Citigroup projects tokenized assets could reach $5.5T by 2030

Citi thinks Wall Street is about to move a lot of its furniture on-chain. In a June 2026 report titled “Tokenization 2030: Wall Street On-Chain,” the Citi Institute projects that the global market for tokenized assets could reach $5.5 trillion by 2030 in its base-case scenario. Today, the bank pegs that market at around $17 billion. The numbers behind the forecast Citi offers three scenarios, depending on how fast adoption moves. The bear case lands at $2.7 trillion, the base case at $5.5 trillion, and the bull case at $8.2 trillion. The model rests on a few specific assumptions. Citi expects 10% of the US Treasury-bill market and 3% of the US public-equity market to be tokenized by 2030. Retail investors play a big role in the bank’s math. Citi projects that if just 10% of US retail investors shifted their investing to on-chain platforms, it could create demand for tokenized equities of roughly $2.6 trillion. Stablecoins as the on-chain cash register The other pillar of the forecast is stablecoins. Citi expects the stablecoin market to reach $1.9 trillion by 2030. Citi says this stablecoin growth could support up to $1 trillion in on-chain US Treasuries, as stablecoin issuers need...