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Standard Chartered Bank: The rsETH security incident has severely impacted DeFi, but it ...

Chaincatcher • April 30, 2026

According to The Block, Standard Chartered's latest report points out that the theft of KelpDAO's rsETH, while causing a severe impact on the DeFi ecosystem, is not enough to change the long-term growth trend of real-world asset (RWA) tokenization.

Geoffrey Kendrick, head of digital asset research at Standard Chartered, stated that this incident is more like DeFi being "bent, not broken," and may even become an important turning point for the industry towards a more resilient structure.

Standard Chartered maintains its forecast: by the end of 2028, the RWA tokenization market size will grow from $35 billion in October 2025 to $2 trillion, with the core driving force still coming from the continued expansion of the DeFi banking system and stablecoin liquidity.

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KelpDAO's rsETH Theft Impacts DeFi Growth, Yet RWA Tokenization Remains Strong A recent theft incident involving KelpDAO's rsETH has significantly impacted the DeFi ecosystem. Despite this setback, Standard Chartered Bank's report indicates that the long-term growth trend of real-world asset (RWA) tokenization remains intact. Geoffrey Kendrick, head of digital asset research at Standard Chartered, described the situation as DeFi being 'bent, not broken.' The report forecasts that the RWA tokenization market will grow from $35 billion in October 2025 to $2 trillion by the end of 2028, driven by expanding liquidity in the DeFi banking system and stablecoins. The incident highlights vulnerabilities in the DeFi space but is viewed as a potential turning point for increased resilience in the industry. The overall sentiment is cautious yet optimistic about the future of RWA tokenization. 2 sources 49

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KelpDAO