According to Citi’s newly released “Tokenization 2030: Wall Street On-Chain” report, moving real-world assets onto the blockchain—otherwise known as tokenization—has evolved beyond experimental stages and is increasingly becoming a routine part of the financial sector’s daily operations. While the tokenized asset market stands at just $17 billion today, Citi predicts that it could soar to $5.5 trillion by 2030 under its base scenario, with potential variations between $2.7 trillion and $8.2 trillion depending on market conditions.
Turning point in the US financial markets
Citi emphasizes that this swift transformation marks a watershed moment in global financial history. The report notes that the cumulative strength of US finance and the dollar is now intertwining with blockchain technology. Of particular note, major US intermediaries—including the Depository Trust & Clearing Corporation (DTCC) and the New York Stock Exchange—have started to integrate tokenization into their capital markets infrastructure. The DTCC has announced it will begin limited production transactions in tokenized securities as of July, with plans for a full platform rollout by October. Nasdaq, meanwhile, is preparing to issue blockchain-based equities as early as 2027 and has already secured its first regulatory greenlight. Intercontinental Exchange is also developing its own solutions for tokenized shares.
The report highlights: “You’re witnessing the large-scale transfer of US financial power and the global reserve currency onto the blockchain. The inclusion of tokenization in the capital markets by the DTCC and New York Stock Exchange is a pivotal threshold.”
Glossary: The Depository Trust & Clearing Corporation (DTCC) is one of the largest infrastructure providers for the US equities and securities markets, responsible for clearing and settlement operations.
Growth outlook for stablecoins and digital cash
Citi’s analysis suggests that the rapid evolution of reliable digital money solutions is fueling wider adoption of tokenization. By 2030, the stablecoin market is expected to reach $1.9 trillion, with these assets enabling instant settlement and facilitating seamless swaps between cash and digital holdings. The report further projects that investor demand for US Treasury securities linked to stablecoins could rise by around $1 trillion, as stablecoin issuers typically back their tokens with US government bonds.
Regulatory clarity and new legislation on the horizon
The US legal framework for digital assets is also gaining definition. On May 14, the Senate Banking Committee approved the long-debated “Clarity Act” by a vote of 15 to 9, pushing the proposal to a full Senate vote. According to Citi’s report, projected growth will be concentrated in publicly traded securities and government bond markets, while growth in private markets is likely to be more subdued.
2030 forecasts and market benchmarks
Citi estimates that by 2030, 10% of the US Treasury note market and 3% of the US public equity market will be tokenized. In addition, even if just 10% of American retail investors transition to digital platforms, demand for digital stocks could reach an estimated $2.6 trillion.
| Market/Actor | 2030 Forecasted Market Size |
|---|---|
| Global tokenization market | $5.5 trillion |
| US Treasury (tokenized share) | 10% |
| US public equities (tokenized share) | 3% |
| Retail investor migration | 10% |
| Total stablecoin market | $1.9 trillion |
| Private credit and private equity | $100 billion each |
In more complex segments such as private credit and private equity, global growth is expected to be more modest, with each category likely achieving just around $100 billion in market value by 2030. Citi highlights that this transformation will not happen overnight, predicting a period of coexistence between traditional and blockchain-based financial infrastructure. This transition is likened to the era when both cash and electronic toll systems operated side by side on highways.
Ultimately, the report concludes that the primary winners will be the large banks and investment firms that control both real-world assets and the infrastructure for digital payments. These entities will have the potential to manage all processes within their ecosystems.
