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 safe, liquid reserves to back their tokens.
The plumbing is already being installed
The Depository Trust & Clearing Corporation, better known as DTCC, is targeting limited production of tokenized securities in July 2026, with a fuller rollout planned by October 2026.
Nasdaq and NYSE parent ICE are also named as institutions embedding tokenization into their core workflows by mid to late 2026.
Citi also draws a clear line on what will not drive the market. Private debt, private equity and real estate are each expected to remain relatively modest, at roughly $100 to $200 billion globally.
What this means for markets and investors
For stablecoin issuers, the $1.9 trillion projection reinforces their emerging role as major holders of US government debt, linking crypto growth directly to Treasury market demand.
The $2.6 trillion retail equity estimate depends on 10% of US retail investors moving on-chain. The spread between the bear and bull cases runs from $2.7 trillion to $8.2 trillion.
DTCC’s July 2026 limited production target and its October 2026 fuller rollout will offer an early read on whether the timeline holds. Investors should also track stablecoin supply growth and the share of reserves held in tokenized Treasuries to gauge whether the on-chain cash layer Citi describes is actually forming.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.