CoinDesk
Citi's new "Tokenization 2030: Wall Street On-Chain" report projects that the market for tokenized real-world assets will expand from roughly $17 billion today to as much as $5.5 trillion by 2030, with a range of $2.7 trillion to $8.2 trillion depending on adoption speed. The bank frames the move as a structural shift driven by three forces: the embedding of tokenization into the core trading systems of DTCC, Nasdaq, and Intercontinental Exchange (NYSE's owner); the rise of regulated stablecoins settling trades instantly; and clearer U.S. digital-asset legislation, including the Senate Banking Committee's 15-9 advancement of the Clarity Act on May 14.
Why it matters
The forecast is significant because it comes from a Tier-1 Wall Street bank, not a crypto-native research shop, and the size of the call — 320x in five years — reframes tokenization as a mainstream capital-markets story rather than a niche DeFi experiment. Citi expects tokenization to concentrate in public, liquid markets: it assumes 10% of the U.S. T-bill market and 3% of U.S. public equities move onchain by 2030, which alone would generate $1 trillion in Treasury demand from stablecoin issuers (who back their tokens with T-bills) and $2.6 trillion in tokenized stock demand if just 10% of retail investors migrate. Private credit and private equity are forecast to stay small at roughly $100 billion each — the technology, the bank argues, lands where settlement is easiest and market structure is already deep.
Market impact
The report identifies the biggest winners as "structural orchestrators" — large institutions that control both the assets and the payment rails and can therefore settle trades inside their own networks. DTCC begins limited tokenized production trades in July with a broader platform launch in October; Nasdaq's framework for blockchain-issued shares targets a 2026 launch; and ICE has publicly disclosed tokenized-stock plans. The base-case assumes parallel legacy and digital systems coexisting for years — Citi compares the transition to E-ZPass adoption, where toll roads ran cash and electronic lanes side by side for an extended period before full automation.
Frequently asked questions
-
What is Citi's base-case forecast for the tokenized securities market by 2030?
Citi projects the tokenized real-world asset market will grow from roughly $17 billion today to $5.5 trillion by 2030 in its base case, with a range of $2.7 trillion to $8.2 trillion depending on adoption speed.
-
How much U.S. Treasury demand will stablecoin issuers create?
Citi expects stablecoin issuers to back their tokens with U.S. T-bills, generating about $1 trillion in Treasury demand by 2030. The bank assumes 10% of the U.S. T-bill market and 3% of U.S. public equities will be tokenized by then.
-
Which Wall Street institutions are embedding tokenization into their systems?
DTCC, Nasdaq, and Intercontinental Exchange (owner of the NYSE) are all building tokenization into core trading infrastructure. DTCC begins limited production in July with broader launch in October; Nasdaq is targeting 2026 for blockchain-issued shares.
-
What regulatory development is enabling this growth?
The Senate Banking Committee advanced the Clarity Act 15-9 on May 14, ending a four-month stall and moving the digital asset legislation toward a full Senate vote. Citi cites clearer U.S. rules as one of three drivers of tokenization growth.
-
Who does Citi expect to win the tokenization race?
Citi identifies "structural orchestrators" — large banks and asset managers that control both the underlying assets and the payment rails — as the biggest winners, since they can settle trades inside their own networks. Private credit and private equity are expected to stay small at around $100 billion each.
WatcherGuru
WuBlockchain
Crypto News
CoinTelegraph