Standard Chartered's research division initiated coverage of Uniswap, the largest decentralized exchange, with a thesis that ties its governance token to the institutional tokenization wave. The bank's Geoff Kendrick, global head of digital assets research, argues Uniswap is positioned to become the trading hub for tokenized real-world assets as banks move them on-chain.
The note, dated June 15, carries a price target of $100 for UNI by the end of 2030, a roughly 40-fold move from the $2.70 level where the token traded on Monday. Kendrick projects the token will outpace both Ether and Bitcoin over the period. The forecast rests on a structural call: that tokenized assets on-chain will swell to $4 trillion by the end of 2028, and that a rising share of that base will route through DeFi venues for which Uniswap is the default infrastructure.
Kendrick's case begins with the supply of tokenized instruments. Standard Chartered expects the on-chain stock of tokenized real-world assets, excluding stablecoins, to reach $2 trillion by 2028, with tokenized money-market funds and U.S. equities leading the expansion. Adding stablecoins lifts the total tokenized base to roughly $4 trillion over the same window.
