Tokenized Assets Could Hit $88T by 2035, BCG Says

Boston Consulting Group projects tokenized real-world assets will reach $88 trillion by 2035, a leap from roughly $30 billion today. The figure would represent 16% of all global investable assets, according to the consulting firm's latest report.

Tokenized RWAs – digital representations of physical assets such as real estate, bonds, and commodities – grew about 300% in 2025, the report said. That pace, if sustained and amplified by institutional adoption, could support the trajectory to $88 trillion.

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

Banks that do not adopt digital asset infrastructure could see balance sheets shrink by 10% by 2035 relative to peers that do. Revenue could fall 14%. Profits could drop 30%, the report said.

BCG categorizes banks into two strategic types: the Defensive Integrator and the Infrastructure Shaper. Each reflects a different commitment level, from cautious bolt-on strategies to full-scale tokenization buildouts. The report identifies custody and asset servicing as key areas where proactive institutions can capture new revenue streams.

The projection adds weight to the broader narrative that institutional adoption is accelerating, a theme covered in AlphaScala's crypto market analysis. May 2026 saw multiple tokenized fund launches from institutional players, adding real-world validation to the thesis that traditional finance is moving into tokenization.