Citi Highlights Stablecoins, Treasuries and Stocks as Tokenization Leaders
Citi expects the market for tokenized securities to expand sharply by the end of the decade, as banks and asset managers move more traditional financial products onto blockchain networks.
In its Tokenization 2030: Wall Street On-Chain report, the bank estimated that tokenized securities and real-world assets currently represent about $17 billion in value. Its base case projects that figure will rise to $5.5 trillion globally by 2030.
The forecast comes with a wide range. Citi’s lower estimate is $2.7 trillion, while its high-end scenario reaches $8.2 trillion. The outcome will depend on how quickly institutions, regulators, and market infrastructure providers adopt tokenized systems.
The estimate covers assets such as Treasury bills, public stocks, funds, and other financial instruments that can be issued, represented, or transferred onchain.
Citi’s report adds to a growing view on Wall Street that tokenization could improve market plumbing. Supporters say blockchain-based rails may shorten settlement times, extend trading hours, and make certain assets easier to access.
Treasury bills are expected to be one of the largest early markets. Citi projects that 10% of the U.S. Treasury bill market could be tokenized by 2030. That forecast is closely tied to stablecoins. Many large stablecoin issuers already hold short-term U.S. government debt as reserves. Citi said continued stablecoin growth could create roughly $1 trillion in new demand for Treasuries.
Stocks are another major part of the bank’s outlook. Citi expects about 3% of the U.S. public equity market to move into tokenized form by 2030.
The bank said a 10% shift by everyday U.S. investors toward digital trading platforms could generate $2.6 trillion in demand for digital stocks. That would mark a clear expansion beyond crypto-native assets and into core public markets.
Stablecoins to Power Tokenization Push
Stablecoins remain central to this transition because they provide the cash layer for onchain settlement. They can allow investors to move between tokenized securities, funds, and Treasury products without relying fully on traditional settlement windows.
Still, Citi’s forecast assumes that tokenized assets will need more than blockchain wrappers. Securities must remain connected to legal ownership records, regulated custody, and compliance systems. Without that structure, tokenization may struggle to win broad institutional adoption.
The broader real-world asset market has already grown in 2026, with recent estimates placing tokenized RWAs near $31 billion to $34 billion, excluding stablecoins. Tokenized Treasuries remain one of the largest categories, while Ethereum continues to host a significant share of activity.
Citi’s report suggests the next phase will be larger and more institutional. If the bank’s base case proves right, tokenized Treasury bills, public stocks, and stablecoin settlement could become key pillars of Wall Street’s onchain future.
