Citi Forecasts $5.5T On-Chain Market by 2030

Citi projects tokenized securities and real-world assets could grow from about $17 billion today to $5.5 trillion by 2030 in its Tokenization 2030: Wall Street On-Chain report. The bank set a base-case estimate of $5.5 trillion, with a lower bound of $2.7 trillion and an upper bound of $8.2 trillion depending on adoption rates.

The forecast covers assets that can be issued, represented or transferred onchain, including Treasury bills, public stocks and funds. The report identifies shorter settlement times, extended trading hours and wider access to some assets as potential benefits of moving these products onto blockchain rails.

Treasury bills are expected to see early tokenization. Citi projects roughly 10% of the U.S. Treasury bill market could be tokenized by 2030. The bank linked that outcome to stablecoin growth, noting many large stablecoin issuers use short-term U.S. government debt as reserves. Rising stablecoin adoption could create about $1 trillion in new demand for Treasuries under Citi’s model.

Public stocks are another component of the projection. Citi estimates about 3% of the U.S. public equity market could be tokenized by 2030. The bank models a scenario in which a 10% shift by everyday U.S. investors toward digital trading platforms would generate about $2.6 trillion in demand for digital stocks.

The report describes stablecoins as the cash layer for onchain settlement, enabling investors to move between tokenized securities, funds and Treasury products without relying solely on traditional settlement windows. Citi emphasizes tokenized instruments must remain connected to legal ownership records, regulated custody and compliance systems for broad institutional use.

Recent estimates for real-world asset tokenization in 2026 place tokenized RWAs near $31 billion to $34 billion excluding stablecoins. Tokenized Treasuries account for one of the largest categories, and Ethereum continues to host a significant share of activity. The final market size will depend on how quickly institutions, regulators and market infrastructure providers adopt tokenized systems.

If Citi’s base case occurs, tokenized Treasury bills, public stocks and stablecoin settlement would be major components of Wall Street’s onchain activity by 2030. The report leaves open how legal, custody and compliance frameworks will develop to support that change.