Citigroup has forecast explosive growth in the tokenized assets market, projecting it could reach as much as $8.2 trillion by 2030 in a bullish scenario. The bank’s “Tokenization 2030” report, released by the Citi Institute, estimates a base case of $5.5 trillion and a bear case of $2.7 trillion, representing massive expansion from the current roughly $17 billion market.
The report highlights public market securities — particularly U.S. equities and Treasuries — as the primary drivers of early adoption rather than private assets. Key assumptions include 10% of the U.S. Treasury bill market and 3% of public equities moving on-chain. If just 10% of U.S. retail investors shift to on-chain platforms, tokenized equities alone could generate around $2.6 trillion in demand. Regulated stablecoins, projected to reach $1.9 trillion, are seen as critical infrastructure enabling efficient 24/7 settlement and programmability.
Citigroup identifies several tailwinds: improving regulatory clarity in major jurisdictions, advances in blockchain interoperability, and growing institutional interest from players like DTCC, Nasdaq, and other market infrastructure providers. The bank expects tokenization to enhance liquidity, reduce settlement times, and broaden access for digitally native investors.
While challenges remain — including technical integration, legal harmonization, and operational risks — the report is optimistic about the long-term transformation of capital markets. Tokenization is positioned to create more programmable, efficient, and inclusive financial systems. As major institutions accelerate pilots and on-chain initiatives, the next few years will be pivotal in determining whether the sector achieves this ambitious trajectory.