A trillion-dollar shift is underway.

New Deutsche Bank research report featuring Ondo forecasts a multitrillion-dollar market for tokenized assets, excluding stablecoins:

→ $1.5–2 trillion by 2030
→ $3–4 trillion by 2035

The market has already grown from roughly $10B in January 2025 to $39B in September 2026.

The report names Ondo alongside BlackRock, Circle, and Franklin Templeton among the largest providers of tokenized Treasury products.

Beyond market growth, it explores how institutions are using tokenization to change how assets are distributed, traded, and settled.

Deutsche Bank joins a growing list of institutions that see trillions in assets moving onchain.