s $100 target would imply a market cap somewhere north of $60 billion, assuming no meaningful change in token supply.

What this means for investors

Standard Chartered’s year-by-year targets give investors checkpoints to measure whether the thesis is tracking or falling apart. If UNI isn’t near $6.50 by December, the rest of the roadmap starts looking shaky.

The report acknowledges ongoing considerations about UNI’s utility and revenue generation for holders, which is a polite way of saying that the token’s value capture mechanism is still a work in progress.

Uniswap’s $9.1 billion in RWA pool volume is impressive for a few weeks of activity, but sustaining that momentum over four years against well-funded competitors is a different challenge entirely.